Sahara India Life - Sanchay R - Secure Fund

Sahara Sanchay is a Unit linked plan being offered with a unique blend of risk coverage and market linked returns. All the objectives of buying a life insurance plan are taken care of with a potential of earning higher returns over the term of the policy. The unit linked plan enhances the value of the savings over a period of time and offers choices to the customers to choose the investment plan according to their risk profile and investment horizon at various points during the life of the policy.
Secure Fund :
Asset allocation limits
Shares (equity) - Nil
Debt - Min 80%
Cash - Max 20%

Benefits under the policy :
On maturity :Fund Value
On death:
Under Single Premium:
Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation in writing in an office of Sahara India Life Insurance Co. Ltd.
Under Regular Premium
If all due premiums are paid i.e. policy is in-force. Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
If all due premiums are not paid but the period from the date of first unpaid premium to the date of death is less than two years ( revival period):
If at least 3 years premiums have been paid- Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
If premium for less than 3 years have been paid- Fund Value
vIf all due premiums are not paid and the period elapsed from the date of first unpaid premium to the date of death is more than two years and policyholder had opted for continuation of the risk(If the policyholder had not opted for continuation of the risk, the surrender value, as per rules was payable):
Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
Surrender Benefit:
Single Premium
After three years but less than four years from commencement :95% of fund value
After four years from commencement :100% of fund value
Regular Premium:
The policy would acquire surrender value if one full year premium is paid. However surrender value would be payable after at least three years from the commencement of the policy.
If premiums are paid for one year but less than two years:50% of fund value
If premiums are paid for two years but less than three years:85% of fund value
If premiums are paid for three years but less than five years:95% of fund value
If premiums are paid for five years or more:100% of fund value

Minimum Issue Age : 14 Years(Nearer birthday)
Maximum Issue Age : 55 Years (Nearer birthday)
Maximum Coverage:Age 70 Years

Premium Paying Term : Same as policy term except single premium plan
Modes available for premium payment
1. Single Premium, Yearly, Half-Yearly, Quarterly, Monthly(direct debit and group billing only)
2. Short premiums shall not be accepted. If the premium is received in advance, the same shall be kept in deposit without benefit till adjusted.

	Single Premium		Regular Premium
Term of the policy	5-20 yrs		7-20 yrs
Minimum Premium	Rs. 25,000 if SA is 150% of the Premium Rs. 30,000 if SA is 3 to 5 times the Premium		Rs. 6,000 for term >=10yrs Rs. 12,000 for term

Top-up Premium:
Top-ups may be paid under the plan. The allocable amount of top-up premium will be credited to the existing fund.
The maximum top-up amount that can be paid is 25% of total premiums paid under the base plan upto that date. Minimum Top-up Premium is Rs 2500 subject to the total top up amount paid including earlier payments not exceeding 25% of total premiums paid till date.

Partial Withdrawal:
1.Partial Withdrawal is allowed after three years from the date of commencement subject to the life assured having attained majority i.e. on or after attainment of age of 18 years.
2.Maximum partial withdrawal is 50% of fund value including top up fund subject to the condition that minimum balance in the fund after partial withdrawal should be 150% of annualised premium under regular premium policy & Rs 35000 under Single Premium option I policy & Rs. 30000 under Single premium option II policy.
3.Minimum partial withdrawal amount is Rs. 2,500.
4.Minimum period elapsed between two partial withdrawals should be one year.
5.The policy should be in-force for full sum assured.
6.For the purpose of charging of risk premium and settlement of death benefit the partial withdrawal would be first adjusted against the top-up fund and the balance amount, if any, towards the base fund. The death benefit /sum at risk would be reduced by partial withdrawals pertaining to base fund.

A monthly Administration Fee of Rs.25/- will be deducted by canceling appropriate number of Units at the beginning of the month at the prevailing unit value. Administration fee may be increased at the discretion of the company subject to maximum of Rs.40/- per month depending on the experience of the company and subject to approval of IRDA.

Switching Option The policy holder has the option of switching his investments from one fund to another of his choice at any time during the life of the policy. Two free switches are allowed every policy year. Additional switches are allowed subject to at the rate of Rs 100/- per switch. The switching charges would be recovered by cancellation of units.