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Complete Details About Sahara Life Child Plan

Updated on December 1, 2022 , 4547 views

Every child is unique with a set of dreams and adventures in store. And who else can realise this better than parents? The immense support by parents propels the child to achieve their goals.

Sahara Life Child Plan

If you are looking to help your children get everything they dream, the Sahar Life Child Plan is tailored just for you.

Sahara Ankur Child Plan

Sahara Ankur Child Plan is a special child scheme that helps to fulfil your child’s dream. The plan is a great way to help your child live life fully even in your absence.

Features of Sahara Ankur

1. Maturity

With Sahara policy maturity, you will receive the entire fund value.

2. Surrender Value

With the Sahara India child scheme, if you pay the premium for 1 year but less than 2 years, you will receive 50% of the fund value.

Payment Fund Value
2 years but less than 3 years will receive 85% of the fund value
3 years but less than 4 years will receive 95% of the fund value
More than 5 years will receive 100% of the fund value

3. Death Benefit

In case of death, if all premiums are paid, the maximum sum assured and reduced by withdrawals between 2 years just after the demise of the life assured on the submission of death will be paid.

4. Coverage

If the membership for Sahara Life Child Plan ends in the middle of the policy year, you will receive coverage until the policy anniversary is completed.

5. Risk Cover

Under this plan, the risk cover will start after age 7 after policy commencement.

6. Tax Benefits

The premiums paid under this policy are eligible for income tax benefits under Section 80C of the Income Tax Act, 1961. The benefits are subject to change as per prevailing statutory provisions from time to time.

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Eligibility Criteria

If you wish to opt for Sahara Life Child Plan, check the eligibility criteria below.

Pay close attention to the premium payment term, maturity age, etc.

Details Description
Minimum Issue Age 0 Years
Maximum Issue Age 13 Years (Nearer Birthday)
Premium Paying Term 21 less age at entry i.e. premium is payable up to age 21
Minimum Maturity Age 25 Years
Maximum Maturity Age 40 Years
Minimum Policy Term 12 Years
Maximum Policy Term 30 Years
Maximum Sum Assured Rs. 15 lacs in case life assured is 10 years or below, Rs. 24.75 lacs in case life assured is 11 years or above
Payment Modes Single-Premium, Yearly, Half-Yearly and Monthly (Group billing only). The short premium shall not be accepted. If the premium is received in advance the same shall be kept in deposit & adjusted on due date only.

Grace Period

Under this plan, you will receive a grace period of 30 days for yearly and half-yearly payments. In the case of monthly payments, you will receive a grace period of 15 days. For example, for Sahara monthly plan 2020, if you are late on paying a premium, you will receive a 15 day grace period.

Statutory Warnings

The Sahara Life Child Plan policy lays out certain statutory warnings. Please read carefully.

a. 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."

b. Section 45 of Insurance Act, 1938: No policy of Life Insurance shall, after the expiry of two years from the date on which it was effected, be called in question by the insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or it suppressed facts which it was material to disclose.

Remember, if anyone does not comply with sub-regulation (a) above, he/she will be liable to pay a fine which may extend to Rs. 500.

Sahara Life Child Plan Customer Care Number

You can contact the company for any queries on 1800 180 9000 from 10 am to 5 pm.

Conclusion

Sahara Life Child Plan is one of the best plans for child insurance in India. Read all the policy-related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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