Sahara India Life launches Sahara Vatsalya Jeevan Bima

MUMBAI: Private insurer Sahara India Life Insurance launched Sahara Vatsalya Jeevan Bima, a traditional plan aimed to meet the education requirements of the children of the policyholder.

The new plan is a regular premium plan for parents aged between 20 to 50 years, for the benefit of the children within the age group of 0-12 years, the company said.

Once the child (the nominee) becomes 19, the policyholder will receive an education benefit in four annual instalments -- 20 per cent, 25 per cent, 25 per cent and 30 per cent -- of the sum assured at the end of each of last four policy anniversaries, respectively.

The policy will mature when the child attains the age of 22 years and at that time, all vested bonuses will be paid along with the last instalment.

In case of the demise of the parent (life assured), the sum assured along with the vested bonus would be paid immediately to the nominee.

The premiums paid under the policy are eligible for Income Tax benefits.

Sahara India Life Insurance is the first wholly Indian-owned life insurance company in the private sector.