Sahara Life Insurance: Compare Plans, Features, Benefits

Overview of Sahara Life Insurance Company 

Sahara India Life Insurance is the first purely Indian insurance company established in 2004 by Sahara Group. With varied interests in finance, entertainment, and real estate, Sahara is well known for its various associations in sports and has been one of the known names in financial services. With an objective to reach all segments of the society in both urban and rural space, Sahara India Life insurance offers products that are competitive and cater to all the needs of all segments.

Facts about Sahara Life Insurance Company

1. Sahara Life Insurance Company is the first pure Indian company without any foreign associations
2. Incorporated in 2004, Sahara Life Insurance company got IRDAI license in February 2004 and started its operation in October
3. The initial paid-up capital of the company was 157 crores
4. In the financial year 2017-18, the claim settlement ratio was 82.74%

Benefits of Sahara Life Insurance Company 

While being a wholly Indian company, Sahara comes with several benefits like

• Online availability of plans: Sahara Life Insurance provides easy access to the insurance plans by allowing the users to buy plans online at the convenience of just a few clicks without any hustle of rushing to the branch office
• Flexible: It also offers flexible options for the payments of the premium
• Cost: Sahara India Life Insurance offers cheap plans and affordable plans for its customers
• Tax Benefits: Sahara Life Insurance also allows users to avail tax benefits for paying premiums regularly under Section 80C and 10(10D) of the Income Tax Act.

Types of Plans under Sahara Life Insurance 

Sahara India Life Insurance offers various comprehensive plans designed to cater to all the needs of the customers.

1. Endowment Plans by Sahara Life Insurance
Endowment Insurance Plans are traditional insurance plans with an element of savings incorporated in the same.

1. Sahara Shrestha Nivesh Jeevan Bima
   This plan is a single premium non-participating endowment plan with a high range of sum assured.

Eligibility Conditions of Sahara Shrestha Nivesh Jeevan Bima

Minimum/Maximum Age at Entry	9 years and 60 years
Minimum/ Maximum age at Maturity	19 years and 70 years
Premium Paying Option	Single
Minimum/Maximum Sum Assured	INR 30,000 to INR 1 crore
Policy Tenure	5 years to 10 years subject to a minimum age of 19 years at maturity

Features of Sahara Shrestha Nivesh Jeevan Bima 

1. Suitable for individuals with uneven or unpredictable income
2. Rebates are offered on the higher assured sum
3. Death Benefit is paid to the nominee if the insured person dies within the policy tenure, subject to a minimum amount of 125% or 110% of the single premium paid, depending on the age at entry
4. On survival of the insured person till the end of the policy tenure, the sum assured is paid to the policyholder as the maturity benefit and the policy is terminated

2. Sahara Shubh Nivesh Jeevan Bima
   This plan is a single premium non-participating endowment plan with a fixed tenure.

Eligibility Conditions of Sahara Shubh Nivesh Jeevan Bima

Minimum/Maximum Age at Entry	9 years and 60 years
Minimum/ Maximum age at Maturity	19 years and 70 years
Premium Paying Option	Single
Minimum/Maximum Sum Assured	INR 50,000 and increases in multiples of INR 5000
Policy Tenure	10 years

Features of Sahara Shubh Nivesh Jeevan Bima

1. Suitable for individuals who have specific aspirations like children’s education, buying a house, etc.
2. Offers liquidity to customers and is best for individuals who are interested in investments and also want life cover along with the insurance plan
3. The plan motivates individuals to invest and gain benefits upon maturity
4. Death Benefit is paid to the nominee if the insured person dies within the policy tenure, subject to a minimum amount of 125% or 110% of the single premium paid, depending on the age at entry
5. On survival of the insured person till the end of the policy tenure, the sum assured is paid to the policyholder as the maturity benefit and the policy is terminated

3. Sahara Dhan Sanchay Jeevan Bima
   This is a regular premium traditional participating endowment plan.

Eligibility Conditions of Sahara Dhan Sanchay Jeevan Bima

Minimum/Maximum Age at Entry	14 years and 50 years
Maximum age at Maturity	70 years
Premium Paying Option	Annual, Bi-Annual, Quarterly and Monthly
Minimum/Maximum Sum Assured	INR 50,000 and increases in multiples of INR 5000
Policy Tenure	10 years

