Sahara Kavach
Objective
This is a pure risk cover that aims to provide financial support to family members in case of death of the insured.
What does it do?
This policy pays sum assured to the nominee in case of unfortunate demise of the life insured. The policy has no surrender or maturity value. The policy offers additional rebate on annual and semi-annual mode of premium payment.
Pros
The plan offers a rebate of 3 per cent and 1.5 per cent for annual and semi-annual mode of premium payment respectively.
Minimum sum assured is low at Rs 5 lakh.
Premiums qualify for taxation benefits.
Cons
The choice of policy term is limited to 15 and 20 years, which may not suit everyone.
The plan doesn’t offer any riders for additional protection.
Suited for
A simple term cover is recommended for everyone looking after dependents.
Our View
This is a simple term insurance policy that can be taken by anyone looking for a plain term insurance for shorter tenure. Make sure you have sufficient health and accident cover as there are no riders for enhanced protection.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 50 |
| Maximum Maturity Age (years) | 65 |
| Policy Term (years) | |
| Minimum | 15 |
| Maximum | 20 |
| Sum Assured (Rs) | |
| Minimum | 500000; in multiples of 50000 thereafter |
| Maximum | No limit |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly (via ECS only) |
| Premium Payment Term | Equal to policy tenure |
| Policy Cover | Cover remains fixed for the tenure of the policy |
| Other Features | |
| Free Look Cancellation | In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. |
| Grace Period | You are allowed to pay premiums within 30 days for annual, semi-annual and quarterly premium and 15 days for monthly mode from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated. |
| Lapsed Policy Reinstatement | You can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any. |
| Tax Benefits | Section 80C and Section 10(10D) of the Income Tax Act, 1961 would apply. |
| Exclusions | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit |
| Customer Service | |
| Address | Sahara India Life Insurance Company Limited Corporate Office: Sahara India Centre, 2, Kapoorthala Complex, Luckhnow-226024 |
| Mail To | [email protected] |
| Call On | 1800 180 9000 from 10 AM to 5 PM |
| SMS | SERVICE' to 58888 |
| Annual Premium | |||||||
| Policy term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | ||
| 15 | 6016 | 6596 | 8536 | 12222 | 18432 | 28324 | |
| 20 | 6208 | 7180 | 9700 | 13968 | 21340 | NA | |
| Figures indicate premiums (after dicount) on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||
