Sahara Sanchit Jeevan Bima Plan

• Maturity benefit - The policyholder will receive the fund value as the maturity benefit.
• Death benefit - The nominee of the policy will receive the higher of either the sum assured less any withdrawals or the fund value as a death benefit or 105% of the total premiums paid.
• Tax benefit - The policyholder will receive tax benefits, as per the Income Tax Act of 1961. These benefits will be under the section 80C for your payments made, and section 10 (10D) for the claims made.
• Surrender benefit - If the policyholder wishes to surrender the policy he can do so at any time. If he chooses to surrender the policy before completion of 5 years, then the fund value will be transferred to a Discontinued Policy Fund. While in this discontinued policy fund, the amount will earn an interest of 3.5% per annum. Upon completion of the 5 year period the fund value in the will be discontinued policy fund paid. If the policyholder wishes to surrender the policy after 5 years of completion of the policy, the entire fund value on the date of surrender will be paid to the policyholder.
• Funds switching - For every policy year, you will have the option to switch between funds twice. After these two switches are exhausted, you will be charged Rs. 100 per switch, recovery of which will be done by cancellation of units.
• Withdrawals - After the policy completes 5 years, you will be able to make withdrawals of a minimum Rs. 2,500. The maximum amount allowed as withdrawal, should not be below, 50% of the fund value.

Sanchit Jeevan Bima Plan Eligibility Conditions:

The entry age of the policy will be 18 years, and the maximum will be up to the age of 65 years. The maturity age of the policy will be 75 years.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017