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Sahara Sanjeevani Plan

What is the Plan all About?

Sahara Sanjeevani is a non-participating annuity plan that assures you for providing annuity through your entire life. A regular and fixed amount of annuity is payable to the annuitant, depending on the frequency chosen.

What are the Key Features?

  • Receive a regular income throughout life
  • 2 annuity options
  • Multiple annuity payout frequency
  • Avail tax benefits

What are the Plan Benefits?

Annuity Options

    Following are the annuity options available under this plan:

    • Life Annuity
    • Life Annuity with Return of Purchase Price

Death Benefit

    For life annuity option, all the annuity proceeds will cease on the death of the annuitant.

    For Life Annuity with Return of Purchase Price option, the annuity payout will stop on the demise of the annuitant and the purchase price is payable to the nominee.

Survival Benefit

    For life annuity option, the annuity is payable through the entire life of the annuitant.

    For Life Annuity with Return of Purchase Price option, the annuity is payable throughout the life of the annuitant.

Bonus

    No bonuses are payable, as it is a non-participating annuity plan.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    Surrender Value is not acquired under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday)* 40 Years (first Annuitant), 18 Years (second Annuitant) 80 Years (first/second Annuitant)
Premium Payment Term Single -
Premium Paying Mode Single Pay -
Single Premium Amount/Purchase Price Rs 3,00,000 No Limit
Annuity Payout Frequency Annually, Semi Annually, Quarterly & Monthly -
Annuity Installment Rs 1000 Per Month -
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available for this plan.

Is the Plan, eligible for Tax Benefit?

The benefits payable under the policy can avail tax benefits under the Income Tax Act, subject to applicable tax laws.

How the Plan Works?

Mitul is looking to buy a plan that can provide a regular income throughout his life. He decides to buy Sahara Sanjeevani with Life Annuity with Return of Purchase Price annuity option.

Scenario A: On survival of Mitul

The fixed annuity is payable as long as Mitul survives.

Scenario B: On demise of Mitul

On the unfortunate demise of Mitul, purchase price is payable to the nominee and no annuity proceeds are payable after death.