Sahara Sugam Jeevan Bima
Product Info
UIN
127L023V01
Status
Active
Launch Date
02/11/2010
Withdrawn Date
Product Overview
Sahara Sugam Jeevan Bima Plan is a Unit Linked Insurance Plan where the premium paid is invested in capital markets for maximum growth and it also provides insurance coverage for security.
Product Description
- A unit linked plan with Regular Pay option
- 5 funds are available for investment
- The Fund Value is paid to the policyholder on maturity
- If policy surrendered after 5 years, policy will be ceased.
COMPARE & BUY SIMILAR PLANS
Unique Features
"Sahara Sugam Jeevan Bima " is a vanila unit linked investment plan.
Eligibility Criteria
| Eligibility Criteria | ||
| Minimum | Maximum | |
| Entry Age (Nearest Birthday) | 10 years | 55 years |
| Maturity Age (Nearest Birthday) | - | 70 years |
| Policy Term (PT) in years | 10, 15, 20 | |
| Premium Paying Term in years | Equal to policy term | |
| Premium Payment Frequency | Yearly | |
| Yearly Premium | Rs. 10,000 | No Limit |
| Sum Assured | 10 times of Annualised Premium | |
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
Fund value prevailing on the maturity date if the life assured survives to maturity
- Death Benefit:
- If all due premiums are paid i.e. policy is in-force, Death Benefit is payable on the date of receipt of intimation of death of the Life Assured.
- The death benefit will be Sum Assured plus Fund Value as on the date of receipt of intimation of death, subject to minimum being 105 percent of the total premiums paid.
Other Policy Features
| Feature | Description | ||||||
|---|---|---|---|---|---|---|---|
| Surrender Value | The policy can be surrendered at any time during the term of the policy | ||||||
| surrender value will be payable after completion of 5 years from the date of commencement of the policy. | |||||||
| Under Single Premium | Within 5 Years from the date of commencement- the fund as on the date of surrender will be transferred to discontinued policy fund, if policy surrendered with in 5 years | ||||||
| The accumulated fund will then be payable to the policyholder at the end of 5th policy year. | |||||||
| After five years from commencement - Fund Value as on date of surrender | |||||||
| Under Regular Premium | after addition of interest computed at the interest rate of 3.5% per annum compounding yearly and surrender value will be payable at the end of 5th policy year. | ||||||
| Where the policy is discontinued during the policy year |
Discontinuance charges for the policies having annualized premium up to Rs.25,000/- |
Discontinuance charges for the policies having annualized premium above Rs.25,000/- |
|||||
| 1 | Lower of 20%*(Annualised Premium or Fund Value) subject to maximum of Rs.3000/- |
Lower of 6%*( Annualised Premium or Fund Value) subject to maximum of Rs.6000/- |
|||||
| 2 | Lower of 15%*( Annualised Premium or Fund Value) subject to maximum of Rs.2000/- |
Lower of 4%*( Annualised Premium or Fund Value) subject to maximum of Rs.5000/- |
|||||
| 3 | Lower of 10%*(Annualised Premium or Fund Value) subject to maximum of Rs.1500/- |
Lower of 3%*( Annualised Premium or Fund Value) subject to maximum of Rs.4000/- |
|||||
| 4 | Lower of 5%*(Annualised Premium or Fund Value) subject to maximum of Rs.1000 /- |
Lower of 2%*( Annualised Premium or Fund Value) subject to maximum of Rs.2000/- |
|||||
| 5 and onwards | NIL | NIL | |||||
| Partial Withdrawal | After five years from the date of commencement provided all due premiums are paid and the life assured has attained majority | ||||||
| Maximum partial withdrawal is 50% of fund value subject to the condition that minimum balance in the fund after partial withdrawal should be two annualized premium. | |||||||
| Minimum partial withdrawal amount is Rs. 2,500. | |||||||
| Minimum period elapsed between two consecutive partial withdrawals should be one year | |||||||
| There is no charge for partial withdrawal. | |||||||
| Loan | Loan is not allowed under the plan. | ||||||
