Sahara Vatsalya Plan
Sahara Vatsalya Plan is a Participating Endowment Plan for the benefit of the Child. 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
In case of death of the Life Insured within the Policy Tenure, the nominee gets:
The entire Sum Assured as Immediate Death Benefit and the policy continues
10% of the Sum Assured is paid as an additional Family Income Benefit every year after the death of the Life Insured upto the assumed age of 18 years of the child’s and
The Maturity Benefit is paid as per schedule- 20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years.
If the Child dies before the Life Insured, the nominee can be changed to another child or individual and the policy continues as per schedule or surrendered.
20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years as Maturity Benefit, irrespective of the fact whether the Life Insured is alive or not. The accrued Bonus is paid along with the last installment.
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
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 1,00,000 | No Limit |
Policy Term (in years) | 22- Age at entry of child | |
Premium Payment Term (in years) | Equal to Policy Term | |
Entry Age of Life Insured (in years) | 20 | 50 |
Entry Age of Nominee (Child) (in years) | 0 | 12 |
Age at Maturity | - | 75 |
Age at Maturity of Child (in years) | - | 22 |
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly
|
FAQs
If the policy holder stops paying the premium, the policy lapses and all benefits cease. If at least 3 years’ premiums are paid, the policy gets converted to a paid-up plan and continues with reduced benefit. There are 5 years from the due date of the last paid premium to revive the plan.
There 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.
Loan facility is not available in this plan.