The offers term insurance group policy and is specially designed to meet the insurance needs of individuals who find it difficult to save enough money to cover themselves through individual insurance policies. Since this is a the sum assured will be paid to the legal heir or nominee of the policyholder upon the death of a member when the policy term is still under progress. The costs related to term insurance is quite minimal and customers can provide an outlay of around 3% to 5% of their annual income and receive cover that is at least seven times their yearly income.
Benefits of Sahara Samooh Suraksha
Tax Benefits: Individuals who take out this sahara term insurance policy can claim deductions under Section 80C of the Income Tax Act. Tax deductions are applicable on premium payments up to Rs.1 lac. Death and maturity benefits are also exempt from tax under Section 10 (10D) of the Income Tax Act, 1961.
Eligibility Criteria of Sahara Samooh Suraksha
- The minimum age of the individual at the time of entry cannot be less than 18 years, and the maximum age cannot exceed 64 years.
- The minimum sum assured under this policy is Rs.10,000 and the maximum is limited to Rs.5 lacs.
- The maximum age of the individual at the time of maturity cannot be more than 65 years.
- The minimum policy term is only one year.
- The yearly premium must be paid in advance in one lump sum either by group members or the policyholder.
Features of Sahara Samooh Suraksha
- The group should have a minimum of 50 members.
- For employer – employee groups, members should be present on the ground at the time of taking out the policy.
- For non-employer – employee groups, at least 75% of the existing members should join at the date of commencement of the policy.
Frequently Asked Questions
- Can I surrender my policy if I am not satisfied?
Yes, the policy can be surrendered if you do not agree with all the terms and conditions. The policy conditions will determine the surrender value you will receive.
- Are the premium payments split between the members or is it up to the group policyholder to make payments?
The premium payments can be shared between members of the group. For instance, the group policyholder may pay 20% of the premium and the remaining 80% may be shared by the other members.
- Is there a grace period on delayed premium payments?
A. Yes, customers will receive a grace period of 30 days post the due date to make premium payments. Failure to do so may result in termination of the policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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