Features of Sahara Dhan Sanchay Jeevan Bima

1. This plan offers policyholders with steady income which helps them in fulfilling their dreams. The income generated over the plan term is added for providing benefits to the policyholder along with providing life cover during the term of the policy.
2. This plan serves as a combination of financial protection and source of income as well.
3. The plan suits best to the individuals who are interested in investments and want tax benefits, regular guaranteed cash flows, good returns, and safety towards financial responsibilities
4. The return is guaranteed for 10 times of the annual premium for entry age less than 45 years and 7 times for entry age of equal to or more than 45 years
5. Death Benefit is paid to the nominee if the insured person dies within the policy tenure, subject to a minimum amount of 105% of the total premium paid
6. The Sum Assured on death is defined as the minimum guaranteed sum assured or 10 times the annualized premium, whichever is higher
7. On survival of the insured person till the end of the policy tenure, the sum assured + accrued bonuses are paid to the policyholder as the maturity benefit and the policy is terminated

2. Sahara Life Unit Linked Insurance Plans
   These plans, offered by Sahara Life Insurance are linked with capital markets to generate income options from the potential capital markets offers.

1. Sahara Sanchit Jeevan Bima 
   This is a single premium unit-linked insurance plan offered Sahara Life Insurance which provides the benefit of investing money in the capital market. The policyholder has a choice of investment options to choose from and his returns are linked to the market performance.

Eligibility Conditions of Sahara Sanchit Jeevan Bima 

Minimum/Maximum Age at Entry	18 years and 65 years
Maximum age at Maturity	75 years
Premium Paying Option	Single premium
Sum Assured	Up to 45 years- 125% of the single premium paid 45 years- 110% of the single premium paid
Policy Tenure	5 to 10 years
Minimum/Maximum Premium	INR 30,000 and No Limit

Features of Sahara Sanchit Jeevan Bima

1. This comprehensive insurance plan provides cover against unfortunate incidents
2. This plan also provides protection from the fluctuating equity markets and benefits of insurance
3. This plan also provides multiple options for investments as per the choice of the customers
4. This plan does not allow the facility of top-up
5. On the death of the life insured, the Death Benefit is paid to the nominee and the policy is terminated. Death Benefit is the higher of Sum Assured or Fund Value
6. On survival till the end of the policy tenure, the Maturity Benefit is paid to the policyholder. In this plan, the Maturity Benefit is the Fund Value

2. Sahara Utkarsh Jeevan Bima Plan

Eligibility of Sahara Utkarsh Jeevan Bima Plan

Minimum/Maximum Age at Entry	12 years and 55 years
Maximum age at Maturity	70 years
Premium Paying Option	Single as well as annual premium payment options
Sum Assured	Single-Premium: Up to 45 years- 125% of the single premium paid 45 years- 110% of the single premium paid Regular Premium: Up to 45 years- 10 times the annual premium paid 45 years- 7 times the annual premium paid
Minimum/Maximum Policy Tenure	8 to 20 years
Minimum/Maximum Premium	Minimum Single-Premium: INR 50,000 Minimum Annual Premium: INR 20,000 Minimum Bi-Annual Premium: INR 15,000 Maximum Premium: No limit

Features of Sahara Utkarsh Jeevan Bima Plan

1. On the death of the life insured, the Death Benefit is paid to the nominee and the policy is terminated. Death Benefit is the Sum Assured plus the Fund Value, subject to a minimum of 105% of the total premiums paid
2. On survival till the end of the policy tenure, the Maturity Benefit is paid to the policyholder. In this plan, the Maturity Benefit is the Fund Value 
3. The plan suits individuals who are willing to take higher risks
4. This policy does not offer any change in the amount of the premium under regular premium payment and nor any facility of top-up

3. Sahara Sugam Jeevan Bima
   This is a regular premium unit-linked insurance plan.

Eligibility conditions of Sahara Sugam Jeevan Bima 

Minimum/Maximum Age at Entry	10 years and 50 years
Maximum age at Maturity	70 years
Premium Paying Option	Regular
Sum Assured	10 times the annual premium
Policy Tenure	10, 15 and 20 years
Minimum Premium	INR 12,000

Features of Sahara Sugam Jeevan Bima

1. This plan provides market-linked returns and risk coverage
2. Hassle-free and simple documentation of enrollment
3. There are 5 fund options for investment namely:
   • Secured Fund
   • Balanced Fund
   • Smart Fund
4. Growth Fund
5. Prima Fund
6. On the death of the life insured, the Death Benefit is paid to the nominee and the policy is terminated. Death Benefit is the higher of Sum Assured or Fund Value
7. On survival till the end of the policy tenure, the Maturity Benefit is paid to the policyholder. In this plan, the Maturity Benefit is the Fund Value

