Sahara India Life Insurance is one of the veterans in the Indian private sector life insurance segment. The company was established in Feb 2004 and is a subsidiary fully-owned by the renowned Sahara Group. In a sector where it is common to see collaborations and partnerships, Sahara Life Insurance is the very first insurer to become a market leader in the insurance space without collaborating with any foreign insurer or investment organisation. The company was formed with the objective of providing easy-to-afford, and comprehensive life insurance solutions, along with a dedicated customer support system to provide customers with an overall positive experience. The insurer offers a wide variety of life insurance policies which include term plans, unit-linked insurance plans (ULIPs), endowment plans, money back plans, and group insurance plans.
Sahara India Life Insurance Online Premium Payment Options
Anyone who has an insurance policy will be aware of the importance of making premium payments on time. The consequence of missing your policy’s premium payment is rather grim. A missed payment can cause your policy to lapse, which also means that all benefits and coverage provided under the policy will also cease. To ensure that their customers face no difficulty in payment of premiums, Sahara India Life has established a number of channels via which users can pay their policy premiums online, without any hassles, and with complete security.
Premium Payment Via Direct Debit /ECS (Electronic Clearing Service)
- For the convenience and benefit of their customers, Sahara India Life Insurance Company has introduced the direct debit or ECS method of premium payment.
- Under this method, the premium amount is auto-debited from the preferred bank account of the policyholder on the date when the premium is due.
- Policyholders can use the ECS/Direct Debit option to pay all modes of premiums, including yearly, half-yearly, quarterly, and monthly.
- The minimum premium amount which can be paid using this automated method is Rs.5,000.
- At the time of policy proposal, the insurer will be collecting monthly premiums for a period of 3 months.
- To avail the Direct Debit/ECS facility of online premium payment, the policyholder, at the time of submitting their proposal documents, must fill up and submit an ECS mandate form to authorize auto-debit of premiums from their chosen bank account.
- Policyholders already holding either unit-linked insurance policies or traditional policies can also avail the Direct Debit/ECS scheme for online premium payment. The Direct Debit/ECS facility is currently only available at select cities across the country, including metro cities and several others.
- This facility can only be availed by policyholders who have bank accounts in cities where this facility is offered.
- The cities where ECS facility is provided include Bangalore, New Delhi, Hyderabad, Mumbai, Kolkata, Chennai, Chandigarh, Vishakhapatnam, Nagpur, Patna, Ahmedabad, Udaipur, Jaipur, Ludhiana, Jamshedpur, Dehradun, Bhopal, Baroda, Allahabad, Agra, Jodhpur, Lucknow, and several others.
Payment at Branch
- In addition to making premium payments online, policyholders who do not have access to web-based services, can also pay their premiums offline at Sahara India Life Insurance branches.
- Premium payment at the insurer’s branch office can be done either in cheque or by cash.
- If paying premium by cheque, the same must be drawn in favour of ‘Sahara India Life Insurance Company Ltd.’.
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