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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.
Following are the annuity options available under this plan:
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.
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.
No bonuses are payable, as it is a non-participating annuity plan.
No loan facility is available under this policy.
Surrender Value is not acquired under this plan.
|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||-|
No rider is available for this plan.
The benefits payable under the policy can avail tax benefits under the Income Tax Act, subject to applicable tax laws.
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.