Endowment Money Back Term Assurance Unit Link Group Insurance Riders

The Scheme
This product provides only term insurance cover, thus satisfying the insurance need of persons, who are unable to save enough for getting themselves covered through individual insurance plans. Term Insurance means that sum assured shall be payable to nominee only on death of member during continued membership of the group and currency of the policy.

When persons are adequately insured, the sense of security enhances their confidence. A little initiative from the group in this respect shall send a signal to the members that their group cares for them. This shall generate extra goodwill and confidence amongst the members in favour of the group. It may also contribute to reducing attrition in the group.

Highlights of the scheme
As a result of significant saving in expenses, in comparison to individual insurance, cost of term insurance is very minimal. For example a single proposal form is to be filled by the Group Authority and a single group policy, covering all eligible members of the group, is issued to the Group Policyholder.

Groups eligible to purchase this Product:
Depositors of a Bank/Para-Banking Company/ members of Co-operative Societies etc.

Risk commencement Options:
Depositors of a Bank/Para-Banking Company/ member of Co-operative Societies etc. may join the scheme immediately from the date /from the first of the following month/from the next policy anniversary date or from the date/ from the first of the following month/ from the next policy anniversary date after completion of selected deferment period.

Insurability conditions:
  1. For members of the Groups a declaration of good health will be required at the outset and subsequently every seven years as under:
    "I do hereby declare that I am in good health and I am not suffering nor have I ever suffered from any critical illness i.e. cancer, condition requiring open heart surgery, history of chest pain, kidney failure, brain stroke or paralysis nor have I undergone any organ transplantation such as heart, lung, liver or kidney".
  2. Existing eligible members may join at the date of commencement of the scheme provided they form 75% of existing eligible members.
  3. New eligible entrants of the Group will be compulsorily participating after the date of commencement.

Product Specifications

Minimum group Size 1000 members
Minimum entry age 18 years last birthday
Maximum entry age 59 Years last birthday
Minimum Sum Assured 5,000
Maximum Sum Assured 500,000
Maximum Maturity age 60Years last birthday
Term 1 Year renewable every year.

Group Term Insurance Scheme:
Uniform & Graded cover
Group membership size Maximum Sum assured. (Rs.)
1,000-9,999 1 lac
10,000-99,999 3 lacs
1,00,000 and above 5 lacs

Yearly premium in advance shall be paid by the group policyholder. Group policyholder and members may share the premium in agreed proportion amongst them.

For example group policyholder may pay 30% of total premium and balance 70% may be paid by members but entire total yearly premium in one lump sum will be payable by the Group Policyholder only.

The policy shall not participate in the profits of Sahara Life, as it is a non-participating (without profit) scheme.

Grace Period & Discontinuation of premiums:
  1. Grace period of 30 days will be allowed for premium payment. Death claims arising during this period will be payable, provided the premium due is paid with appropriate late fee.
  2. If death of any member of the group occurs after the expiry of grace period and policy is not revived before the date of death, no death-claim shall be payable.
Revival of policy:
The group policy may be revived within six months from the date of first unpaid premium on payment of arrears of premium along with interest and on such terms and conditions as applicable and determined by Sahara Life from time to time. However, the risk under the policy shall stand terminated and no death claim case shall be entertained by Sahara Life where death occurs after the expiry of grace period and before the revival date.

Closure of the Scheme:
If policy remains lapsed for more than six months from the date of first unpaid premium and not revived, the contract of insurance will automatically terminate.

Guarantee Amount:
The amount payable on death of an individual member is Sum Assured only. No other guarantee is available under the plan.

Insurance is an invaluable commodity and especially so, as in this case, if it comes at such low cost. It is, therefore, felt that group as well as members both shall find it hard to resist such an attractive solicitation.
Download Product Brochure for more details
Insurance is a subject matter of solicitation.
IRDA Registration No 127
Registered Office:
Sahara India Centre ,2, Kapoorthala Complex,
Lucknow 226024
Tel: 0522-2337777,Fax: 0522-2332683, Email: sahara.life@sahara.in
CIN: U65999UP2000PLC025635
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