Sahara Surakshit Pariwar Jeevan Bima (Micro Insurance Product) (UIN 127N032V01) Welcome to Sahara Life Family The Plan Sahara India Life Insurance Co. Ltd. introduces Sahara Surakshit Pariwar, a non-linked, non-par micro endowment life insurance plan with objective of reaching to socially weaker sections of the society who have a need for savings and protection. It is a simple plan that serves twin purposes of providing life cover and building your savings. Sahara Surakshit Pariwar will fulfill not only insurance but also savings related needs of the customer by paying monthly premium of Rs 500 or Rs 250 for 5 years or 10 years respectively. The policyholder will not only get protection but also reasonable return at very nominal cost. Plan Details Minimum Age at entry Maximum Age at entry Sum Assured Policy Term Premium Paying Term Premium (fixed for all ages) Maximum Coverage Age 18 Years (Completed) 50 Years (Nearer birthday) Rs 30000/- per life i.e. sum assured is fixed per life under the plan. 5 Years to 10 Years 5 years for Policy term 5 to 9 years 10 years for Policy term 10 years Rs. 500 per month premium is fixed for premium paying term of 5 years and Rs. 250 per month for premium paying term of 10 years. 60 Years What are the modes available for premium payment? Monthly only. Grace period for non-forfeiture provisions Grace period of 30 days irrespective of any calendar month will be allowed to pay premiums. In case premium is not paid within the grace period and if death occurs within this period, the policy will be still valid and the sum assured shall be paid to the claimant after deduction of outstanding premium falling due before the next monthly premium due date. 1
Can the policy be revived? If premium is not paid within the grace period, the policy shall lapse. A policy can be revived within 2 years from the date of first unpaid premium of the policy but before the date of maturity on payment of all arrears of premium together with interest at such rate as may be decided by the Company from time to time and submission of proof of continued insurability to the satisfaction of the Company. However the Company reserves the right to accept or decline the revival of the policy subject to Board approved Underwriting guidelines. The revival of the policy shall take effect only after its approval is specifically communicated to the policyholder. What is non-forfeiture benefit if the payment of premium is discontinued? If the premiums have been paid for at least two years for 5 years Premium paying term and 3 years for 10 years premium paying term and the policyholder does not pay due premiums thereafter within the grace period, the policy will be automatically converted into a paid-up policy and will be entitled for reduced benefits. The default non-forfeiture option is a paid-up policy. The reduced benefit payable on death will be paid up sum assured on death plus accrued guaranteed annual additions where paid up sum assured on death will be calculated as the number of premiums paid to the total number of premiums payable multiplied by the sum assured on death. The sum assured on death used for arriving at paid up sum assured on death will be calculated as higher of sum assured or 105% of premiums paid. The maturity benefit will be paid up sum assured along with accrued guaranteed annual additions, where paid up sum assured is calculated on proportionate basis being sum assured multiplied by number of premiums paid and divided by total number of premiums payable. On acquiring paid-up status the policy will not be eligible for future guaranteed annual additions.. Further, in case the policy is under lapsed state (i.e. has not paid minimum due premiums to qualify for paid-up status depending upon premium paying term) and has paid more than one year premium, 50% of total premiums paid will be payable to the beneficiary at the end of policy term. Can the policy be surrendered? If premium paying term is 5 years, surrender benefit is payable after at least two full years premiums have been paid and if premium paying term is 10 years, surrender benefit is payable after at least three full years premiums have been paid. On surrender higher of special surrender value or guaranteed surrender value will be paid, where guaranteed surrender value is 100% of the amount of premiums paid till date of surrender and Special surrender value (SSV) is equal to 90% of cash value of paid up sum assured plus accrued guaranteed annual additions where paid up sum assured is calculated as sum assured multiplied by number of premiums paid and divided by total number of premiums payable. Is loan available? Loan will be available under this product and the scale of loan amount is 90% of surrender value. The rate of interest on loan amount will be decided by the company depending upon economic conditions. 2
What are the benefits under the policy? Maturity Benefit: The maturity benefit is the sum of Guaranteed Sum Assured and accrued Guaranteed annual additions. Guaranteed annual additions for different age bands and different terms, provided the policy is in force for full sum assured, is given below: Age- Bands (Age at entry) Policy Term 5 6 7 8 9 10 Guaranteed Annual Additions at the end of each policy year (in INR) 18-35 360 650 750 850 1000 500 36-40 330 600 700 800 950 480 41-45 300 550 650 750 900 465 46-50 270 500 600 700 850 450 If the policy is in paid up condition the paid up amount, is payable which is equivalent to proportionate sum assured being no. of premiums paid to no. of premiums payable plus accrued guaranteed annual additions under the contract. On acquiring paid-up status the policy will not be eligible for future guaranteed annual additions. If the policy is in lapsed condition and premiums have been paid for more than one year but less than 2 years in case premium paying term is 5 years and 3 years in case premium paying term is 10 years, 50% of premiums paid will be payable at the end of the policy term. Death Benefit: For Policy Term 5 Years to 9 Years: Highest of, (5 times the annualized premium or 105% of all the premiums paid as on date of death or minimum guaranteed sum assured on maturity) plus accrued guaranteed annual additions. The guaranteed annual additions for different age bands and policy terms are given under the head Maturity Benefit. The guaranteed annual additions will be allocated at the end of each policy year provided the policy is in-force for full sum assured For Policy Term 10 Years: If the age at entry of life assured is less than 45 years: (Highest of, 10 times the annualized premium or 105% of all the premiums paid as on date of death or minimum guaranteed sum assured on maturity) plus accrued guaranteed annual additions. The guaranteed annual additions for different age bands and policy terms are given under the head Maturity Benefit. The 3
