Sahara Life Insurance, with a claim settlement ratio of 90.21% offers a range of insurance products ranging from endowment schemes to money back plans to ULIPs and Group plans, with each plan customisable to your unique requirements.
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:
As one of India’s first fully owned private life insurance provider, Sahara Life Insurance Company is one of the most trusted insurance providers in the country. Specializing in life insurance products, Sahara Life is one of your best go-to options for life insurance due to two very important factors – claim settlement ratio and grievances resolved. In the year 2014-2015, the company boasts of a claim settlement ratio of almost 90%, while also ensuring to settle the grievances of 100% of their customers, making them one of the most customer friendly and reliable insurance company to be associated with.
Different types of Life Insurance Policies Offered By Sahara Life:
offers a variety of life insurance plans which have been designed to provide tailored life insurance solutions not only to individuals but also to groups. Given below is the list of all the life insurance plans offered by Sahara.
Sahara Life Insurance Endowment Plans:
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.
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|Sahara Shrestha Nivesh||Min – Rs. 30,000 Max – Rs. 1 Crore; subject to underwriting||5 to 10 years (subject to a min. maturity age of 19 years nearer birthday)|
|Sahara Shubh Nivesh||Min – Rs. 50,000 Max – No limit; subject to underwriting||10 years (fixed)|
|Sahara Dhan Sanchay||Min – Rs. 50,000 Max – No limit; subject to underwriting||Min – 15 years Max – 40 years (subject to max maturity age of 70 years|
Sahara Life Insurance Money Back Plans:
- Sahara Pay Back – This is a non-linked, limited premium money-back participating endowment plan which will help you manage your expenses so that you have lump sum funds available for emergencies, while also protecting your family in times of financial hardship.
- Sahara Dhanvriddhi – This is a single-premium money-back endowment plan which requires only a one-time premium payment which provides life cover until maturity, along with financial security at times of unpredictable unfortunate events.
- Sahara Dhanvarsha – This is a traditional limited premium money-back non-participating endowment plan which provides dual benefits of guaranteed money-back at specified intervals and protection against unpredictable emergencies.
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|Sahara Pay Back||Min – Rs. 75,000 Max – Rs. 1 Crore; subject to underwriting||Fixed for 12 years, 16 years and 20 years|
|Sahara Dhanvriddhi||Min – Rs. 50,000 Max – Rs. 1 crore; subject to underwriting||9 years / 12 years / 15 years (subject to max maturity age not exceeding 70 years)|
|Sahara Dhanvarsha||Min – Rs. 75,000 Max – No limit; subject to underwriting||Fixed for 15 years and 20 years (subject to max maturity age not exceeding 70 years)|
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
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|Sahara Sanchit||Up to 45 years – 125% of single premium; 46 years & above – 110% of single premium||5 to 10 years|
|Sahara Utkarsh||Up to 45 years – 125% of single premium or 10 times of annualized premium (regular premium). 46 years & above - 110% of single premium or 7 times of annualized premium (regular premium).||8 to 20 years|
|Sahara Sugam||10 times of Annualized Premium||10, 15 or 20 years|
Sahara Life Insurance Group 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.
|Plan||Basic Sum Assured (per member)||Tenure (Policy Term)|
|Sahara Samooh Suraksha||Min – Rs. 50,000; Max – Rs. 5,00,000||-|
Documents Required for Buying Sahara Life Insurance:
In order to purchase a Sahara Life Insurance product, you will be asked to submit certain documents such as your proof of identity, proof of age, proof of income, proof of residence and a copy of your PAN Card.
Sahara Life Insurance Claim Settlement Ratio:
|2016 - 2017||90.21%|
|2015 - 2016||90.30%|
|2014 - 2015||89.97%|
|2013 - 2014||90.19%|
Eligibility For Sahara Life Insurance Plans:
In order to apply for any of the life insurance plans, applicants must comply with the eligibility criteria laid down for each plan. Owing to the different features of each plan, the eligibility criteria for each life insurance plan is different, as is illustrated in the table given below.
How To Check Sahara Life Insurance Policy Status:
If you wish to check the status of your Sahara Life Insurance policy, you may conveniently do so by visiting their website. For checking the policy status and details, you will be required to provide policy related details like your policy number and your date of birth. Once you have provided that information, the page will immediately display the details and status of your policy.
Premium Payment For Sahara Life Insurance:
For added convenience, customers can pay their Sahara Life Insurance premiums via multiple modes which include in cash, by cheque and Electronic Clearing Scheme (ECS).
Sahara Life Insurance Premium Calculator:
If you wish to find out the premium amount payable towards any offered by Sahara , you may easily do so by using the premium calculator. For calculating this amount, you will be required to provide certain details like the term of your chosen plan, your age and the amount of sum assured which you have chosen. Based on this, the tool will calculate the premium amount which you will be paying towards your insurance cover.
Sahara Life Insurance Customer Care:
Sahara Life insurance has been established with the objective of providing efficient and affordable life insurance solutions to people. In addition to providing well-appointed life insurance solutions, Sahara Life also provides its customers exemplary customer support for all policy related matters. The insurer has set up a customer support division with prime focus on resolving customer queries and issues in the shortest time. To achieve this, they have set up a dedicated helpline number on which customers can call to connect with a customer support member. Moreover, the insurer has also established local corporate offices across India where customers can go to register their concerns, feedback, comments or grievances regarding their Sahara Life policy.
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017