About Sahara Life Insurance

Started in the year 2004 Sahara Life Insurance Company is India’s first wholly owned private Life Insurance Company. Sahara Life Insurance Company has made its strong foothold in the insurance sector of the company and has developed a large customer base over a period of years. The company provides its services in most of the parts of the country and has its offices in almost all the cities of India.  To cater the requirements of the insurance seekers Sahara Life Insurance Company offers a wide range of insurance policies ranging from money back plan, ULIP plans, endowment plans, savings plans, life insurance plans, group insurance plans and term insurance plans.

The company has a claim settlement ratio of 90.21% and offered 90.91% grievances settled in the year 2016-2017 Making them as one of the most reliable and customer friendly company.

Eligibility Criteria of Sahara Life Insurance

  1. The minimum age eligibility to avail Sahara Life Insurance policy is 18 years whereas the maximum age eligibility offered by Sahara life Insurance is 50 years.
  2. An individual should be either a self-employed, salaried, businessmen or a professional in order to avail the policy.
  3. The maximum policy tenure of the plans is 20 years.

Types of Plans Offers By Sahara Life Insurance

Sahara Life Insurance offers a wide range of insurance comprehensive insurance solution to fulfill the requirements of the insurance buyers. Let’s take a look at different types of life insurance plans offered by Sahara Life Insurance.

  1. Endowment Plan
  2. Unit Linked Insurance Plan
  3. Money Back Plan
  4. Group Plan

Sahara Life Insurance Endowment Plans

Endowment plans are saving cum insurance plan that offers an opportunity to the insured to make savings in a disciplined manner along with life protection. This plan is more beneficial for those individuals who have uncertain income and wants a regular flow of income in order to achieve the long and short-term goals. Endowment plans offered by Sahara Life Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
Sahara Shrestha Nivesh Jeevan Bima Minimum- 9 years

Maximum-60 years

Single Pay 5-10 years Minimum-Rs.30,000

Maximum-Rs1,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Shubh Nivesh Jeevan Bima Minimum-9 years

Maximum-60 years

Single pay 10 years Minimum-Rs.50,000

Maximum- No upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Dhan Sanchay Jeevan Bima Minimum-14 years

Maximum-50 years

Equal to policy tenure Minimum-15 years

Maximum-40 years

Minimum-Rs.50,000

Maximum- No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act

Sahara Life Insurance Unit Linked Insurance Plans

Unit Linked Insurance Plans are investment cum insurance plans under which a part of the premium is paid towards life insurance coverage whereas the other part of the premium is invested in market-linked investment instruments like debt, equity related instruments, stocks, etc. ULIP Plans offered by Sahara Life Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
Sahara Sanchit Jeevan Bima Minimum-18 years

Maximum-65 years

Single Pay 5-10 years Minimum-

For age below & equal to 45 years-  1.25X Single Premium

For Age above 45 years- 1.1 X Single Premium

Maximum- No upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Utkarsh Jeevan Bima Minimum-12 years

Maximum-55 years

Single pay & equal to policy tenure 8-20 years Minimum-

For age below & equal to 45 years-  1.25X Single Premium

For Age above 45 years- 1.1 X Single Premium

Regular Pay-

For age below & equal to 45-10X Annualized Premium

For Age above 45- 7X Annualized premium

Maximum-No upper limit

 

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Sugam Jeevan Bima Minimum- 10 years

Maximum- 55 years

Equal to policy term 10,15, 20 Minimum- 10X Annualized premium

Maximum- No Upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act

Sahara Life Insurance Money Back Plans

These are a non-participating limited premium money back policy that provide life protection until maturity along with providing financial backup in case of an emergency. Money back plans offered by Sahara Life Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
Sahara Pay Back Minimum- 16 years

Maximum-50 years

5 years

5 years or 10 years

5 years or 10 years  or 15 years

12 years

16 years

20 years

Minimum-Rs.75,000

Maximum- Rs.1,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Dhanvriddhi Minimum- 9 years

Maximum-60 years

Single pay 9 years

12 years

15 years

Minimum-Rs.50,000

Maximum-Rs.1,00,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act
Sahara Dhanvarsha Minimum- 15 years

Maximum-55 years

10 years

15 years

15 years

20 years

Minimum-Rs.75,000

Maximum-No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act

Sahara Life Insurance Group Plans

Group insurance plans are specifically designed are specifically designed for companies or people who want to provide life insurance coverage to their employees. The group insurance plans offered by Sahara Life Insurance are:

Plans Entry Age Premium Paying Term Policy Term Sum Assured Tax Benefit
Sahara Samooh Suraksha Minimum 18 years

Maximum-64 years

Equal to policy term 1-20 years Minimum- Rs,10,000

Maximum-Rs.5,00,000

Tax benefit under section 80C of Income Tax Act
Sahara Jamakarta Samooh Bima Minimum- 18 years

Maximum-59 years

—- Minimum-Rs.5000

Maximum-Rs.5,00,000

Tax benefit under section 80C and 10(10D) of Income Tax Act

The Process to File Claim for Sahara Life Insurance

The claim filling process of Sahara Life Insurance is very simple and hassle-free. As per the suitability of the insured, he/she can file the claim either by visiting the branch office of the insurance company or through the online process. Let’s take a look at the online and offline process to file a claim for Sahara Life Insurance.

