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Sahara Kavach Term Plan
Sahara Kavach is a vanilla term plan where the nominee would receive the sum assured if the life insured dies within the policy tenure but nothing is payable on maturity.
Key Features of Sahara Kavach
§ It is a pure Term Insurance Policy with Death Benefit only
§ Life Insured can be covered till 65 years age.
§ 5 years is provided to the policyholder in case of revival of lapsed policies.
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Benefits you get from Sahara Kavach
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Sahara Kavach
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
5,00,000 and then in multiples of 50,000 |
No Limit |
|
Policy Term (in years) |
15 |
20 |
|
Premium Payment Term (in years) |
Equal to policy term |
Equal to policy term |
|
Entry Age of Policyholder |
18 |
50 |
|
Age at Maturity |
- |
65 |
|
Single premium (in Rs.) |
NA |
NA |
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
|
Sample illustration of premium amount in Sahara Kavach
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 5 lakhs and Policy Term = 20 years
Additional Features and Benefits of Sahara Kavach
Riders – No riders are available in this policy
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then the policy lapses and all benefits stop. You can however re-instate the policy within 5 years of lapsation by fulfilling the necessary requirements.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – There is no loan facility in this plan.
