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Sahara Vatsalya Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Sahara Vatsalya Plan
 
Sahara Vatsalya Plan is a Participating Endowment Plan for the benefit of the Child. 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. The policy tenure is 22 years – Age at Entry of the Child.
 
In this plan, 20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years as Maturity Benefit, irrespective of the fact whether the Life Insured is alive or not. The accrued Bonus is paid along with the last installment.
 
However, if the Life Insured, i.e. the Parent dies within the Policy Tenure, then the nominee, i.e. the child or his appointee, since he is less than 18 years of age would get the entire Sum Assured as Immediate Death Benefit and the policy continues. 10% of the Sum Assured is paid as an additional Family Income Benefit every year after the death of the Life Insured upto the assumed age of 18 years of the child’s and the Maturity Benefit is paid as per schedule- 20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years.
 
There is 1 additional rider in this plan.
 
 
Key Features of Sahara Vatsalya Insurance Policy
 
  • This is an Endowment Plan with Bonus facility
  • The child is the nominee in this plan
  • The policy tenure in this plan is 22 years – Age at Entry of the Child
  • The Maturity Benefit in this plan is 20%, 25%, 25% and 30% of the Sum Assured every year in the last 4 consecutive years before maturity
  • This plan has Reversionary Bonus which is paid out along with the last installment
  • This plan pays 10% of the Sum Assured as Family Income Benefit every years after the death of the Life Insured till the child is 18 years old
  • There is 3 fold Death Benefit in this plan, the Sum Assured is paid immediately and continues to provide Family Income Benefit and then Maturity Benefit as per schedule
  • There is 1 additional rider in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
 
Benefits you get from Sahara Vatsalya Insurance Plan
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:
The entire Sum Assured as Immediate Death Benefit and the policy continues
10% of the Sum Assured is paid as an additional Family Income Benefit every year after the death of the Life Insured upto the assumed age of 18 years of the child’s and
The Maturity Benefit is paid as per schedule- 20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years.
 
If the Child dies before the Life Insured, the nominee can be changed to another child or individual and the policy continues as per schedule or surrendered.
 
Maturity Benefit –20%, 25%, 25% and 30% of the Sum Assured is paid in the last 4 years, i.e. from the assumed age of 19 years of the child till 22 years as Maturity Benefit, irrespective of the fact whether the Life Insured is alive or not. The accrued Bonus is paid along with the last installment.
 
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 Vatsalya Insurance Plan
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
22 – Age at Entry of Child
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (Parent)  (in years)
20
50
Entry Age of Nominee (Child) (in years)
0
12
Age at Maturity (in years)
-
70
Age at Maturity of Child (in years)
-
22
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 
Sample illustration of returns of Sahara Vatsalya Plan
 
The below illustration is for a healthy male of 35 years of age, Child’s Age: 7 years.
Hence Policy Term= 22- Age at entry= 22 – 7= 15 Years
Sum Assured of Rs 1,00,000 and having an Annual Premium of Rs 8069
 

Survival Benefit = Rs 20,000, Rs 25,000, 25,000 and Rs 30,000 respectively in the last 4 policy years

Sahare Vatsalya Insurance Plan Sample Returns

Additional Features and Benefits of Sahara Vatsalya Plan
 
Riders – There is 1 additional rider in this plan:
  1. Accident Benefit and Accidental Total and Permanent Disability Benefit 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, the policy gets converted to a paid-up plan and continues with reduced benefit. 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 not available in this plan.


 
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