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Sahara Umang Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Sahara Umang Plan
Sahara Umang Plan is a Participating Endowment 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 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
Key Features of Sahara Umang Policy
This is an Endowment Plan with Bonus facility
In this plan, 10% of the Sum Assured is paid every year for 10 years as Guaranteed Additional Installment irrespective of the fact whether the Life Insured is alive or not
The Sum Assured + vested Bonus is paid as Maturity Benefit on survival till the end of the policy tenure
If the Life Insured dies within the Policy Tenure, the Sum Assured + vested Bonus is paid to the nominee as Death Benefit
This plan provides for High Sum Assured rebate
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Sahara Umang Insurance Policy
Death Benefit – 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.
Maturity Benefit – 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.
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 Umang Insurance Plan
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 (in years)
-
75
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of returns of Sahara Umang Plan
The below illustration is for a healthy male of 35 years of age with a Policy Term of 15 years opting for Sum Assured of Rs 1,00,000 and having an Annual Premium of Rs 11,596
Additional Features and Benefits of Sahara Umang Plan
Riders – There are 2 additional riders in this plan:
Accident Benefit and Accidental Total and Permanent Disability Benefit Rider
Critical Illness Benefit
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What happens if?
You stop paying the premium - 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.
You want to surrender the policy – 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.
You want a loan against your policy – Loan facility is also available in this plan after at least 3 years premiums have been paid.
