Sahara Sanchit Jeevan Bima Plan

Sahara Sanchit Plan Review

Sahara Sanchit Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid upfront under Single Premium Paying mode while the policy continues till the end of the Policy Tenure as selected at policy inception. There are 5 funds available for investment in this plan, where the premium, net of charges is invested according to the risk appetite and choice of the policyholder.
 
In this plan, the Fund Value is paid as Maturity Benefit to the policyholder and the policy terminates. However, if the Life Insured dies within the policy tenure, the higher of Sum Assured and Fund Value, subject to a minimum of 105% of the total premiums paid, net of partial withdrawals in the last 2 policy years is paid to the nominee as Death Benefit and the policy terminates.
 
   

• It is a Single Premium Unit Linked Insurance plan
• The Fund Value is paid as Maturity Benefit
• Death Benefit is higher of Sum Assured and Fund Value, subject to a minimum of 105% of the total premiums paid
• There are 5 funds for investment
• At any point of time the policyholder can be in only one fund

 

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Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of Sum Assured, net of partial withdrawals in the last 2 policy years and Fund Value as Death Benefit, subject to a minimum of 105% of the total premiums paid.
 
Maturity Benefit – When the policy matures, the Fund Value is paid as Maturity Benefit to the policyholder 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
 
   

	Minimum	Maximum
Sum Assured (in Rs.)	Upto Age 45, 125% of Single Premium Age 45 and more, 110% of Single Premium
Policy Term (in years)	5	10
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	18	65
Age at Maturity (in years)	-	75
Premium (in Rs.)	30,000	No Limit
Payment modes	Single, Yearly and Half-Yearly

 
   
The below illustration is for a healthy Male of age 35 years (non-tobacco user) opting for a Premium Plan of Annual Premium = Rs 40,000, Sum Assured = Rs 50,000 and Policy Term= 7 years  
Riders – There is 1 Additional Rider in this plan but available only under Regular Premium Scheme:

1. Accident Benefit & Accidental Total & Permanent Disability Benefit Rider

 
Investment Fund Options
In this plan, there are 5 funds for Investment:

1. Secured Fund
2. Balanced Fund
3. Smart Fund
4. Growth Fund
5. Prima Fund

 
Top-up – is not allowed in this plan.
 
Switching -  There are 2 free switches in every policy year post which there is a charge of Rs 100 per switch. The switching charges would be recovered by cancellation of units.
 
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. The minimum partial withdrawal is Rs 2,500 subject to a maximum of 50% of Fund Value subject to the condition that minimum balance in the fund after partial withdrawal should be Rs 30,000 under Single Premium. There is no charge for Partial Withdrawal.
 
   
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year	Premium Allocation Charge
Single Premium	3% of Single Premium

 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

Policy Year	Policy Administration Charge
Admin Fee	Rs 30 per month
Increases by	5% per annum compounding on every policy anniversary

 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Charge
Secured Fund	0.65%p.a. of the Fund Value subject to maximum of 0.90% p.a.
Balanced Fund	0.75% p.a. of the Fund Value subject to maximum of 1.00% p.a.
Smart Fund	1% p.a. of the Fund Value subject to maximum of 1.25% p.a.
Growth Fund	1% p.a. of the Fund Value subject to maximum of 1.25% p.a.
Prima Fund	1% p.a. of the Fund Value subject to maximum of 1.25% p.a.

 
 
Discontinuation Charge— There is no discontinuation charge in this plan.
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
   
You stop paying the premium before 5 years – Being a Single Premium Plan, there is no requirement of further premium payment
 
You stop paying the premium after 5 years – Being a Single Premium Plan, there is no requirement of further premium payment
 
You want to surrender the policy –Within 5 Years from the date of commencement-If the policy is surrendered within five years from the date of commencement, the fund as on the date of surrender will be transferred to Discontinued Policy Fund which will earn a rate of interest of 3.5% p.a. compounding yearly up to the end of 5 policy years. The accumulated fund will then be payable to the policyholder at the end of 5th policy year. There is no Discontinuation Charge. After five years from commencement - Fund Value as on date of surrender. There is no Discontinuation Charge.
 
You want a loan against your policy - There is no loan available under this plan.