Sahara Umang Plan
Sahara Umang Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
Key Features
There are 2 additional riders in this plan:
- Accident Benefit and Accidental Total and Permanent Disability Benefit Rider
- Critical Illness Benefit
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured along with vested Bonus as Death Benefit but still the policy continues to pay the Guaranteed Additional Installment irrespective of the fact whether the Life Insured is alive or not.
On survival till the end of the policy tenure, the policyholder gets the Sum Assured + Vested Bonus as Maturity Benefit and then the policy continues to pay the Guaranteed Additional Installment of 10% of the Sum Assured for 10 years irrespective of the fact whether the Life Insured is alive or not.
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
In this plan, premium needs to be paid till the end of the policy tenure of 15 years
This is a unique plan since it has Cash Flow post maturity. In this plan, on survival till the end of the policy tenure, the Sum Assured along with all Vested Bonus is paid as Maturity Benefit to the policyholder and the policy continues. This plan also has an additional guaranteed 10 Annual Installments starting 1 year after the date of maturity to the life assured or the nominee irrespective of survival of life assured. If the policy continues for 15 years, then Loyalty Addition would be payable along with the last i.e. the 10th installment (10% of Sum Assured).
However, if the Life Insured dies within the Policy Tenure. The entire Sum Assured would be paid to the nominee as Death Benefit but still the policy continues to pay the Guaranteed Additional Installment irrespective of the fact whether the Life Insured is alive or not.
There are 2 additional riders in this plan- Accidental Death and Total and Permanent Disability and Critical Illness Rider
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 1,00,000 | No Limit |
Policy Term (in years) | 15 | |
Premium Payment Term (in years) | Equal to Policy Term | |
Entry Age of Life Insured (in years) | 14 | 60 |
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. 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 also available in this plan after at least 3 years premiums have been paid.