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Sahara India Life Insurance

Sahara India Pariwar was founded in the year 2004 and was India’s wholly privately owned life insurance company along with its presence in many parts of India. This company provides wide range of competitive products to meet the insurance requirements of people of all the ages.

India's first wholly Indian Life Insurance Company amongst the Private Sector.

Part of the Sahara Pariwar, Sahara Life provides Life Insurance plans since the approval of License in India. Sahara India Life Insurance Company Ltd. has been approved by IRDA and was granted License on 6th February 2004. Sahara Life Insurance offers individual and Group plans.

Interesting facts about Sahara India Life Insurance Company

  • Sahara India Life Insurance Company is the First Wholly Indian Life Insurance Company amongst the Private Sector
  • Sahara India Life Insurance Company was incorporated on 30th October 2004
  • Sahara India Life Insurance Company got its IRDAI license on 6th February 2004 to operate as a life insurer
  • The Chairman of Sahara India Life Insurance Company is Shri Subrata Roy who is also the Chairman of Sahara Pariwar
  • This company was launched with an initial paid up capital of 157 crores

Benefits of Sahara India Life Insurance Company

  • Cost: Sahara India Life insurance plans are quite cheap.
  • Flexibility: Offers flexibility by providing options to make the premium payments
  • Online plans: The term plans offered by this company are easily available. You can buy the policies online at your convenience with the click of the mouse.
  • Variety: This company offers variety of online as well as offline plans
  • Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Types of Sahara India Life Insurance Plans

1. Endowment Plans

a.) Sahara Shrestha Nivesh Jeevan Bima

The features of this plan are mentioned below:

  • The minimum entry age is 9 years and maximum age is 60 years
  • The maximum maturity age is 70 years
  • The premium paying term is single payment
  • Offers rebate on high sum assured
  • This plan offers financial security to your family with just single premium payment doing away the obligation of annual payments
  • This plan is best suitable for people who have an unpredictable seasonal or uneven income stream
  • This plan is designed to meet the requirements of real investment and protection needs
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Sahara ShubhNivesh Jeevan Bima

The features of this plan are mentioned below:

  • The minimum entry age is 9 years and maximum age is 60 years
  • The maximum maturity age is 70 years
  • The premium paying term is single payment
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
  • This plan is a without profit endowment plan with a single premium payment option with a benefit of life cover up to the maturity
  • This plan is best suitable for those who have specific dreams like buying a house or giving the best education to their children
  • This plan offers more of liquidity and is best for customers who are crazy for investments and also who wants life cover
  • This plan is designed with the motive of investing today and reaping the benefits on maturity
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Sahara DhanSanchay Jeevan Bima

The features of this plan are mentioned below:

  • The minimum entry is 14 years and maximum age is 50 years
  • The premium payment option is yearly, half-yearly, quarterly and monthly
  • The maximum age at maturity is 70 years
  • This is a traditional endowment plan that helps you to fulfil your aspirations and realize your dreams by offering you a steady income. This income later get added to your benefits and provides life cover for the entire term of the plan
  • This plan is a combination of income and financial protection
  • This plan is best suited for investors who wants tax benefits, returns, guaranteed cash inflow, safety to fulfil their desired financial obligation
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

2. Term Insurance Plans

a.) Sahara Life Suraksha Kavach

The features of this plan are mentioned below:

  • The minimum age is 18 years, and maximum age is 50.
  • Policy Term starts from minimum of 15 years and maximum upto 20 years.
  • The maximum age of insured should be of 65 years.
  • The premium paying term is regular premium.
  • Offers flexibility in paying premiums which can be monthly, quarterly, half-yearly and yearly
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Offers death benefit by providing lump sum payout of 100% sum assured is paid to the nominee.
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
  • You can customize your base plan with accidental death rider. In the case of an accidental death of the insured, an additional amount in addition to the basic sum assured given the nominee.

3. Money Back Plans

a.) Sahara Pay Back – Jeevan Bima Plan

The features of this plan are mentioned below:

  • The minimum age is 16 years, and maximum age is 50.
  • The premium paying term is 5 years for 12 years policy term, 5 years or 10 years for 16 years policy term and 5 years or 10 years or 15 years for 20 years policy term.
  • The maximum age of insured should be of 70 years
  • This is a traditional limited premium money-back participating endowment plan
  • This is best suited for those who wish guaranteed cash inflow in order to fulfil their desired financial obligations
  • Offers a combination of financial protection and earning at time bound periods
  • This plan is best suited for investors who wants tax benefits, returns, guaranteed cash inflow, safety to fulfil their desired financial obligation
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Sahara Dhanvriddhi Jeevan Bima

The features of this plan are mentioned below:

