Sahara Samriddhi Plan
Sahara Samriddhi Plan is a Regular Premium Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
Key Features
There are 2 additional riders in this plan:
- Accident Benefit & Accidental Total & Permanent Disability Benefit Rider- Additional premium payable only Re.1 per 1000 Sum Assured
- Critical Illness Rider
Benefits
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.
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 |
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.
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) | 15 | 20 |
Premium Payment Term (in years) |
Equal to Policy Tenure
|
|
Entry Age of Policyholder | 15 |
60 for 15 years policy
55 for 20 years policy
|
Age at Maturity | - | 75 |
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, 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.
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
Loan facility is not available in this plan.