Established in 2004, Sahara India Life Insurance is India’s first wholly owned private life insurance company. With a sizeable presence in most parts of the country, the company serves all sections of society, from the privileged and the urban based to those belonging to the middle class and living in the rural areas. Sahara India Life Insurance offers an extensive range of products like Unit Linked Plans, Money Back Plans, Endowment Plans, Term Assurance Plans and Group Insurance Plans that cater to the insurance needs of individuals of all ages and segments.
Key Highlights of Sahara Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 90.30% for year 2015-2016
97.14% Grievances Settled for year 2015-2016
To be eligible for Sahara Life Insurance
You should be at least 18 years old
You should be less than 50 years old
You should be either Salaried, Self- employed, a professional or have your own business
Sahara Life Insurance at a Glance
A maximum tenure of 20 years
Min Sum Assured: Rs 5 lakh
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Sahara Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Sahara India Life Insurance Plans Details
Some of the plans offered by their companies are:
- Sahara Life Insurance Unit Linked Plans
A unit linked plan from Sahara Life Insurance is a tool that takes a part of the premium to provide life cover and the remainder is invested in the markets. The plans offered by the company are:
- Sahara sanchit – Jeevan Bima :This is a single premium, unit linked insurance plan that provides risk coverage and an opportunity to increase your wealth. This policy can be taken for a period of 5 years to 10 years and the sum assured can range from 110% of the premium to 125% of the premium paid.
- Sahara Utkarsh- Jeevan Bima : This is a ULIP that can be taken for periods ranging from 8 years up to 20 years with the sum assured ranging from 110% to 125% of the premium paid. The premiums can be paid as a single premium or throughout the term of the policy.
- Sahara Sugam Jeevan Bima
- Sahara Life Insurance Money Back Plan
For those that prefer a return on their investments in life insurance, the company offers certain money back plans which are:
- Sahara Dhanviddhi-Jeevan Bima :This is a money back plan that offers the policyholder a policy that provides life cover and an income at regular intervals based on the sum assured thus making it the ideal plan for those who have recurring financial needs.
- Sahara Dhanvarsha Jeevan Bima :This is a non-participating limited premium money-back endowment plan that helps you by providing a source of funds that can be used to plan future expenses. It also ensures that in the unfortunate event of the policyholder’s death, their family’s financial future is secure.
- Sahara Life Insurance Endowment Plan
Endowment plans, as the name suggests, are meant to endow policyholders with the opportunity to use life insurance instruments as an investment. The plans offered under this scheme are:
- Sahara Shrestha Nivesh-Jeevan Bima :This is an endowment plan that has been designed specifically to cater to people who might have an uncertain income. It offers policyholders the option to make a single payment for the premium in order to secure the financial future of the family.
- Sahara Shubh Nivesh-Jeevan Bima :This too is a single premium endowment plan that offers a minimum sum assured of Rs. 50,000. There is no limit on the maximum amount that can be taken as the sum assured. This plan is targeted at those who intend to buy a house or expect to pay massive amounts towards education in the near future.
- Sahara Dhan Sanchay Jeevan Bima :This is a traditional participating endowment plan that offers policyholders the dual advantages of protection and income. Not only does the plan provide life insurance coverage, it also provides for a regular income which can help dependents fulfill any financial obligations that they may have.
- Sahara Life Insurance Group Insurance Plans
Group insurance plans are aimed at groups of people or companies that want to provide some sort of an insurance cover to their employees. The various plans offered by them as group insurance plans are:
- Sahara Samooh Suraksha :Any group of individuals or companies that wish to provide insurance benefits to group members can opt for this plan. The policy provides a minimum cover of Rs.50, 000 and a maximum cover of Rs 5,00,000 for each of the members of the group.
- Sahara Jamakarta Samooh Bima :This is a group term insurance plan targeted at those who are unable to avail individual life insurance covers. This scheme offers group members term insurance benefits which are payable to nominees in case the insured person passes away.
Sahara Life Insurance FAQs:
- Q. What are the available modes for payment of premium available for me?
A. You can pay it Yearly, Half-Yearly, Quarterly or Monthly through direct debit and group billing only.
- Q. What are the possible rebates available on this policy?
A. You can avail rebate for Yearly & Half-Yearly mode of premium payments at 3% and 1.5% respectively. Terms and conditions of the bank apply.
- Q. If I pay the premiums through cheques, in whose favour should I draw them in?
A. If you are paying your premiums through cheques, please draw them in favour of Sahara India Life Insurance Company Ltd., payable at any of our branch cities.
- Q. What do I do if I wish to make premium payments in cash? Is there any provision for the same?
A. All cash payments can be made at any of Sahara Life Insurance branch offices.
- Q. Where can I find Sahara’s corporate agents and contact them?
A. The website has pages, to get the official list of Sahara’s corporate agents and contact them. All details required including location and state, as well as POA’s with contact details are given. The list is mostly concentrated in the Northern towns of India.
- Q. Where can I find direct agents and how should I contact them?
A. You simply go on the website, to get the official list of Sahara’s corporate agents with their codes adjacent to their names. Simply press Ctrl and F and fill in the name you are looking for and search. Once, you have the code. Call Sahara Life insurance and provide the code to get the details.
- Q. How well is the company doing when it comes to claim settlements?
A. According to our sources the Claim-settlement for Sahara Life insurance is at a ratio of 90.0% from April 2014 - March 2015.
- Q. I am 19 years old and studying in a university, can I apply for life insurance from Sahara?
A. Yes, the minimum age required for applying for a life insurance policy in Sahara is 18 years.
- Q. I am 52 years old but have not retired yet, can I apply?
A. Unfortunately, Sahara offers life insurance policies for people who are below the age of 50 years.
Q. What are the documentation that I need to apply for a life insurance from Sahara?
A. You need to have the following documents ready before you start applying for a life insurance at Sahara:
- Age proof
- ddress Proof
- Income Proof
- PAN No.
Note that some documents may serve for more than one document requirement. For example, a passport may suffice as an identity, age and address proof alone. Ideally, you should have more than one ID proofs. For example, you could have your Voter ID and your driving license to support the three proof requirements.