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Sahara Life Insurance Company

Sahara Life Insurance Company is India’s wholly-owned private life insurance company. The company was established in the year 2004 by the Sahara Group. The company started its operations on 30th October 2004. The Sahara Group is a well-known group having its presence in various sectors like entertainment, finance, insurance, and real estate. The company offers insurance products to its customers to cater to their insurance and savings needs. 

Top Sahara Life Insurance Plans (2020)

Sahara Life Insurance Company is one well-known private life insurance providers in India. The company offers insurance products that offer insurance coverage and savings opportunities to its customers. Let us explore various life insurance plans offered by Sahara Life Insurance Company as under:

Sahara Life Endowment/Savings Plan

An endowment plan or a savings plan is a type of life insurance policy that covers the risk of death of the insured along with offering the opportunity to save regularly by way of premium. This regular investment is either for a limited time or throughout the policy tenure. At the end of the specified time, in the event of the survival of the life insured he/she will receive the amount. While in the event of the death of the insured during the policy tenure, the nominee shall receive the death benefit. Thus, an endowment plan fulfils the dual need of the insured i.e., insurance coverage and savings both under a single plan. An endowment plan is a traditional life insurance policy as its performance is not linked with the performance of the market. Additionally, endowment plans are of 2 types namely – participating and non-participating. A participating endowment plan is one that pays the profits earned by the insurance provider to the policyholder by way of bonuses, while a non-participating endowment plan is without profit. 

Endowment/Savings Plans Offered by Sahara Life Insurance -

Product NameProduct Description
Sahara Shreshtha Nivesh Jeevan Bima

This is a non-participating single premium endowment plan designed to offer financial protection to you and your loved ones. The plan is best suited for those who want to secure their loved ones financially in their absence and ensure peace of mind. Being a single premium plan, this is best for individuals who want to save themselves and their family from regular annual premium payments and those who want insurance coverage but have seasonal or irregular income. The following are the key highlights of this insurance plan.

Minimum Age at Entry: 9 years

Maximum Age at Entry: 60 years

Minimum Sum Assured: INR 30000

Maximum Sum Assured: INR 1 Crore 

Minimum Single Premium: INR 16992 for min. age at entry of 9 years, sum assured INR 30000 and policy term 10 years

Policy Term: 5 years to 10 Years

Premium Paying Term: Single Premium

Maximum Maturity Age: 70 Years

Sahara Shubh Nivesh Jeevan Bima

This is a non-participating traditional endowment plan. It is a single premium endowment policy that offers added advantage of life insurance coverage up to the date of maturity. Being a single premium plan, it is most suited for individuals who are looking for lifelong insurance coverage along with financial security for loved ones. With this plan, the insured is not burdened with regular insurance premiums as he/she can pay the premium once and reap the benefit of their investment at the time of policy maturity. The following are the key features of this plan:

Minimum Age at Entry: 9 years

Maximum Age at Entry: 60 years

Minimum Sum Assured: INR 50000

Maximum Sum Assured: No Limit  

Policy Term: 10 Years fixed

Premium Paying Term: Single Premium

Maximum Maturity Age: 70 Years

Sahara Dhan Sanchay Jeevan Bima

This is a traditional profit-participating life insurance policy that helps you in planning your financial goals along with insurance coverage, tax benefits, and future financial security. By investing regularly, the plan helps you to create a financial corpus that is helpful in times of financial emergency. In the event of maturity, the insured receives the maturity benefit along with bonuses (if any), while in the event of the death of the insured during policy tenure the death benefit is paid to the nominee. The following are the key features of this plan:

Minimum Age at Entry: 14 years

Maximum Age at Entry: 50 years

Minimum Sum Assured: INR 50000

Maximum Sum Assured: No Limit 

Minimum Policy Term: 15 years 

Premium Paying Term: same as the policy term

Maximum Maturity Age: 70 Years

Premium Payment Modes: Annual, Semi-Annual, Quarterly, and Monthly.

Sahara Life Unit Linked Insurance Plan

Unit-linked Insurance Plan (ULIP) is a type of life insurance product that offers the dual benefit of insurance coverage plus investment opportunity. A small portion of the premium amount paid for the ULIP plan is utilised for securing the life of the insured while the remaining portion is invested in the market. Under the ULIP policy, the investment of premium is made in funds that are further invested in the capital market. The investment in funds is dependent on the risk appetite of the investor. Insurance companies provide a wide range of funds ranging from low-risk to high-risk portfolios. The performance of these funds is based on the performance of the capital market. Therefore, it is recommended that the insured should make investment choices depending upon his/her risk-bearing capacity, financial needs, and financial goals. 

