Investment Plans 106 views August 13, 2021

Sahara Surakshit Pariwar Jeevan Bima is a non-linked, non-participating micro endowment life insurance plan for the socially weaker sections of society. This plan provides the benefit of savings and protection to the insured. The key features of the Sahara Surakshit Pariwar Jeevan Bima Plan are as follows:

  • Fixed sum assured
  • Flexible policy and premium payment term
  • Death Benefit
  • Maturity Benefit

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Read this page further to know more about these and other benefits of the Sahara Surakshit Parivar Jeevan Bima Plan.

Sahara Surakshit Pariwar Jeevan Bima Plan Benefits

You will get the following benefits under Sahara Surakshit Pariwar Jeevan Bima. Have a look at them below.

Maturity Benefit

You’ll receive a Guaranteed Sum Assured and accrued annual additions on survival till the maturity date. The guaranteed annual additions for different age bands is as follows:

The guaranteed annual additions will be allocated at the end of each policy year, provided the policy is in force.

If the policy is in paid-up status, it shall not be eligible for future guaranteed annual additions. Whereas, if the policy lapses and premiums have been paid for more than one year but less than 2 years, 50% of paid premiums will be payable at the end of the policy term.

Death Benefit

In case of death of the life sussed during the policy term, the insurer shall pay the following benefit.

For a Policy Term of 5 to 9 Years

The insurer pays the highest of the following to the nominee:

  • 5X the annualized premium
  • 105% of the paid premiums as on the date of death
  • Minimum guaranteed sum assured on maturity plus accrued guaranteed annual additions

For a Policy Term of 10 Years

If the entry age is less than 45 years, the insurer pays the highest of the following to the nominee:

  • 10X the annualized premium
  • 105% of the paid premiums as on the date of death
  • Minimum guaranteed sum assured on maturity plus accrued guaranteed annual additions

If the entry age is more than or equal to 45 years, the insurer pays the highest of the following to the nominee:

  • 10X the annualized premium
  • 105% of the paid premiums as on the date of death
  • Minimum guaranteed sum assured on maturity plus accrued guaranteed annual additions

If the policy is in paid-up condition, the insurer shall pay the paid-up sum assured plus accrued guaranteed annual additions.

The paid-up sum assured is calculated based on the following formula –

[{Number of Paid Premium x Sum Assured}/Number of Premiums Payable Under the Contract]

If the policy is in paid-up status, it shall not be eligible for future guaranteed annual additions. Whereas, if the policy lapses and premiums have been paid for more than one year but less than 2 years, 50% of paid premiums will be payable at the end of the policy term.

Sahara Surakshit Pariwar Jeevan Bima Eligibility Criteria

You need to meet the following age criteria to buy Sahara Surakshit Pariwar Jeevan Bima Plan:

  • Minimum Entry Age – 18 years (as on the last birthday)
  • Maximum Entry Age – 50 years (as on the nearer birthday)
  • Maximum Coverage Age – 60 years

Sahara Surakshit Pariwar Jeevan Bima Policy Term & Premium Payment Option

Sahara Surakshit Pariwar Jeevan Bima policy term options are as follows:

  • 5 years
  • 6 years
  • 7 years
  • 8 years
  • 9 years
  • 10 years

The premium paying term for Sahara Surakshit Pariwar Jeevan Bima is 5 years for a policy term of 5 to 9 years and 10 years for a policy term of 10 years. You can pay your premium monthly, and the minimum premium amount is as follows:

  • INR 500 for a premium paying term of 5 years
  • INR 250 for a premium paying term of 10 years

INR 30,000 is the fixed sum assured per life under the Sahara Surakshit Pariwar Jeevan Bima plan.

Suicide Clause

In case of death of the life assured due to suicide within twelve months from the date of inception of the policy, the insurer shall pay 80% of the paid premium to the nominee, provided the policy is in force. Whereas, in case of death due to suicide from the date of revival of the policy, the insurer will pay higher of 80% of the paid premiums or the surrender value to the nominee.

Free Look Period

You can review the terms and conditions of the policy within 15 days of the free look period that starts from the date of receipt of the document. In case of any disagreement with the terms and conditions, return the policy stating the reasons for it. On cancellation, the insurer will refund the paid premiums after deduction of stamp duty charges and proportionate risk premium for the period on the cover.

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