Sahara Ankur Child Plan

What is the Sahara Ankur Child Plan?

Sahara Ankur Child Plan was a Unit Linked Insurance Plan (ULIP) offered by Sahara Life Insurance. This child insurance plan was designed to help parents save money for their child's future needs, like education or marriage, while also providing life insurance coverage. The plan is no longer available as it was withdrawn in August 2010.

Features of Sahara Ankur Child Plan

• Market-linked Investment: The Sahara Ankur Child Plan allows you to invest in market-linked investment options. This plan offered the potential for higher returns compared to traditional savings plans but also came with investment risk.

• Fund Choice and Flexibility: You could choose from 5 different investment funds to suit your risk appetite.

• Maturity Benefit: On maturity, you could receive the fund value accumulated over the policy term.

• Death Benefit: In case of the parent's death during the policy term, the sum assured was paid to the child.

• Premium Payment Flexibility: You could choose to pay premiums in a single lump sum or spread them in regular payments.

Eligibility Criteria of Sahara Ankur Child Plan

The investment option is offered with the following eligibility conditions:

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

Benefits under the Sahara Ankur Child Plan

Here are some of the benefits offered by the Sahara Ankur Child Plan:

• Market-linked Returns: The plan had the potential for higher returns compared to traditional child plans but also came with investment risks.

• Fund Choice and Flexibility: You could choose from different investment funds based on your risk appetite.

• Maturity Benefit: Upon policy maturity, you would receive the entire fund value which represents the accumulated amount over the years. This amount would depend on the performance of the units you chose.

• Death Benefit: In case of the policyholder's death during the policy term, the nominee would receive the higher of the following:

  • Sum assured (which is a predetermined amount)

  • Fund value at the time of death

• Premium Payment Flexibility: The plan offers the flexibility to choose a premium payment term (single premium or regular payments) and fund options to suit your risk appetite.

• Partial Withdrawals: The plan allowed partial withdrawals from the fund value after a certain policy period, subject to conditions.

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Policy Details of Sahara Ankur Child Plan

• Premium Grace Period: You have 30 days to pay yearly and half-yearly premiums and 15 days for monthly premiums. If you miss a payment but die within this grace period, your policy remains valid. Your nominee receives either the sum assured minus withdrawals or the fund value, whichever is higher.

• Premium Discontinuation: If you don't pay premiums for three years and miss the grace period, your policy lapses. You can revive it within two years by paying overdue premiums and proving insurability. After three years of premiums, you have a two-year revival period. If not revived, you can't revive it later but can continue the risk until the fund value equals one year's premium.

• Revival Period and Death Benefit: Revival period is two years from the first missed premium. If at least three years' premiums have been paid, your nominee receives either the sum assured minus withdrawals or the fund value. If less than three years' premiums have been paid, the nominee receives the fund value.

• Loan Availability: No, loans are not available under this plan.

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How Does the Sahara Ankur Child Plan Work?

Step 1- Enrollment: You enroll yourself in the plan, naming your child as the beneficiary.

Step 2- Premium Payment: You choose a premium amount and a payment schedule (monthly, half-yearly, or yearly) that suits your budget. You continue paying premiums until your child reaches a specific age, typically 21.

Step 3- Investment & Growth: The paid premiums are invested in different fund options based on your chosen risk tolerance. The goal is to grow the money over time.

Step 4- Maturity Benefit: Upon policy maturity (when your child reaches a predefined age), the plan pays out a lump sum amount. This amount consists of the accumulated fund value (invested amount + returns).

Step 5- Death Benefit: If you, the policyholder, pass away during the policy term, a death benefit is paid to your child. The exact amount depends on the plan's terms and any withdrawals made.

Step 6- Surrender Benefit: You might have the option to surrender the policy after a certain period (usually a few years). In this case, you would receive a surrender value, which is a portion of the accumulated fund value.