Unit-linked Insurance Plans Offered by Sahara Life Insurance -

Product NameProduct Description
Sahara Sanchit Jeevan Bima

This is a unit-linked life insurance policy. This is a single premium plan wherein the insured has to pay the premium once and enjoy the benefits of insurance and investment throughout the policy tenure. The main objective of this life insurance policy is to offer insurance coverage along with an opportunity to multiply your earnings by investing a portion of your funds in the capital market. By choosing funds according to risk appetite and investment horizon, insured can enhance their savings and create wealth over a period of time. The key features of this plan are as under:

Minimum Age at Entry: 18 years

Maximum Age at Entry: 65 years

Minimum Sum Assured: Up to 45 Years of Age – 125% of the single premium amount, 46 years and above – 110% of the single premium amount. 

Minimum Premium Amount – INR 30000

Maximum Premium Amount – No Limit

Policy Term: 5 years - 10 Years

Premium Paying Term: Single Premium

Maximum Maturity Age: 75 Years

Sahara Utkarsh Jeevan Bima

This is a regular unit-linked insurance policy that offers insurance coverage and an opportunity to invest regularly in the market for a longer tenure. The investment is made in the funds of insured choice depending upon their risk appetite and investment horizon. The following are the key features of this plan:

Minimum Age at Entry: 12 years

Maximum Age at Entry: 55 years

Policy Term: 8 years to 20 Years

Premium Paying Term: same as the policy term

Maximum Maturity Age: 70 Years 

Minimum Premium amount: INR 50000 (For single Premium), INR 20000 (for regular yearly mode), INR 15000 (for regular half-yearly mode)

Maximum Premium Amount: No Limit

Sahara Sugam Jeevan Bima

This is a regular unit-linked insurance policy that offers a unique blend of insurance coverage along with a wealth creation opportunity. The premium paid throughout the policy tenure is invested for securing the life of the insured as well as some portion is invested in the capital market. The insured has to choose a fund to invest his/her premium amount depending upon his/her risk appetite, financial convenience, and financial goals. This insurance plan offers a longer investment horizon. The following are the key features of this plan:

Minimum Age at Entry: 10 years

Maximum Age at Entry: 55 years

Minimum/Maximum Sum Assured: 10 times the annualised premium amount

Policy Term: 10 years or 15 years or 20 Years

Premium Paying Term: same as the policy term

Maximum Maturity Age: 70 Years

Sahara Life Money-back Insurance Plan

A money-back policy is a type of life insurance policy wherein the policy is designed in such a manner that the insured receives money-back from the policy at regular intervals. The money-back is received during the policy tenure as per a certain predetermined percentage of sum assured. While in the event of the death of the life insured, the entire death benefit sum assured is paid irrespective of the survival benefits paid to the insured during the policy tenure. The benefits received as money-back are called survival benefits. 

Money-back Insurance Plans offered by Sahara Life Insurance Company -

Product NameProduct Description
Sahara Pay Back Jeevan Bima

This is a non-market-linked traditional money-back life insurance policy. This plan is a profit-participating, limited premium life insurance policy that offers financial security, insurance coverage, and periodic pay-outs to the insured. The plan is best suited for individuals who want to plan for future expenses and secure the financial future of loved ones from financial hardships. The plan offers financial security, guaranteed returns, and periodic cash inflow to overcome future financial needs and to overcome financial needs in times of unforeseen eventuality. The following are the key features of this plan:

Minimum Age at Entry: 16 years

Maximum Age at Entry: 50 years

Minimum Sum Assured: INR 75000

Maximum Sum Assured: INR 1 Crore

Policy Term: 12 years or 16 years or 20 Years

Premium Paying Term: 5 years for a policy tenure of 12 years, 5 years or 10 years for a policy tenure of 16 years, and 5 years, 10 years, or 15 years for a policy tenure of 20 years.

Maximum Maturity Age: 70 Years

Premium Payment Mode: Yearly, Half-Yearly, Quarterly, and Monthly

Sahara Dhanvriddhi Jeevan Bima

This is a single premium traditional money-back life insurance plan. Under this plan, the insured can enjoy lifelong insurance coverage and financial security by paying the premium only once. This plan assures guaranteed cash inflow at regular intervals. With this plan, the insured can plan ahead all future obligations along with being stress-free about the financial needs of loved ones in his/her absence. This is a single package dual benefit life insurance plan that offers financial security, and period cash inflows to tackle all financial obligations. The key features of the plan are as under:

Minimum Age at Entry: 9 years

Maximum Age at Entry: 60 years

Minimum Sum Assured: INR 50000

Maximum Sum Assured: INR 1 Crore

Policy Term: 9 years, 12 years, or 15 years

Premium Paying Term: Single Premium

Maximum Maturity Age: 70 Years

Sahara Dhanvarsha Jeevan Bima

This is a traditional, non-profit-participating, money-back life insurance plan that helps in doing strategic financial planning for future financial needs and goals along with insurance coverage. Being a money-back plan, the plan guarantees periodic cash inflows making it easier for the insured to plan financial obligations before-hand. In the event of unfortunate eventuality, the plan takes care of the financial needs of the family. The following are the key features of the plan:

