Benefits under the policy
- On maturity - Fund Value
- On death
Under Single Premium
Maximum of sum assured reduced by partial withdrawals pertaining
to base fund within two years immediately preceding the death of the life
assured or the basic policy fund value plus top-up fund value on the date of
receipt of intimation in writing in an office of Sahara India Life Insurance
Co. Ltd.
Under Regular Premium
- If all due premiums are paid i.e. policy is in-force. Maximum of sum
assured reduced by partial withdrawals pertaining to base fund within two
years immediately preceding the death of the life assured or the basic
policy fund value plus top-up fund value on the date of receipt of
intimation of death in writing in the office of Sahara India Life Insurance
Co. Ltd;
- If all due premiums are not paid but the period from the date of first
unpaid premium to the date of death is less than two years ( revival
period):
- If at least 3 years premiums have been paid- Maximum of sum assured
reduced by partial withdrawals pertaining to base fund within two years
immediately preceding the death of the life assured or the basic policy
fund value plus top-up fund value on the date of receipt of intimation
of death in writing in the office of Sahara India Life Insurance Co.
Ltd;
- If premium for less than 3 years have been paid- Fund Value
- If all due premiums are not paid and the period elapsed from the
date of first unpaid premium to the date of death is more than two years
and policyholder had opted for continuation of the risk(If the
policyholder had not opted for continuation of the risk, the surrender
value, as per rules was payable):
Maximum of sum assured reduced by partial withdrawals pertaining to base
fund within two years immediately preceding the death of the life
assured or the basic policy fund value plus top-up fund value on the
date of receipt of intimation of death in writing in the office of
Sahara India Life Insurance Co. Ltd;
Surrender Value
Single Premium
| Duration |
Surrender Benefit |
| After three years but less than four years from commencement
|
95% of fund
value |
| After four years from commencement |
100% of fund value |
Regular Premium
The policy would acquire surrender value if one full year premium is paid.
However surrender value would be payable after at least three years from the
commencement of the policy.
| If premiums are paid for one year but less than two years |
50% of fund value |
| If premiums are paid for two years but less than three years |
85% of fund value |
| If premiums are paid for three years but less than five years |
95% of fund value |
| If premiums are paid for five years or more |
100% of fund value |
Partial Withdrawal is allowed subject to the following conditions:
- Partial Withdrawal is allowed after three years from the date of
commencement subject to the life assured having attained majority i.e. on or
after attainment of age of 18 years.
- Maximum partial withdrawal is 50% of fund value including top up fund
subject to the condition that minimum balance in the fund after partial
withdrawal should be 150% of annualised premium under regular premium policy
& Rs 35000 under Single Premium option I policy & Rs. 30000 under Single
premium option II policy.
- Minimum partial withdrawal amount is Rs. 2,500.
- Minimum period elapsed between two partial withdrawals should be one
year.
- The policy should be in-force for full sum assured.
- For the purpose of charging of risk premium and settlement of death
benefit the partial withdrawal would be first adjusted against the top-up
fund and the balance amount, if any, towards the base fund. The death
benefit /sum at risk would be reduced by partial withdrawals pertaining to
base fund.
