Sahara Nidhi Plan
Sahara Nidhi Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
Key Features
There is 1 additional rider in this plan:
- Accident Benefit and Accidental Total and Permanent Disability Benefit Rider
Benefits
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
In this plan, premium needs to be paid till the end of the policy tenure as selected. The plan can be continued for tenure of 50 years till the Life Insured is 70 years old.
On survival till policy maturity, the Sum Assured + Vested Reversionary Bonus + Final Addition Bonus are paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, then the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus are paid to the nominee as Death Benefit and the policy terminates.
Final Addition Bonus is payable if the policy has been operational for 15 years or more. There is 1 additional rider of Accident Benefit and Accidental Total and Permanent Disability Benefit Rider that can be opted for with an additional premium of Re.1 per 1000 Sum Assured only.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term (in years) | 10 years | 50 years |
| Premium Payment Term (in years) | Equal to policy term | |
| Entry Age of Policyholder | 14 | 60 |
| Age at Maturity | - | 70 years |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, the policy lapses and all benefits cease.
You want to surrender the policyThere are Surrender Benefits in this plan after completion of 3 policy years. The higher of Special Surrender Value and Guaranteed Surrender Value is payable as Surrender Benefit.
Guaranteed Surrender Value = 30% of Premiums Paid (excluding the first year's premium, extra premiums and rider premiums, if any) + Cash Value of accrued Bonus
The basis for calculating Special Surrender Value is announced by the company from time to time.
You want a loan against your policyLoan facility is also available in this plan after at least 3 years premiums have been paid.