3. Sahara Group Insurance Plans 

1. Sahara Samooh Suraksha is a group insurance plan for a minimum of 50 members at very nominal rates of premium, where there is a contribution of minimum INR 5,000Some basic features would be:
   • The minimum amount of sum assured is Rs 50,000 and the maximum limit is Rs 5 lakh per member
   • This policy is applicable only when 75% of the existing employees with a minimum number of 25 eligible members join the policy willingly.
   • It is compulsory for the new eligible members to participate in the next renewal
   • Market appreciation benefit is offered on the saving fraction of the premium
2. Sahara Accidental Death Benefit Rider:
   This is a non-linked accidental death benefit rider for group plan which comes with options to pay single or regular premiums
   
   Some basic features would be:
   • The amount of minimum sum assured is INR 50,000
   • The maximum amount is as per the plan or INR 20,00,000 which includes all the previous plans with the company, whichever is calculated lower

3. Sahara Surakshit Pariwar Jeevan Bima Plan
   This plan is designed to benefit the weaker section and is a non-par, non-linked endowment life insurance policy. This policy comes with two benefits providing life cover and helping in savings as well
   
   Some basic features would be:
   • This policy has one of the most affordable monthly premiums- INR 500 for 5 years and INR 250 for 10 years
   • The sum to be assured is fixed under this plan at INR 3,00.000 per life
   • This policy also provides a death benefit of either 105% of the total premiums paid or 5 times of the annual premium

4. Sahara Life Money-Back Plans
   These are anticipated endowment plans, which are traditional in nature.

1. Sahara Pay Back Jeevan Bima Plan:
   This plan is a participating traditional plan with limited premium and money back option for guaranteed cash inflows for fulfilling social responsibilities

Eligibility Conditions of Sahara Pay Back Jeevan Bima Plan

Minimum/Maximum Age at Entry	16 years and 50 years
Maximum age at Maturity	70 years
Minimum/Maximum Sum Assured	INR 75,000 which increases in multiples of INR 5,000 up to INR 1 crore
Policy Tenure	12, 16 and 20 years

Features of Sahara Pay Back Jeevan Bima Plan:

1. This plan offers double benefit by providing earning option in time bounded period along with financial assistance
2. Provides financial support by payment of lump-sum amount at regular intervals
3. Death Benefit is the higher of Sum Assured or 
   • 10 times the Annualized Premium, for age at entry less than 45 years and
   • 7 times the Annualized Premium, for age at entry more than 45 years

Subject to a minimum of 105% of the total premium paid till date + Accrued Bonuses

1. Maturity Benefit is 60% of the Sum Assured + Accrued Bonuses
2. Survival Benefit is:
   • For 12 years policy, 10%, 15% and 25% of the Sum Assured is paid at the end of the 3rd, 6th and 9th policy years respectively
   • For 16 years policy, 10%, 15% and 25% of the Sum Assured is paid at the end of the 4th, 8th and 12th policy years respectively
   • For 20 years policy, 10%, 15% and 25% of the Sum Assured is paid at the end of the 5th, 10th and 15th policy years respectively

2. Sahara Dhanvriddhi Jeevan Bima
   This is a single premium endowment insurance plan with any profit. This provides an add on life cover advantage till maturity.

Eligibility conditions of Sahara Dhanvriddhi Jeevan Bima

Minimum/Maximum Age at Entry	9 years and 60 years
Maximum age at Maturity	70 years
Minimum/Maximum Sum Assured	INR 50,000 up to INR 1 crore
Policy Tenure	9, 12 and 15 years
Premium Mode	Single-Premium

Features of Sahara Dhanvriddhi Jeevan Bima 

1. The premiums are returned on maturity with guaranteed additions which depend on the chosen term and sum assured.
2. This plan offers a flow of regular earning at specific intervals
3. On the death of the life insured during the policy tenure, the higher of the sum assured or the guaranteed amount on maturity is paid to the nominee, irrespective of the survival benefit already paid subject to:
   • 125% of the single premium paid, for age at entry less than 45 years
   • 110% of the single premium paid, for age at entry more than 45 years
4. Guaranteed Maturity Amount is defined as Single Premium paid + one-time addition, which depends on the policy tenure and the premium paid

5. Survival Benefit is as follows:

Policy Tenure	At the end of the 3rd policy year	At the end of the 6th policy year	At the end of the 9th policy year	At the end of the 12th policy year
9 years	15% of the Sum Assured	15% of the Sum Assured	NA	NA
12 years	15% of the Sum Assured	15% of the Sum Assured	15% of the Sum Assured	NA
15 years	15% of the Sum Assured	15% of the Sum Assured	15% of the Sum Assured	15% of the Sum Assured