Minimum Age at Entry: 15 years

Maximum Age at Entry: 55 years

Minimum Sum Assured: INR 75000

Maximum Sum Assured: None

Policy Term: 15 years or 20 years

Premium Paying Term: 10years for a policy tenure of 15 years and 15 years for a policy tenure of 20 years

Maximum Maturity Age: 70 Years

Premium Payment Mode: Yearly, Half-Yearly, Quarterly, and Monthly

Sahara Life Insurance Riders

A life insurance rider is a benefit offered by the insurance company to offer additional coverage in the event of the occurrence of a specific eventuality. A rider sum assured is paid when a certain specific event occurs. A rider premium is paid to avail a rider sum assured, the rider premium is very affordable and nominal. A higher sum assured can be availed at a nominal amount. A rider facility helps to expand the scope of the insurance coverage. The following rider can be availed under Sahara Life Insurance Company’s policies.

Product NameProduct Description
Sahara Accidental Death Benefit RiderAs the name suggests, this rider gives life assured’s family additional insurance coverage. In the event of the death of the insured due to an accident, this rider offers an additional sum assured. The accidental death benefit rider is payable only in the event of the death of the insured due to accidental means. 

Benefits of Buying Sahara Life Insurance Plans

Sahara Life Insurance Company and its insurance products are well-known as they offer wide insurance coverage. Additionally, the insurance plans are designed as per the needs and financial goals of its customers. All the insurance plans are uniquely designed to offer numerous benefits to the insured. The benefits offered by the insurance plans depend on the type of insurance product availed by the insured. Apart from offering insurance protection, these plans offer additional benefits as under:

  • Wide Range of Insurance Products
    Sahara Life Insurance Company offers numerous types of insurance plans each designed to cover the insurance and financial needs of its customers at a different phase of life. Sahara Life Insurance Company offers insurance plans like Money-Back Policy, Endowment Policy, and Unit-linked policies. Customers can choose the plan depending upon their insurance needs, financial convenience, and financial goals.
  • Flexible
    All the insurance policies of Sahara Life Insurance Company are flexible in terms of premium payment tenure and mode. The company offers insurance policies with limited premium payment mode or regular payment mode or single premium mode. Additionally, under regular premium payment mode, the customer has an option to choose the premium payment frequency from yearly, half-yearly, quarterly, and monthly depending upon their convenience.
  • Pocket-friendly
    All the plans offered by Sahara Life Insurance Company are affordable. They provide numerous benefits at an affordable price making it easier for everyone to purchase and invest hard-earned money.
  • Tax Benefits
    Tax benefits can be availed on all the premiums paid for self, spouse, child, or parents’ life insurance policy. The tax benefit amount depends on the prevailing tax laws at a particular time.

Sahara Life Insurance Claim Settlement Process

Sahara Life Insurance Company is focused on offering a swift and hassle-free claim settlement process. The company understands that filing for the claim settlement process is a crucial step so it tries to deliver the payment in a timely manner. The following is the claim settlement process of the Sahara Life Insurance Company: 

  • Death Claim 
    A death claim is the most crucial type of claim settlement. It is raised in the event of the death of the insured. A death claim is raised and registered by the nominee. The following are the four main steps involved in the claim settlement process:
    1. Register claim
      The first step is to intimate and register the claim. A nominee has to either intimate about the death claim to the insurance provider by contacting the nearest branch office or call the toll-free number of the insurance provider.  
    2. Document Submission
      Once the claim has been intimated to the insurance provider, the company shall ask the nominee to submit certain specific documents. The nominee has to submit the required relevant documents to the insurance provider for faster claim settlement
    3. Claim Processing
      Once all the documents are received by the insurance company the claim settlement process will start. The first step is to verify the received documents. Once the verification process is complete the insurance provider will move ahead to administer the claim amount. 
    4. Claim Settlement Pay-out
      This step involves payment of the death benefit to the nominee. The insurance provider will credit the amount in the nominee’s bank account and the claim settlement process will be completed. 
  • Maturity Claim
    As the name suggests, a maturity claim is paid in the event of completion of tenure and provided if the insured has survived the entire policy tenure. The maturity claim has to be raised by the insured himself by submitting the required documents. Once all the documents are received by the insured, the insurance company shall credit the maturity benefit amount in the insured’s bank account.

Thus, in this manner, Sahara Life Insurance Company resolves its claim settlement process. The company has a dedicated claim settlement department that offers assistance (if required) in a timely manner. 