guaranteed annual additions will be allocated at the end of each policy year provided the policy is in-force for full sum assured If the age at entry of life assured is more than or equal to 45 years: (Highest of, 7 times the annualized premium or 105% of all the premiums paid as on date of death or minimum guaranteed sum assured on maturity) plus accrued guaranteed annual additions. The guaranteed annual additions for different age bands and policy terms are given under the head Maturity Benefit The guaranteed annual additions will be allocated at the end of each policy year provided the policy is in-force for full sum assured. If the policy is in paid up condition the paid up sum assured plus accrued guaranteed annual additions is payable where paid up sum assured is calculated on proportionate basis being no. of premiums paid to no. of premiums payable under the contract. The guaranteed annual additions, for different age bands and policy terms are given under the head Maturity Benefit. On acquiring paid-up status the policy will not be eligible for future guaranteed annual additions. If the policy is in lapsed condition and premiums have been paid for more than one year but less than 2 years in case premium paying term is 5 years and 3 years in case premium paying term is 10 years, 50% of premiums paid will be payable at the end of the policy term. Exclusions Suicide Clause: In case of death due to suicide, within twelve months from the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the premiums paid provided policy is in force or from the date of revival of the policy the nominee or beneficiary of the policyholder shall be entitled to higher of 80% of the premiums paid till the date of death or the surrender value. Free look period: Policyholder is entitled to review the terms and conditions of the policy within a period of fifteen days from the date of receipt of the policy bond and in case of any disagreement with the terms and conditions, the policyholder shall have option to return the policy bond stating the reasons for disagreement. In such a case the policyholder shall be entitled to refund of premiums paid after deduction of stamp duty charges. Further no other charges, including proportionate risk premium for the period on cover, will be deducted. Benefit Illustration Age (Life Assured) 40 Monthly Premium 500 Policy Term (in years) 8 Premium Paying Term (in years) 5 Sum Assured 30000 4
Policy Year Annual Premium Sum Assured Guaranteed Annual Additions at the end of each policy year** Death Benefit Guaranteed at the end of policy year*** Maturity Benefit Guaranteed 1 6000 30000 800 30800-2 6000 30000 800 31600-3 6000 30000 800 32400-4 6000 30000 800 33200-5 6000 30000 800 35500-6 - 30000 800 36300-7 - 30000 800 37100-8 - 30000 800-36400 ** Guaranteed Annual Additions will be allocated at the end of each policy year and will be vested immediately on allocation. *** Death Benefit Guaranteed is specified at the end of each policy year and in case death occurs during the policy year the Guaranteed Annual Additions already allocated will only be payable. The beneficiary will not be entitled for guaranteed annual additions which will be allocated at the end of subsequent policy years. Statutory Warning: (1) In this plan, benefits are guaranteed and are clearly marked "guaranteed" in the illustration table on this page. (2) As per Section 41 of the Insurance Act, 1938 (4 of 1938): "No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer." (3) If any person fails to comply with sub regulation (2) above, he shall be liable to payment of a fine which may extend to Rupees five hundred. Sahara Pariwar Sahara India Pariwar s success story began in 1978. Starting on a modest scale, the company has traversed a long way to become a frontrunner in Indian entrepreneurship. Today Sahara India Pariwar is a major entity on the corporate scene with diversified business interests that include Public Deposit Mobilization, Infrastructure & Housing, Media & Entertainment, Information Technology, Sundarbans Project, Sahara Hospital, Araria Jute Project, Life Insurance, Mutual Funds, Housing Finance, Power project, Computer Manufacturing, Hotel and Catering Scheme. 5
The Company It was in the year 2004 that the Sahara India Pariwar entered the Life Insurance industry with the first wholly Indian Sahara India Life Insurance Company Ltd in the Private Sector. The main objective of the Company is to reach out across the country to all segments of society not only to the privileged and urban based but to those belonging to the middle class and living in the rural areas as well. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDA clarifies to public that IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. Call 1800-180-9000 TOLL FREE NUMBER Web Site: www.saharalife.com E-mail: life@life.sahara.co.in Local Corporate Offices and their telephone numbers are as under: Agra-9411876485; Ahmedabad-9998020301; Allahabad-9839750651; Ajmer-9829018573; Bahraich-9415054425; Ballia-9936571895; Bangalore-9845234738; Bareilly-9336857557; Baroda- 9998020310; Basti- 8004915905; Bokaro-9386896841; Bhagalpur-9386741020; Bhopal-8871015594; Bhubaneshwar-9861048534; Chandigarh-9216870573; Chennai-9940098809; Dehradun-9368228050; Delhi-9811571988; Deoria-9415213748; Darbhanga-9386835733; faizabad-9935169130; Faridabad- 9899805972; Gorakhpur-9336410556; Guwahati-9435549347; Hazaribagh-9431102765; Howrah- 9903116913; Hyderabad-9885279596; Indore-9302780283; Jabalpur-9303327343; Jaipur-9414079454; Jamshedpur-9431133892; Jodhpur-9829687827; Kanpur-9415075151; Khlilabad-9984499333; Kolkatta- 9007087253; Kota-9414181763; Lucknow-9335226465; Ludhiana-9988373652; Mumbai-9324702769; Muzaffarpur-9431238376; Nalanda-9431023510; Patna-9334112902; Raipur-9893650799; Ranchi- 9955328893; Samastipur-9473193008; Silliguri-9734902327; Siwan-9334417334; Sultanpur- 9412485488; Udaipur-9828142452; Varanasi-9838128327; Vishakhapatnam-9848565786. Corporate Office: Sahara India Life Insurance Company Limited, Sahara India Centre, 2 Kapoorthala Complex, Lucknow 226024. Phone : (0522) 2337777 Fax :- (0522) 2332683. Registration No. 127 Insurance is the subject matter of solicitation 6