| Discontinuance of the policy | To revive the policy, | ||||||
| to withdraw completely from the policy without any risk cover within thirty days from the date of receipt of notice by the insured/policyholder. | |||||||
| Payment of premiums | |||||||
| Discontinuance of premium within first 5 policy years | To revive the policy, or | ||||||
| To withdraw completely from the policy without any risk cover | |||||||
| The death benefit will be payable on the date of receipt of intimation of death of the life assured. | |||||||
| This fund will accumulate at the interest rate of 3.5% per annum compounding yearly | |||||||
| 30 days from the date of receipt of notice by the policyholder, the death benefit as specified above will be payable | |||||||
| Discontinuance of premium after 5 policy years | To revive the policy, or | ||||||
| To withdraw completely from the policy without any risk cover | |||||||
| Revival | If the policyholder does not exercise the option within a period of thirty days from the date of receipt of notice by the policyholder | ||||||
| If the policyholder exercises the option to withdraw completely from the policy without any risk cover or does not exercise any of the above mentioned option, either of the following will be the proceeds of discontinued policy: | |||||||
| Fund Investment Option |
Shares (Equity) |
Debt | Cash | Risk Profile | |||
| Secured Fund | Nil | Min 80% | Max 20% | Low | |||
| Balanced Fund | Max 40% | Min 40% | Max 20% | Medium | |||
| Smart Fund | Min 40% | Min 20% | Max 40% | High | |||
| Growth Fund | Min 80% | Max 20% | Max 20% | High | |||
| Prima Fund | Min 85% | Max 15% | Max 15% | High | |||
Add-ons
No riders available in the product
Charges
| Charges | |||||||
|---|---|---|---|---|---|---|---|
| Allocation to the Unit Fund | |||||||
| Year | Percentage of annualized premium | ||||||
| Year 1 | 95.50% | ||||||
| Year 2 to 5 | 95% | ||||||
| Year 6 and onwards | 96% | ||||||
| Premium Allocation Charges | |||||||
| Year | Percentage of annualized premium | ||||||
| Year 1 | 4.50% | ||||||
| Year 2 to 5 | 5% | ||||||
| Year 6 and onwards | 4% | ||||||
| Administration fee | Administration Fee of Rs.30/- per month increased by 5% per annum compounding on every policy anniversary | ||||||
| Administration fee may be increased at the discretion of the Company subject to maximum of Rs.100/- per month depending on the experience of the Company and subject to approval of IRDA. | |||||||
| Fund management charge | |||||||
| Fund | Fund Management Charge | ||||||
| Secured | 0.65%p.a. of the Fund Value subject to a maximum of 0.90% p.a. depending on the experience | ||||||
| Balanced | 0.75% p.a. of the Fund Value subject to a maximum of 1.00% p.a. depending on the experience | ||||||
| Smart | 1% p.a. of the Fund Value subject to a maximum of 1.25% p.a. depending on the experience | ||||||
| Growth | 1% p.a. of the Fund Value subject to a maximum of 1.25% p.a. depending on the experience | ||||||
| Prima | 1% p.a. of the Fund Value subject to a maximum of 1.25% p.a. depending on the experience | ||||||
| Method of Calculation of Net Asset Value | Please refer to the PDF | ||||||
| Switching Charge | Two free switches are allowed every policy year. Additional switches are allowed subject to a charge at the rate of Rs 100/- per switch. The switching charges would be recovered by cancellation of units | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of Sahara Sugam Jeevan Bima Plan
Company Overview
Sahara India Life Insurance Company Ltd. (SILICL) is today the first wholly Indian-owned Life Insurance Company in the private sector. We launched our operations on 30 October 2004 after being granted license to operate as a life insurer in India by Insurance Regulatory and Development Authority on 6 February 2004. The company offers an exhaustive range of competitive products that caters to individuals of all ages and segments along with prompt and quality customer services and support.
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