Keeping the interest of the under privileged sections of the society in mind the Sahara India Life Insurance Company Ltd now introduces Sahara Social Security Scheme. This product provides only term insurance cover. Term insurance means that sum assured shall be payable to the nominee only on death of the member during continued membership of the group and currency of the policy. Hence this product satisfies the insurance need of persons, who are unable to save enough for getting themselves covered through individual insurance plans. This is of particular importance for groups belonging to unorganized/informal sectors including economically vulnerable /backward classes.
All groups belonging to unorganized/informal sectors including economically vulnerable /backward classes with at least 50 members are eligible to participate in this scheme.
Existing member will continue to be covered under this scheme till the end of the policy anniversary during which he /she remains member of the group.
Group Policy holder may choose uniform cover between Rs 10000 and Rs. 25000 (both inclusive).
payable on death
due to any cause
|Additional Sum assured
Payable on death
due to accident
Since it is only term insurance benefit, no amount is payable at the end of the Term.
Premium may be paid by the Group Policyholder / members wholly or in any proportion. However it should be routed through the Group Policyholder only. It is a non-participating (without profit) scheme as such the policy will not participate in the profits of Sahara Life.
In case of discontinuation of premium, policy shall terminate at the end of grace period of one month and shall not have any cash value on termination. Group is advised to satisfy itself that this scheme best serves its needs and it can afford premium payable under the policy.
An existing member will not be allowed to withdraw from the scheme as long as he/she continues to be a member of the group.
In case of cessation of membership during the policy year, member will continue to be covered up to the end of the policy anniversary.
As a result of significant saving in expenses in comparison to individual insurance, cost of group term insurance is very minimal. (For example a single proposal form is to be filled by the employer and a single group policy is issued to the Group Policyholder). Hence premium under this policy is quite low at Rs 10 per thousand. This Premium rate is guaranteed for 1 year only. However, revision in premium rates will be effected only after obtaining approval from the Insurance Regulatory and Development Authority.
Double Accident benefit
An additional benefit equal to sum assured shall be payable if death is caused within 180 days of any bodily injury sustained directly and solely from an accident caused by outward, violent and visible mean solely, directly and independently of all other causes of death.
As premium works out to be very low it is felt that group as well as members both shall find it hard to resist such an attractive solicitation.
(This is a gist of the salient features of the scheme. Marketing executive of 'Sahara Life' shall be glad to provide further clarification, if any, about this scheme.)