Documents Required for Death Claim

In the event of the death of the insured, the nominee is required to register the death claim. The following is a list of documents that the nominee has to submit to Sahara Life Insurance Company for a faster claim settlement process:

  • Original life insurance policy document
  • Duly filled Death Claim Form
  • Duly attested Death Certificate issued by the local municipal authority
  • Medical Summary
  • FIR copy, in case of death due to accident
  • Nominee Bank Account details
  • KYC documents of the Nominee
  • Any additional documentation as per the request of the insurance company.

Documents Required for Maturity Claim

In the event of survival of the insured till the end of the policy tenure, he/she is required to submit the following document to Sahara Life Insurance Company for receiving the maturity benefit claim amount. 

  • Original life insurance policy document
  • Duly filled Discharge Form
  • KYC documents of the insured
  • Bank details of the insured
  • Any additional documentation as requested by the insurance company.

Sahara Life Insurance Tax Benefit

The tax benefit is available under the life insurance plans of Sahara Life Insurance Company. The tax benefit can be availed on the premium amount paid of self, spouse, child, and parents’ life insurance policy. The following table illustrates the various sections under which tax benefits can be availed by the insured. 

Income Tax Act SectionsTax Benefit Available
Section 80CUnder this section, the premium paid for an insurance policy for self, spouse, or child is eligible for a tax deduction. The tax benefit is available in the premium paid amount that does not exceed 10% of the sum assured.  
Section 10 (10D) Under this section, the premium amount paid for the policy does not exceed 10% of the sum assured then any amount received as maturity benefit or bonus is fully tax-free.  

Sahara Life Insurance Customer Care Details

The following table illustrates the customer care details of Sahara Life Insurance Company. The customers can reach Sahara Life Insurance Company’s help desk through any of the below-mentioned channels. 

Email IDsahara.life@sahara.in
Toll-free Number1800 180 9000 (Timing: 10 AM to 5 PM)
Address

Sahara India Centre, 2, Kapoorthala Complex,

Lucknow 226024

Websitehttps://www.saharalife.com/index.html
Telephone Number0522 2337777
Fax Number0522 2332683

Sahara Life Insurance Review

Sahara Life Insurance Company is one of the wholly-owned Indian Insurance providers in India. Since its inception, the company has offered numerous life insurance and group insurance products that satisfy the insurance needs of its customers. The company has designed its products to offer financial security, insurance coverage, and wealth creation opportunities to the customers. All the products offer insurance coverage and savings opportunities at an affordable premium amount. Additionally, customers can avail of tax benefits on the premium paid amount. The company also provides excellent customer service to its customers thereby making its presence strong in the minds of its customers.

Sahara India Life Insurance FAQs

  • 1. Can I take a policy loan on the Sahara Life Insurance plan?

    Yes, a loan against policy facility is available for Sahara Life Insurance Plans. However, it is recommended to refer to the policy document for the same. 

  • 2. How can I revive my policy which has been lapsed?

    Unpaid premiums lead to lapsed insurance policy wherein all the benefits and facilities available under the life insurance plan cease. However, Sahara Life Insurance Company offers the opportunity to revive your lapsed policy by paying all the unpaid premiums along with late charges (if any) within a predetermined stipulated time.

  • 3. Which premium paying frequencies are allowed under Sahara Life Insurance Plans?

    Sahara Life Insurance Company insurance policies allow the following premium payment frequencies – Yearly, Half-Yearly, Quarterly, Monthly, and Single Premium. Customers can choose any one premium paying frequency depending upon their financial convenience. 

  • 4. Can I delete or add riders with Sahara Life Insurance plans?

    Yes, the addition and deletion of the rider facility are possible on the policy anniversary date.

  • 5. Can I cancel my insurance plan if I am not satisfied with the terms and conditions of the plan?

    Yes, you can cancel your insurance plan if you are not satisfied with the terms and conditions of the plan. The cancellation of the insurance plan can be done during the free-look period. 

  • 6. What are the payment modes for Sahara Life insurance policies?

    You can pay the due premium amount of Sahara Life Insurance Policies via various modes namely NEFT, RTGS, Net-Banking, and Cheque. 

  • 7. How will I receive my claim amount from the Sahara Life Insurance plan?

    Sahara Life Insurance Company pays the claim amount to the claimant in the manner he/she has directed the insurance provider to pay the claim amount in the discharge form. 

  • 8. How can I check the policy status of the Sahara Life Insurance Plan?

    Check the status of your Sahara Life Insurance Plan by visiting the official website of the insurance provider or by contacting the insurance provider via a toll-free number or by visiting the nearest branch office.

  • 9. How can I track the performance of the policy funds in the case of unit-linked insurance plans?

    To track the performance of your fund’s login to the customer portal available on the official website of Sahara Life Insurance Company.

  • 10. How many riders can I choose under Sahara Life Insurance plans?

    You can choose riders that are available under the plan. It is recommended to refer to the policy document for the same.

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