Sahara India Life Insurance, the first wholly Indian-owned life insurance company in the private sector, has introduced a new child educational plan. The plan is called “The Sahara Vatsalya Jeevan Bima” and has the following features.
- The plan is available for parents aged between 20 to 50 years and for their children aged between 0 – 12 years.
- The educational benefits come when the child is 19 years old. The parents or the policyholders would receive four annual installments – 20%, 25%, 25% and 30% respectively.
- By the time the child is 22 years old, the policy matures and all vested bonuses are paid along with the last installment which is 30% of the educational benefit assured.
- In case of an unfortunate demise of the parent, the sum assured and the vested bonuses would be paid immediately to the nominee.
- The premiums paid are eligible for Income Tax Benefits. The plan also includes accidental benefit and permanent disability benefit rider.
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