Sahara Life Samooh Suraksha Plan is a group insurance plan offered by Sahara Life. It is a non- participating product that provides term insurance cover as well the opportunity to enjoy benefits of market appreciation on premium savings.
As a result of significant savings in expenses in comparison to individual insurance, the cost of the group insurance is very minimal. It is also a low risk plan, as individual risk is mitigated with the investment being done by a collective sharing both the benefits and risks.
Upon the death of a member during the currency of membership, Sahara Life pays the sum assured to the Group Policyholder, as per the provisions of this policy, for the benefit of the beneficiary. Sahara Life Samooh Suraksha Plan caters to both employer-employee groups and non-employer employee groups.
A minimum of 75% of the Groups’ eligible members have to be willing to participate in this plan. To avail a Sahara Samooh Suraksha insurance plan, the group and its members need to adhere to certain eligibility criteria. These are:
|Minimum Size of the Group||50 members|
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||64 years|
|Maximum Age of Maturity||65 years|
Sum Assured: The individual Sum Assured in case of Sahara Samooh Suraksha Plan can be as low as Rs.50,000 and as high as Rs.5 lakh, depending on the what the Group Policyholder has chosen.
|Minimum per member Sum Assured||Rs.50,000|
|Maximum per member Sum Assured||Rs.5 lakh|
Premium Range: Premium needs to be paid yearly, either by the Group Policyholder, or by individual members. The Group Policyholder and the group members may also share the premium amount to be paid in an agreed upon proportion.
|Minimum Monthly Premium (as a Group)||Rs.5,000|
*Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
|Death Benefit||The plan only provides death benefits. In event of the the unfortunate demise of a group member, their next-of-kin or nominee receives a lump sum amount of death benefit equal to the quantum of Sum Assured in the policy. The amount is dispersed on receiving a request for the same from the Group Policyholder.|
Some key features of Sahara Samooh Suraksha Plan that makes it beneficial for its members are:
|Coverage without submission of insurability||For a particular group size and a corresponding limit of maximum Sum Assured, Sahara Life Samooh Suraksha Plan can be availed without providing evidence of insurability:
|Grace period||If you fail to pay your premiums on time, the company will provide you with a grace period of 30 days to complete your premium payments.|
|Policy coverage||In case a member ceases to be so during the current policy year, the coverage of the policy will remain in effect till the end of the year.|
|No withdrawal for existing members||If a person is already a member of the group, he or she will not be permitted to quit the plan if he or she is a member of the group.|
|Termination of cover||The cover for this policy will be terminated if any of the following event occurs:
Insurance plans typically offer tax benefits when one pays the premiums. According to the Income Tax Act, 1961, you will receive tax deductions as per these sections: Section 80C or 80CCC and Section 80D or 80DDD. You can reach out to your tax advisor to learn how to make savings on taxes. To know about the tax benefits provided with this plan, you can consult your insurance advisor.
There are several other benefits of purchasing insurance plans and riders from Sahara India Life Insurance Company Limited such as:
Sahara India Life Insurance Company Limited is highly dedicated to offering precise and attentive insurance services to each and every customer and performs extensive research to that end. The company offers a range of insurance products from annuity and money back plans to endowment plans and ULIPs. It offers group insurance as well as personal insurance plans that are designed to cater to the specific needs of its customers from different backgrounds.