Sahara Kavach is a term insurance plan that is useful for people with limited savings but who desire to protect their families against unprecedented events in life. The plan offers a chance to get a large risk cover by paying a lower premium than most plans. If the life assured succumbs to death during the policy term, the sum assured is paid to his/her family to help them survive the difficult phase.
In order to be able to buy the Sahara Kavach Term Insurance Plan, a customer will have to fulfill certain eligibility criteria laid down by the insurer. These factors are associated with the age of the life assured and the amount of coverage requested. These eligibility conditions are mentioned in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Coverage Age||65 years|
|Minimum Benefit Term||15 years|
|Maximum Benefit Term||20 years|
|Premium Payment Term||Equal to policy term|
The policy offers the sum assured as death benefit to the nominee of the life assured. The minimum sum assured under the plan is Rs.5 lakh. The sum assured is paid thereafter in multiples of Rs.50,000. There is no limit on the maximum sum assured.
The premiums under the plan are payable on an annual frequency for sum assured of Rs.5 lakh. The variance in premium based on age and policy term is as follows:
|15 years||16 years||17 years||18 years||19 years||20 years|
The Sahara Kavach Term Insurance Plan from Sahara Life Insurance offers financial protection to the family of the life assured to survive difficult times. The term assurance plan offers the sum assured to the nominee if the insured person faces death during the term of the policy.
There is no maturity benefit under this plan, as it is a pure term insurance product.
Suicide Exclusion - If the life assured commits suicide while the policy is in-force, the life coverage will be void and all payments made under the policy will be forfeited. This is applicable, irrespective of the sanity of the life assured.
Sahara Kavach Term Insurance Plan is characterised by the following key features:
|Premium payment mode||Premiums can be paid towards the plan at annual, semi-annual, quarterly and monthly frequencies.|
|Premium rebates||For policies with annual and semi-annual modes of premium payment, the insurer offers a premium rebate of 3% and 1.5%, respectively.|
|Discontinuance of premiums||If the premiums are discontinued, the policy lapses when the grace period ends. It is possible to revive a lapsed policy within 5 years from the due date of the outstanding premium.|
|Surrender value||There is no surrender value under the Sahara Kavach Term Insurance Plan.|
|Policy loan||It is not possible to avail a loan under the policy.|
|Grace period||The grace period under the Sahara Kavach Term Insurance Plan is:
A customer who purchases a plan from Sahara India Life Insurance Company Limited will benefit greatly, as the insurer offers several other services in addition to the ones mentioned above.
|Premium calculator||The website of Sahara Life Insurance offers customers a premium calculator using which they can understand the sum assured they stand to receive from a policy and the premium paid towards it.|
|Grievance redressal||The insurer has a grievance redressal cell where customers can raise their issues. Grievances are generally addressed by Sahara Life Insurance within 10 working days. The customer can visit the insurer's branch or send an email to email@example.com to raise grievances. He/she can also call the insurer's toll-free number for the same.|
|Insurance advisor||Sahara Life Insurance offers customers the facility of getting expert advice on insurance products from a certified insurance consultant. The customer only needs to update and submit an online request form for the same.|
|Premium payment||The insurer accepts premium payments through cash or cheque.|
Sahara India Life Insurance Company Limited is the first completely Indian-owned insurance solutions provider in the private sector. The aim of the insurance company is to ensure that all sections of the society can get access to life insurance coverage. As a part of this vision, the insurer has been focussing on insurance penetration to the rural regions of the country. The products offered by Sahara Life Insurance are also easy to understand and highly affordable. These schemes cover the varied insurance needs of customers from different age and income groups.The claim settlement ratio of the insurer in FY16 was a robust 90%. The company has also received several awards for its commitment to customer service and innovations in marketing.