Sahara Umang

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Sahara Umang is an endowment plan that guarantees not only the payment of sum assured on maturity, but also a fixed percentage of cash flows, over and above the sum assured, at regular intervals post the maturity of the policy. While the policy term is fixed at 15 years, the minimum amount of sum assured that investors can opt for is 1 lakh. A premium rebate of 1 per 1,000 sum assured is available for a sum assured of 2 lakh and above.

Key Features
The scheme provides for a regular cash flow of 10% of sum assured payable for 10 years after the maturity of the policy. Thus, while the policyholder or his/her nominee will receive the amount of sum assured immediately after policy maturity at 15 years or upon earlier death of the policyholder, the receipt of cash flows shall begin one year after the date of maturity. These guaranteed cash flows are payable to either the policyholder, till he survives, or to the nominee upon the death of the policyholder.

If one were to briefly sum-up the features of Sahara Umang, this scheme pays you double the amount of sum assured, partly in lump sum and partly as periodic cash flows. While this makes an interesting platter of insurance cum investment, the absolute returns that the scheme generates over the entire tenure are too mediocre. For a sum assured of 1 lakh, the absolute returns that an investor generates from this scheme are just 15% over a span of 25 years, while for the sum assured of 2 lakh and above, the policyholder will make 16% absolute gains during the given time frame considering the 0.1% premium rebate for higher sum assured.

The scheme thus disappoints on the investment front and as insurance cover is simply equivalent to the sum assured chosen by the policyholder, investors can do better by buying a pure term plan instead.

 

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