Endowment Money Back Term Assurance Unit Link Group Insurance Riders

The Scheme
This product provides only term insurance cover, thus satisfy 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. Through group term insurance, adequate cover, say 7 times of annual income, is possible with an outlay of just about 3% to 5% of annual income.

When employees/ members are adequately insured, the sense of security enhances their confidence, hence in turn their productivity. A little initiative from employer/ group in this aspect shall send a signal to the employees/ members that their employer/ group cares for them. This shall generate extra goodwill and confidence amongst the employees/ members in favor of the employer/ group. Establishments eligible to purchase this scheme: All establishments/ groups, where at least 50 people are employed/ members, are eligible to participate in the scheme.

Options (Illustrative)
Group Policyholder may choose cover pattern according to his choice of sum assured and/or cost.

(a) Group Term Insurance Scheme: Uniform Cover
Group size Sum assured. (Rs.)
50-99 1 lac
100-199 2 lacs
200 and more 5 lacs
Designation Sum assured. (Rs.)
Senior managers 5 lacs
Middle management 3 lacs
Clerical & supervisory. 2 lacs
Subordinate staff. 1 lac

Other cover patterns may also be designed according to specific requirement of the group.

Entire yearly premium in advance in one lump sum may be paid either by group policyholder or members. Group policyholder or 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 routed through group policyholder only.

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

Discontinuation of premium
In case of discontinuation of premium, there will be grace period of 30 days for payment of annual renewal premium. If premiums are not paid within the grace period, the policy shall lapse and stand terminated with effect from the date of first unpaid premium and no benefit shall be payable thereunder. It 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.

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 employer and a single group policy is issued to Group Policyholder).

Product Specifications

Minimum group Size 50 members
Minimum entry age 18 years complete
Maximum entry age 64 Years nearer birthday
Minimum Sum Assured 10,000
Maximum Sum Assured 500,000
Maximum Maturity age 65 Years nearer birthday
Term 1 Year

Without evidence limits
Insurance up to the limits stated in the table below will be offered without any evidence of insurability

Group Size Without evidence Limits Maximum Limit(Rs)
50 to 99 2.5 * Average Sum Assured  2,50,000
100 to 499 3.0 * Average Sum Assured  3,00,000
500 to 999  4.0* Average Sum Assured  4,00,000
1000 and above  5.0 * Average Sum Assured 5,00,000
Age 30Years 35 Years 40 Years 45 Years Total
Occupation Executive Executive Executive Executive  
Institution Bank Bank Bank Bank  
Sum assured 100,000 100,000 100,000 100,000  
Number of members 10 15 15 10 50
Yearly Premium per 1000 Sum Assured Rs 1.82 Rs 2.06 Rs 2.79 Rs 3.95  
Yearly Premium per 1,00,000 Sum Assured Rs 182  Rs 206 Rs 279 Rs 395  
Total Premium Rs 1820 Rs 3090 Rs 4185 Rs 3950 Rs 13045
Total Sum assured 1000000  1500000  1500000  1000000 5000000
Average Premium for the Group         2.61 per

Premium for all the employees will be added and total premium will be charged from the group policy holder. Uniform premium per thousand sum assured (In this case Rs 2.61 per thousand Sum Assured) will be charged for each member of the group.

Please remember
Insurance is valuable particularly for young employees/ members. All employees/ members shall appreciate insurance.

As the cost works out to be very low, it is therefore felt that employer/ group as well as employees/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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