3. Sahara Dhanvarsha Jeevan Bima Plan
   This is a traditional non participating limited premium plan

Eligibility Conditions of Sahara Dhanvarsha Jeevan Bima Plan 

Minimum/Maximum Age at Entry	15 years and 55 years
Maximum age at Maturity	75 years
Minimum/Maximum Sum Assured	INR 75,000 which increases in multiples of INR 5,000
Policy Tenure	15 and 20 years

Features of Sahara Dhanvarsha Jeevan Bima Plan

1. This plan is designed for those who have future social responsibilities
2. Provides protection against unfortunate events
3. A discount of 3% on yearly and 1.5% on half-yearly payment of premium
4. Survival Benefit of this plan is:
   • At the end of the 4th policy year, 10% of the Sum Assured is paid
   • At the end of the 8th policy year, 15% of the Sum Assured is paid
   • At the end of the 12th policy year, 20% of the Sum Assured is paid
   • At the end of the 16th policy year, 25% of the Sum Assured is paid
   • On policy maturity, i.e. at the end of the 20th policy year, the remaining 30% of the Sum Assured is paid and the policy is terminated
5. On the death of the life insured during the policy tenure, the entire sum assured is paid to the nominee, irrespective of the survival benefit already paid, subject to a minimum amount of 105% of the total premium paid till date

5. Sahara Life Term Insurance Plans 

1. Sahara Life Suraksha Kavach Plan
   This is a traditional, non-participating, pure term insurance plan which offers high coverage at a very low cost. However, this plan is already withdrawn.

Eligibility Conditions of Sahara Life Suraksha Kavach Plan

Minimum/Maximum Age at Entry	18 years and 50 years
Maximum age at Maturity	65 years
Policy Tenure	15 and 20 years

Features of Sahara Life Suraksha Kavach Plan

1. It allows regular payments of premium through flexible yearly, half-yearly, monthly and quarterly mode
2. The sum assured is paid to the nominee in case of the untimely death of the insured
3. The plan can be customized with accidental death rider wherein an additional amount along with the sum insured is given to the nominee in case of death of the insured due to accident.
4. Tax benefits under Section 80C and 10(10D) of the Income Tax Act for regular payment of premiums

How to buy Sahara Life Insurance Plans?

You can buy Sahara Life Insurance Plans directly from an advisor of the company or directly from the official website of Sahara Life Insurance.

However, if you wish to purchase any other life insurance plans, you can purchase the same from Turtlemint as well. Turtlemint is an online platform from where you can purchase any of the plans.

If you want to buy a life insurance plan from Turtlemint, all you have to do is

1. Log in at https://www.turtlemint.com/life-insurance Choose the plan you are looking for
   • Term Life Plan
   • Investment and Tax planning
   • Saving for child
   • Retirement and pension
2. Once selected, follow the instructions and fill in the details asked like marital status, smoking habits, date of birth, gender, etc
3. The quote will be displayed. If you are satisfied with the premium amount, you can buy the policy directly from the Turtlemint page

How to claim Sahara Life Insurance?

Claiming the insurance at Sahara Life is very easy and hassle-free. All you have to do is follow these steps

1. Intimate the insurance company by filing a duly filled claim form and attach the necessary documents. The forms are
   • Critical illness claim
   • Terminal illness claim
   • Accidental disability form
   • Accidental or natural death form

The nominee will have to submit the form relevant along with death certificate, doctor’s certificate, etc.

1. The fund value of the policy plan is then paid to the nominee upon receiving the document( this process is for the case of death claims)
2. The insurance company verifies the documents and once the documents, clauses, and riders are verified, the payment is released.

Review of Sahara Life Insurance 

Sahara Life Insurance plans offer comprehensive coverage that is designed to cater to the future requirements and responsibilities of the policyholder. Offering a wide range of term coverage at minimum rates, Sahara Life Insurance ensures the financial security of the insured and their loved ones. The company is also known for its excellent customer care services and diverse plans suiting the needs of not just individuals but of groups and organizations as well.

Sahara Life Insurance Address and Contact details 

Sahara India Life Insurance Company Limited 

Registered Office: Sahara India Centre,2, Kapoorthala Complex, Lucknow 226024

Corporate Office: Sahara India Centre, 2, Kapoorthala Complex, Lucknow-226024. 

Toll Free Number: 1800-180-9000 

Telephone: 0522-2337777 

Fax: 0522-2332683

Website: www.saharalife.com

Email: sahara.life@sahara.in