Sahara Vatsalya-Jeevan Bima’ is a with profit endowment plan with added advantage of life cover upto maturity and educational benefit of four annual installments @ 20%, 25%, 25% and 30% of sum assured are payable at the end of each year during the last four consecutive years of policy term for the educational expenses of the nominated child to ensure the child’s safe future.
Plan Details:
| Minimum Issue Age (parent) the Life Assured | 20 Years (Nearer birthday) |
| Maximum Issue Age (parent) | 50 Years (Nearer birthday) |
| Minimum Issue Age (Child) | 0 year. |
| Maximum Issue Age (Child) | 12 Years (Nearer birthday) |
| Minimum Sum Assured | Rs. 1,00,000/- |
| Maximum Sum Assured | No Limit subject to underwriting |
| Policy Term under the plan is | 22– Age at entry of child |
| Premium Paying Term | Same as the policy term. |
| Maximum Coverage Age (parent) | 70 Years |
What are the modes available for premium payment?
- Yearly, Half-yearly, Quarterly and Monthly (Only through direct debit and group billing)
What are the ‘premium payment mode’ rebates?
Annual mode – 3% of tabular premium
Half yearly mode – 1.5% of tabular premium
Quarterly Mode – No Rebate
Monthly mode (only through direct debit and group billing) – No Rebate
What are high sum assured rebates available?
No rebate is available on the tabular premium rates.
Benefits -
Maturity Benefits - If the policy is in force for full sum assured, attached bonuses will be payable at maturity and four annual installments of Educational benefits @ 20%, 25%, 25%, and 30% of sum assured are payable at the end of each of the last four policy anniversaries respectively.
Death Benefits - If the policy is in force for full sum assured at the time of death of the life assured (the parent), following benefits will be payable to the nominee, and in case nominee (child) is minor to the appointee:
- A lump sum payment of sum assured along with all vested bonuses is payable immediately on the death of the assured.
- Annual installment of family income benefits each of 10% of sum assured commencing from the policy anniversary following the death of the life assured and upto 18 years of assumed age nearer birthday of named child on the anniversary following the death of the life assured.
- Four annual installment of educational benefits @ 20%, 25%, 25% and 30% of sum assured are payable at the end of each of the last four policy anniversaries respectively.
Tax Benefits -
Premiums paid under the policy are eligible for income tax benefits under section 80C of the income tax act 1961.
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