The Sahara Utkarsh Jeevan Bima, is a ULIP that you can take for a term, ranging from 8 to 20 years. This policy will have sum assured of 110% to 125% of the premiums paid by you. You can choose to make your premium payments, either in a single premium payment or in regular payment throughout the life of the policy.
Key Features of Utkarsh Jeevan Bima Plan:
- This Sahara Life plan provides you with the option to make premium payments in either a lump sum or regular payments throughout the life of the policy.
- You have the option to customize your plan to suit your protection needs. You can add a rider that is available under this policy for extra protection. However, this rider can be added to the policy only if you decide to opt for the regular premium payments.
- As the policyholder you will have the ability to choose between 5 different fund options:
- Secured Fund
- Balanced Fund
- Growth Fund
- Smart Fund
- Prima Fund
- If you have not opted for the single premium payment, then the payments can be made either yearly or half yearly.
- The sum assured
- Single payment - if the policyholder is equal to or less than 45 years, then the minimum sum assured should be 125% of the premium, If the policyholder is aged 45 years or more, the sum assured should be at least 110% of the single premium.
- Regular payment - a minimum of 10 times the annual premium if the policyholder is equal to or less than 45 years. The premium should b 7 times the annual premium, if the policyholder is aged 45 years or more.
- There is no maximum limit for the sum assured.
- The policy term will range from a minimum of 8 years to a maximum of 20 years.
Benefits of Utkarsh Jeevan Bima Plan:
- Maturity Benefit - the policyholder will receive the fund value, when the policy reaches its maturity. After this fund value is paid to the policyholder, the policy will be terminated.
- Death Benefit - If the policyholder dies during the term of the policy, his/her nominee will receive a higher of, either the sum assured minus any withdrawals made by him, or the fund value or 105% of all premiums paid.
- Tax Benefit - The policy also provides you with tax benefits as per the Income Tax Act under section 80C for the premiums paid and section 10 (10D) for any claims made.
- You can add a rider called the Accident Benefit & Accidental Total & Permanent Disability Benefit Rider for additional protection to your policy.
- Grace Period - The policy will offer you a grace period of 30 days under this plan, to make the premium payments.
- Free-Look Period - You will be given a free-look period with this policy for a period of 15 days, wherein if you are not pleased with any of the terms and conditions, you can cancel the policy, provided there are no claims made.
- Withdrawal Facility - You will allowed to make partials withdrawals every year, wherein the minimum amount must be Rs.2,500 and the maximum can be 50% of the fund value at the time of withdrawal.
- Switch Funds - You can also switch your investments from one fund to another with this policy. The switching of funds is allowed twice in a policy year.
What are the Eligibility Conditions for This Policy?
- The minimum entry age requirement of the policy is 12 years, while the maximum entry age is 55 years.
- The maturity age will be a maximum of 70 years.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017