Sahara Utkarsh Jeevan Bima
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Sahara Utkarsh Jeevan Bima is a Unit linked plan is a unique blend of risk coverage and market linked returns. All the objectives of buying a life insurance plan are taken care of with a potential of earning higher returns over the term of the policy. The unit linked plan enhances the value of the savings over a period of time and offers choices to the customers to choose the investment plan according to their risk profile and investment horizon at various points during the life of the policy.
Product Description
- It is a Single Premium Unit Linked Insurance plan
- The Fund Value is paid as Maturity Benefit
- Death Benefit is higher of Sum Assured and Fund Value, subject to a minimum of 105% of the total premiums paid
- There are 5 funds for investment
COMPARE & BUY SIMILAR PLANS
Unique Features
- "Sahara Utkarsh jeevan Bima " is a unit linked plan with Single Pay or Regular Pay premium payment option.
- The Policyholder will gain market returns that will avail insurance coverage at the same time.
- The policy contains 5 funds available for investment.
Eligibility Criteria
| Eligibility Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Minimum | Maximum | ||||||
| Issue Age | 12 Years(Nearest birthday) | 55 Years (Nearest birthday) | |||||
| Policy Term | 8-20 Years | ||||||
| Premium Paying Term | Same as policy term except Single Premium Plan | ||||||
| Age at Maturity | 70 Years (Nearest birthday | ||||||
| Single Premium | Rs.50,000 | No limit subject to underwriting | |||||
| Regular Premium | Rs.20, 000 under yearly mode | No limit subject to underwriting | |||||
| Rs.15, 000 under half-yearly mode | |||||||
| Premium once chosen will remain unaltered | |||||||
| throughout the premium paying term | |||||||
| Top ups are not allowed | |||||||
| Sum Assured | Age at entry (Nearest birthday) | Sum Assured | Age at entry (Nearest birthday) | Sum Assured | |||
| Upto 45 Years | 125% of single premium | Upto 45 Years | 10 times of annualized premium | ||||
| 46 Years & above | 110% of single premium | 46 Years & above | 7 times of annualized premium | ||||
OneInsure App Benefits
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 | ||||||
|---|---|---|---|---|---|---|---|
| Fund Options | |||||||
| 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 | |||
| Options could be exercised as under | |||||||
| Single Premium | Any one fund at inception | ||||||
| Regular Premium | Initial Premium – Choice of any one fund out of 5 funds Subsequent Premiums – Units will be allocated to the existing fund at that time | ||||||
| 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/- |
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| 1 | Lower of 20%*(Annualised Premium or Fund Value) subject to a maximum of Rs.3000/- | Lower of 6%*( Annualised Premium or Fund Value) subject to a maximum of Rs.6000/- | |||||
| 2 | Lower of 15%*( Annualised Premium or Fund Value) subject to a maximum of Rs.2000/- | Lower of 4%*( Annualised Premium or Fund Value) subject to a maximum of Rs.5000/- | |||||
| 3 | Lower of 10%*(Annualised Premium or Fund Value) subject to a maximum of Rs.1500/- | Lower of 3%*( Annualised Premium or Fund Value) subject to a maximum of Rs.4000/- | |||||
| 4 | Lower of 5%*(Annualised Premium or Fund Value) subject to a maximum of Rs.1000 /- | Lower of 2%*( Annualised Premium or Fund Value) subject to a maximum of Rs.2000/- |
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| 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 | ||||||
| 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 | |||||||
| Notes :- 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. | |||||||
Add-ons
Accident Benefit & Accidental Total & Permanent Disability Benefit Rider: The rider is available if the life assured is major i.e. has attained age of 18 years and is up to 55 years Nearest birthday on the date of commencement /policy anniversary. Minimum Sum Assured available under the rider is Rs.50,000 and maximum Sum Assured available is the basic policy sum assured or Rs. 20,00,000 including cover under all previous policies of the Company, whichever is lower.
Charges
| Charges | |||||||
|---|---|---|---|---|---|---|---|
| Allocation to the Unit Fund | |||||||
| Single Premium | 95.50% | ||||||
| Regular Premium | |||||||
| Year | Percentage of annualized premium | ||||||
| Year 1 | 7.50% | ||||||
| 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 maximum of 0.90% p.a. depending on the experience |
||||||
| Balanced | 0.75% p.a. of the Fund Value subject to maximum of 1.00% p.a. depending on the experience |
||||||
| Smart | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending on the experience |
||||||
| Growth | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending on the experience |
||||||
| Prima | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending on the experience |
||||||
| 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 | ||||||
| Benefits payable during minority of the Life Assured | |||||||
| If a claim arises during the minority of the Life Assured the payments are made to the Proposer of the policy and in his absence to the estate of the Proposer | |||||||
| On the life assured becoming major i.e. 18 yrs old, the policy automatically vests in him. | |||||||
Exclusions
Insurance cover under the policy shall be void and nothing shall be payable except to the extent of a third party bonafide interest acquired in the policy for the valuable consideration, notice of which has been given at least one month prior to the date of death, in case life assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of this policy. However, the value of units allocated under the policy shall be payable to the nominee/legal representative.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know Claim process of Sahara Utkarsh 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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