Sahara Sugam Jeevan Bima Plan

• Death benefit - The nominee of the policy will receive the sum assured minus any withdrawals, or the fund value, or 105% of all premiums paid whichever is higher.
• Survival benefit - If the policyholder survives till the maturity of the policy, then the policyholder will receive the fund value on the maturity date.
• Tax benefits - The policyholder will get tax benefits with this ULIP policy as per the Income Tax Act 1961 under section 80C for the premiums the policyholder has paid and section 10 (10D) for the claims made.
• Free-look period - You will get a period of 15 days from the commencement of the policy within which you can review the policy, and if you do not agree with any of the terms and conditions you can cancel the policy. This is possible if there have been no claims within this period.
• Grace period - A period of 30 day from the last due date, will be provided for you to make your premium payments.
• Surrender benefit - After the completion of 5 years of the policy, if the policyholder wishes to surrender the policy, he will be paid the value of the funds, as on the date of surrender. If the policyholder decides to surrender the policy before 5 years, then the fund value will be credited to the Discontinued Policy Fund, wherein it will earn a 3.5% per annum growth minimum, and will be payable only after completing 5 years.
• Switching funds - you will have the option to switch your investments, and based on your risk appetite. You will be allowed to switch funds twice in a policy year, to make the most of market fluctuations.
• Partial withdrawals - you can make unlimited partial withdrawals every year wherein the minimum amount should be Rs. 2,500. The maximum amount can be up to 50% of the fund value.

Eligibility Conditions For The Plan Are:

• The minimum entry age will be 10 years, while the maximum will be 55 years.
• The maturity age of the policy will be 70 years.

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