Sahara Nidhi Life Insurance An Endowment Policy
In our life, there might be several conditions that may arrive just like that either planned or all of sudden. Sahara life insurance understands this method of life and came up with a new life insurance solution that helps you in standing strong in such kind of life uncertainties. Its life and it has many ups and downs for an individual like children’s education and marriages, providing for a family house and so on. In several life uncertainties in which you require financial security against unfortunate death and living. Sahara nidhi life insurance creates an immediate asset and keeps you prepared for the life uncertainties. It is an endowment policy that offers financial security to you and your family.
It is a flexible endowment plan that is suitable for everyone having any financial responsibilities. This special life insurance plan is the perfect combination of safety, security and tax benefits. It is the best solution for those individuals who are required to repay mortgage loans or want to accumulate funds for future investment opportunities and those who have small amounts to save. As far as eligibility is concerned, then, the minimum age for the entry in this type of plan is 14 years and maximum eligible age for entry is 60 years. Minimum sum assured is about Rs. 50,000 under this endowment policy. The policy term ranges from 10 years to 50 years. Premium paying term will remain same as policy term. Maximum coverage age under this policy is up to 70 years.
At the time of maturity: The sum assured along with all vested bonuses are payable at the time of maturity of your policy. If the life insurance policy has been in force for at least 15 years or more, then, terminal bonus if any will also be payable.
In case of unfortunate death: The sum assured along with all vested bonuses, is payable on death of the life assured. If the endowment insurance policy has run for 15 years or more as on date of the death, terminal bonus if any is also payable to the nominee of the policyholder. Life insurance premiums that are paid under this specific endowment policy are eligible for Income tax benefits under section 80C of the Income tax act, 1961. The maturity proceeds of the policy are not taxed as income of the policyholder or his dependents under section 10(10d) of the Income tax act, 1961.