Online Claim Process

  1. The insurance holder can easily make a claim online in a simple a hassle-free way. In order to file a claim, the beneficiary is required to visit the official website of Sahara Life Insurance.
  2. The beneficiary of the policy will have to fill an online claim form.
  3. Once the nominee fills the claim form thoroughly he/she will have to submit the other important documents like policy number, the name of the policyholder, address, date of birth, etc. along with the claim form.
  4. After the submission of the claim form along with the required documents, the insurance company verifies the claim application and the final payout are paid to the nominee of the policy as a death

Offline Claim Process

  1. In order to file a claim, the nominee of the policy will be required to visit the branch office of Sahara Life Insurance branch office and fill the claim form.
  2. Along with the thoroughly filled claim form, the beneficiary will also have to submit main documents policy number, the name of the policyholder, address, date of birth, etc.
  3. After the submission of the claim form, the insurance company will verify all the submitted documents.
  4. Once the verification is completed, the final payment is given to the beneficiary as a death

Documentation Required For Sahara Life Insurance

  1. Address Proof
  2. Identity Proof
  3. Income Proof
  4. Age Proof
  5. Pan Number

The Process to Check the Policy Status of Sahara Life Insurance

Keeping a track of the policy status is as important as purchasing a life insurance policy. Checking the policy status of life insurance plan helps the insured to avail uninterrupted life coverage. The policyholder can easily check the status of the policy through the online and offline process.

Online Process to Check the Policy Status

  1. The insured can check the status of the policy online by visiting the official website of Sahara Life Insurance.
  2. If the insured is a new user then he/she will have to register themselves first on the website.
  3. Once the process of registration is completed, the insured will have to log in to the account and click on the option of policy details.
  4. Once the insured click the option of policy details, the current policy status will be displayed on the screen.
  5. Moreover, the insured can also email to the company’s mail ID know the status of the policy.
  6. It is important to keep in mind that the insured will have to enter all the important details like policy number, address, policyholder’s name, email, etc.

The offline process to check the Policy Status

  1. In order to avail the status of policy, the policyholder can call the customer care number and get the information related to the status of the policy.
  2. The insured will have to provide all the important details like policy number, address, policyholder’s name, email, etc.

Sahara Life Insurance Premium Calculator

In order to choose the best life insurance policy according to one’s own suitability, the insured can use Sahara Life insurance premium calculator. With the help of premium calculator, the insured can estimate the amount of premiums they will be required to pay towards the life insurance policy. Moreover, they can compare the quotes of different life insurance policy and choose the best life insurance policy according to their requirement.

Sahara Life Insurance FAQ’s

What are the premium payment modes available for Sahara Life Insurance?

Ans- The premium payment modes available for Sahara Life Insurance are:

  • Online mode include:
  1. Debit Card
  2. Net Banking
  3. Credit Card
  4. Payment Through Standing Instructions
  • Offline mode includes:
  1. Through ECS facility
  2. Money Order
  3. Cheque /Cash/DD
  4. IVRS
  5. Visit the nearest branch to your location.

How to check the policy status of Sahara Life Insurance?

Ans- There is various different methods to check the status of the policy. The insured can check the policy status through online method, by visiting the website of the company or through offline method. In offline method, the insured can send SMS and Email to the company and know the status of the policy. Moreover, the policyholder can also call to the toll free number of the company and know the status of the policy.

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by Sahara Life Insurance?

Ans- Sahara Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

What is the claim settlement process of Sahara Life Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the documents required to apply for Sahara Life Insurance?

Ans- The documents required to apply for Sahara Life Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of Sahara Life Insurance?

Ans- In order to cancel the policy of Sahara Life Insurance, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

How to avail loan against Sahara Life Insurance policy?

Ans- Once the plan obtains the surrender value, the insured can avail loam against it. According to the type pf plan the amount of loan given to the policyholder is decided by the insurance company.

How do I generate the e-receipt for my Sahar Life Insurance policy?

Ans- By visiting the official website of Sahara Life Insurance Company, the insured can generate the e-receipt. In order to generate the e-receipt the insured will be required to click the link of premium paid certificate. Once the policyholder thoroughly fills all the details a generated e-receipt will be sent to the e-mail ID of the policyholder.

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