  • The minimum age is 9 years, and maximum age is 60
  • The premium paying term is single premium
  • The maturity age is 70 years
  • This plan is a without profit endowment plan with a single premium payment option with a benefit of life cover up to the maturity
  • This plan offers financial securityduring unforeseen times and also offers returns of specific percentage of sum assured at regular intervals. It also offers return of premium at the time of maturity grouped with guaranteed additions, however this depends on the policy terms and conditions
  • This plan is designed with the motive of investing today and reaping the benefits on maturity
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Sahara Dhanvarsha Jeevan Bima

The features of this plan are mentioned below:

  • The minimum entry age is 15 years and the maximum entry age is 55 years
  • The premium payment modes are monthly, quarterly, half-yearly and yearly
  • Offers 3% rebate for yearly and half-yearly modes of premium payments and 1.5% respectively for tabular premium
  • This plan is a traditional limited premium non-participating money-back endowment plan
  • This plan offers a double benefit of guaranteed money back at regular intervals with addition to protection in case of an unforeseen situation
  • This plan is best suited for investors who wants tax benefits, returns, guaranteed cash inflow, safety to fulfil their desired financial obligation
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

4. Unit Link Plans

a.) Sahara Sanchit – Jeevan Bima

The features of this plan are mentioned below:

  • The minimum age is 18 years and maximum is 65 years
  • The premium paying term is single premium plan
  • The policy term is 5 to 10 years
  • This unit linked plan is a unique single premium
  • This plan provides you to safeguard your funds invested in the equity markets from risk coverage to volatility
  • Offers comprehensive coverage against ill-fated accident
  • Offers multiple investment option according to the potential of risk taking of a customer
  • This plan doesn’t offer any top up facility
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Sahara Utkarsh- Jeevan Bima Plan

The features of this plan are mentioned below:

  • The minimum entry age is 12 years and maximum is 55 years
  • The maximum age at maturity is 70 years
  • The policy term is 8-20 years
  • This plan is best suited for those who can take higher risk appetite and also an enhances sum assured
  • Offers flexibility of single and regular premium payment option
  • The minimum premium for single premium plan is Rs.50, 000. The minimum premium for regular premium plan is Rs.20, 000 for yearly mode and Rs.15, 000 for half-yearly mode
  • Doesn’t offer any capping on the maximum premium amount
  • Doesn’t offer any change in premium as well as any top up facility under the regular premium option
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Sahara Sugam Jeevan Bima

The features of this plan are mentioned below:

  • The minimum entry age is 10 years and maximum entry age is 55 years
  • The maximum maturity age is 70 years
  • The policy term is 10, 15 or 20 years
  • The premium paying term is same as policy term except single premium plan
  • This is a unit linked plan which is a combination of risk coverage and market linked returns
  • It offers hassle-free enrollment process
  • Offers higher returns over the term of the policy
  • The sum assured offered here is 10 times the annualized premium
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

5. Group Insurance Plan

a.) Sahara Samooh Suraksha

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and the minimum group size is 50 members
  • The maximum entry age is 64
  • The minimum sum assured per member is Rs.50, 000 and Rs.5 lakh is the maximum sum assured per member
  • The maximum maturity age is 65 years
  • This is a term insurance plan suitable for groups/establishments at a minimum premium amount
  • Offers benefits of market appreciation on the savings part of the premiums paid
  • It is applicable for groups where at least 75% of existing employees have minimum 25 eligible members who are ready to join the plan
  • This plan makes the participation of all the new eligible members compulsory on the next renewal date
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Claim Process of Sahara India Life Insurance Plans

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

Claim Intimation:

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

  • Terminal illness claim form
  • Critical illness claim form
  • Accidental disability form
  • Natural/Accidental death form The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Sahara Life Insurance office along with the doctor’s certificate, death certificate, physician statement etc.

Fund value payment:

On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

Arrange for documents:

Based on the type of claim, your nominee would then have to attach the relevant documents in original or photocopies. These photocopies are needed to be attested by a Gazette officer.

Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Review of Sahara India Life Insurance Plans

Sahara India Life Insurance offers wide-ranging term coverage that takes care of your overheads associated with liabilities and offers a peace of mind by making arrangements for a financially secured life for your loved ones. The variety of plans offered by this company would enhance your insurance policies at a very minimal rate. It is one of the fastest growing insurance company. Sahara India Life Insurance is a well-known company claims of user-friendliness and unswerving customer service. With diverse coverage plans suiting every individual, this company undeniably has a potential to be ranked as one of the best insurance companies of India. This company has a highly committed sales force with a touch of customer delight.

Sahara India Life Insurance Company

Sahara India Life Insurance Company Limited Corporate Office Sahara India Centre, 2, Kapoorthala Complex, Lucknow-226024. Toll Free No: 1800-180-9000 Tel.: 0522-2337777 Fax: 0522-2332683 Website: www.saharalife.com Email: sahara.life@sahara.in Sahara India Life Insurance Company Limited Registered Office: Sahara India Centre ,2, Kapoorthala Complex, Lucknow 226024

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