Benefit Illustration
The benefits under a Regular Premium policy Age 35 years, Term 15 years,
Premium Rs. 8,000, Sum Assured Rs. 120,000 are illustrated below :
| Year |
Age |
Annual
Premium |
Sum
Assured |
*Fund Value |
**Death Benefit |
***Surrender Benefit |
| 6% |
10% |
6% |
10% |
6% |
10% |
| 1 |
35 |
8000 |
120000 |
5,822 |
6,050 |
120,000 |
120,000 |
- |
- |
| 2 |
36 |
8000 |
120000 |
13,205 |
13,962 |
120,000 |
120,000 |
- |
- |
| 3 |
37 |
8000 |
120000 |
20,969 |
22,596 |
120,000 |
120,000 |
- |
- |
| 4 |
38 |
8000 |
120000 |
29,554 |
32,458 |
120,000 |
120,000 |
25,121 |
27,589 |
| 5 |
39 |
8000 |
120000 |
38,586 |
43,227 |
120,000 |
120,000 |
38,586 |
43,227 |
| 6 |
40 |
8000 |
120000 |
48,087 |
55,987 |
120,000 |
120,000 |
48,087 |
54,987 |
| 7 |
41 |
8000 |
120000 |
58,086 |
67,836 |
120,000 |
120,000 |
58,086 |
67,836 |
| 8 |
42 |
8000 |
120000 |
68,615 |
81,883 |
120,000 |
120,000 |
68,615 |
81,883 |
| 9 |
43 |
8000 |
120000 |
79,708 |
97,246 |
120,000 |
120,000 |
79,708 |
97,246 |
| 10 |
44 |
8000 |
120000 |
91,397 |
114,055 |
120,000 |
120,000 |
91,397 |
114,055 |
| 11 |
45 |
8000 |
120000 |
103,720 |
132,432 |
120,000 |
132,432 |
103,720 |
132,432 |
| 12 |
46 |
8000 |
120000 |
116,720 |
152,485 |
120,000 |
152,485 |
116,720 |
152,485 |
| 13 |
47 |
8000 |
120000 |
130,414 |
174,367 |
130,414 |
174,367 |
130,414 |
174,367 |
| 14 |
48 |
8000 |
120000 |
144,813 |
198,244 |
144,813 |
198,244 |
144,813 |
198,244 |
| 15 |
49 |
8000 |
120000 |
159,954 |
224,297 |
159,954 |
224,297 |
159,954 |
224,297 |
* The Fund Values given above are only
indicative. Actual Fund Value will depend on the market conditions.
** On death, Maximum of Fund value or Sum Assured (which is Rs.120,000
under the above illustrated policy) will be given to the policyholder
(i.e. Rs.120,000 is guaranteed irrespective of the fund performance in
the market).
*** The Surrender Benefit depends on the actual performance of the fund
and is not guaranteed. |
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.
Additional benefits - Riders
Rider No.1- Accident Benefit & Accidental Total & Permanent Disability
Benefit Rider
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 nearer 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. The benefit ceases on the policy anniversary on which
the age of the life assured is 65 years nearer birthday or the maturity of
the base policy whichever is earlier.
.
Rider is not allowed under Single Premium mode.
Premium payable for the rider is Re.0.85 per thousand Sum Assured.
If the life assured meets with an accident before the policy anniversary on
which his age nearer birthday is 65 years and policy is in force and death
is caused within 180 days of any bodily injury sustained directly and solely
from an accident caused by outward, violent and visible mean solely,
directly and independently of all other causes of death. , an additional
amount equal to the rider cover is payable up to a maximum of
Rs 20, 00,000/-and if the life assured is totally and permanently disabled,
10% of the rider sum assured is payable every year for five years, followed
by the balance 50% of the rider cover at the end of five years. If the base
policy matures within the period of five years as aforesaid or death occurs
meanwhile, outstanding installments will be paid in a lump sum. On admission
of disability claim the premium for disability benefit shall cease. Once the
claim for ATPD is settled and paid, the rider benefit is terminated and the
base policy continues.
Total and Permanently Disability referred to hereinabove shall mean and
include disability which arises out of accident as aforesaid and is of a
nature which renders the life assured totally and permanently unable to earn
any income from the date of accident onwards from any work, occupation or
profession (independent of qualifications, training and experience) and
results into his/her
- Inability to use both hands at or above the wrist or
- Both feet at or above the ankle or
- One hand at or above the wrist and one foot at or above the ankle or
- Total and irrecoverable loss of the entire eyesight of both eyes.
Exclusions
The Company shall not be liable to pay any benefit under this Rider as
stated above if the disability or the death of the life assured is caused
either directly or indirectly, voluntarily or involuntarily by:
- attempted suicide or self inflicted injuries, while sane or insane, or
whilst the life assured under the influence of any narcotics substances or
drug or intoxicating liquor ; or
- engaging in aerial flights (including parachuting and skydiving) other
than as a fare paying passenger on a licensed passenger -carrying commercial
aircraft (being a multi-engined air craft) operating on a regular scheduled
route; or
- the life assured committing any breach of law; or
- engaging in hazardous sports /pastimes e.g. taking part in( or
practicing for) boxing caving, climbing , horse racing, jet skiing, martial
arts, mountaineering, off piste skiing ,pot holing, power boat racing,
underwater diving, yacht racing or any race, trial or timed motor sport; or
- war whether declared or not or civil commotion ; or
- any pre-existing condition
The Plan | Benefits |
Tax Benefits | Exclusion |
Statutory Warning
|
