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Sahara Samriddhi Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Sahara Samriddhi Plan
 
Sahara Samriddhi Plan is a Regular Premium Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
 
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure as selected at policy inception. This is a Regular Money Back Plan where a certain percentage of the Sum Assured is paid out at the end of every 3 years as per schedule. The percentage payout depends on the Policy Tenure chosen. At the end of the Policy Tenure, the remaining Sum Assured + vested Bonus is paid out as Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies within the policy tenure, then the entire Sum Assured would be payable to the nominee, irrespective of the Survival Benefits already paid and the policy terminates.
 
There are two additional riders in this plan.
 
 
Key Features of Sahara Samriddhi Policy
 
  • It is a Regular Premium Money Back Plan
  • There is Bonus component in this plan which is paid on policy maturity or on earlier death
  • In this plan, Survival Benefits of a certain fixed percentage of the Sum Assured is paid at every 3 years
  • On Policy Maturity, the remaining Sum Assured + attached Bonus + Terminal Bonus would be paid as Maturity Benefit
  • If the Life Insured dies within the policy tenure, then the entire Sum Assured would be payable to the nominee, irrespective of the Survival Benefits already paid
  • There are 2 additional riders in this plan

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 
Benefits you get from Sahara Samriddhi Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the basic Sum Assured + all attached Bonuses as Death Benefit, irrespective of the Survival Benefits already paid and the policy terminates.
 
Survival Benefit – Being a Money Back Plan,  a certain percentage of the Sum Assured is paid out at the end of every 3 policy years

 

Payment
15 Years Policy
20 Years Policy
At the end of 3rd Year
10% of Sum Assured
10% of Sum Assured
At the end of 6th Year
15% of Sum Assured
10% of Sum Assured
At the end of 9th Year
20% of Sum Assured
15% of Sum Assured
At the end of 12th Year
25% of Sum Assured
15% of Sum Assured
At the end of 15th Year
Remaining 40% of Sum Assured + Bonus as Maturity Benefit
15% of Sum Assured
At the end of 18th Year
-
15% of Sum Assured
At the end of 20th Year
-
Remaining 30% of Sum Assured + Bonus as Maturity Benefit
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the remaining Sum Assured + attached Bonus + Terminal Bonus as Maturity Benefit and the policy terminates.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in Sahara Samriddhi Insurance Plan
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
15
20
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
15
60 for 15 years policy
55 for 20 years policy
Age at Maturity (in years)
-
75
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
                                               
Additional Features and Benefits of Sahara Samriddhi Plan
 
Riders – There are 2 additional riders in this plan:
  1. Accident Benefit & Accidental Total & Permanent Disability Benefit Rider- Additional premium payable only Re.1 per 1000 Sum Assured
  2. Critical Illness Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. If at least 3 years premiums are paid, then the policy acquires Paid Up Value and continues with reduced coverage. The policy can however be revived within 5 years from the due date of the first unpaid premium.
 
You want to surrender the policy – There are Surrender Benefits in this plan but after the completion of 3 Policy years from the date of policy commencement. The surrender benefit payable will be higher of Special Surrender Value or Guaranteed Surrender Value.
 
Guaranteed Surrender Value= 30% of total Premium paid – 1st year’s premium
Basis for calculation of Special Surrender Value would be declared by the company from time to time
 
You want a loan against your policy – Loan facility is not available in this plan.


 
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