Sahara Life Traditional Plans

4.1 / 5 based on 22 User Reviews
*Please note that the quotes shown will be from our partners

Sahara India Life Insurance Company Limited was founded by the industrial group of Sahara Pariwar to venture into the field of insurance. The company is a wholly owned by an Indian Company i.e. Sahara Pariwar without having any foreign collaborators. The license to sell insurance was granted to the company by the Insurance Regulatory and Development Body (IRDA) on 6th of February 2004 and since then the company is making considerable progress in the insurance market through well-developed products which suit the needs and requirements of individuals universally. The company was launched with an initial paid-up capital of 175 crores with Mr. Subrata Roy Sahara managing the company at its helm as its Chairman. The range of products offered by Sahara India include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and Pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Traditional / Investment Plans?

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Sahara Life Traditional / Investment Plans

Sahara India Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Sahara Life and the features and benefits of each of them in details.

  • Sahara Dhan Sanchay Jeevan Bima –A traditional Endowment Assurance plan which provides for savings and also life insurance protection. The features and benefits of the plan are as follows:
    • The plan participates in the profits of the company by way of earning bonuses.
    • Premiums under the plan are required to be paid for the entire duration of the plan
    • On maturity, the Sum Assured and the vested bonuses are paid to the policyholder
    • In case of death of the insured during the tenure of the plan, higher of the Guaranteed Sum Assured on death or 10 or 7 times the annual premium depending on the age of the insured is paid along with the vested bonuses subject to a minimum of 105% of all premiums paid till the date of death.
    • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value
    • Rebates in premium are allowed for choosing higher coverage levels of Rs.1 lakh and above
    • Discounts are also allowed for choosing the annual and semi-annual mode of premium payment.
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

50 years

Maturity Age

-

70 years

Policy Term

15 years

40 years

Premium amount

Depends on the coverage chosen, age and tenure

Sum Assured

Rs.50, 000

No limit

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

  • Sahara Shreshtha Nivesh Jeevan Bima –Another traditional Endowment Assurance plan with a single pay option of premium payment. The features and benefits of the plan are as follows:
    • Premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.
    • On maturity the Sum Assured is paid to the policyholder.
    • In case of death of the insured during the plan tenure, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.
    • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value
    • Rebates in premium are allowed for choosing higher coverage levels of Rs.50, 000 and above
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

9 years

60 years

Maturity Age

-

70 years

Policy Term

5 years

10 years

Premium amount

Rs.16, 992

Rs.71, 17, 825

Sum Assured

Rs.30, 000

Rs.1 crore

Premium Payment Term

Single Pay

 

  • Sahara ShubhNivesh Jeevan Bima –A traditional Endowment Assurance plan which has the following features and benefits:
    • The premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.
    • On maturity the Sum Assured is paid to the policyholder.
    • In case of death of the insured during the plan tenure, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.
    • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value
    • Rebates in premium are allowed for choosing higher coverage levels of Rs.1.5 lakhs and above
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

9 years

60 years

Maturity Age

-

70 years

Policy Term

10 years

Premium amount

Depends on coverage, tenure and age

Sum Assured

Rs.50, 000

No limit

Premium Payment Term

Single Pay

 

  • Sahara Dhan Vriddhi Jeevan Bima –A traditional money back insurance plan where regular payouts are provided to take care of liquidity requirements. The features and benefits of the plan are as follows:
    • The premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.
    • Money back benefits accrue from the end of the 3rd year and every 3 years thereafter @15% of the Sum Assured
    • On maturity, the premium paid is returned along with a Guaranteed Addition added at the time of maturity calculated as a percentage of the single premium paid and depends on the tenure and the amount of coverage chosen.
    • In case of death of the insured during the tenure of the plan, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

9 years

60 years

Maturity Age

-

70 years

Policy Term

9, 12, 15 years

Premium amount

Depends on coverage, tenure and age

Sum Assured

Rs.50, 000

Rs.1 crore

Premium Payment Term

Single Pay

 

  • Sahara Dhan Varsha Jeevan Bima –A traditional money-back insurance plan which has the following features:
    • Premiums under the plan are paid for a limited tenure which is 5 years less than the corresponding plan tenure
    • For a tenure of 15 years, the money-back benefits start from the 3rd year and after every 3 years @ 10%, 15%, 20% and 25% of the Sum Assured
    • For a tenure of 20 years, money-back benefits accrue from the 4th year and thereafter every 4 years @ 10%, 15%, 20% and 25% of the Sum Assured
    • On maturity, the remaining 30% of the Sum Assured is paid to the policyholder
    • In case of death of the insured during the tenure of the plan, the Sum Assured is payable to the nominee subject to a minimum of 105% of all premiums paid till the date of death.
    • Discount is allowed in premium for choosing annual or semi-annual mode of premium payment @3% and 1.5% respectively.
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

15 years

55 years

Maturity Age

-

70 years

Policy Term

15 and 20 years

Premium amount

Depends on the coverage chosen, age and tenure

Sum Assured

Rs.75, 000

No limit

Premium Payment Term

10 and 15 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

  • Sahara Pay-back Jeevan Bima–A traditional money-back plan which provides cash outflows at regular intervals. The features andbenefits of the plan are as follows:
    • Premiums under the plan are paid for a limited tenure under the Limited Pay option of premium payment
    • The plan participates in the profits of the company by way of earning bonuses.
    • Survival benefits are paid @10%, 15% and 25% of the Sum Assured at regular intervals depending on the tenure of the plan chosen.
    • On maturity, 60% of the Sum Assured is paid along with the vested bonuses
    • In case of death of the insured during the plan tenure, a death benefit which is higher of the minimum Sum Assured or 10 or 7 times the annual premium paid depending on the age of the policyholder is payable to the nominee subject to a minimum of 105% of all premiums paid till the date of death
    • Discounts in premiums are given for choosing the yearly and half-yearly mode of premium payment @3% and 5% respectively
    • Rebates in premiums for choosing higher Sum Assured levels of Rs.1 lakh and above
    • Accidental Death Benefit Rider can be availed under the plan for a more enhanced coverage option.
    • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

16 years

50 years

Maturity Age

-

70 years

Policy Term

12, 16 and 20 years

Premium amount

Depends on the coverage chosen, age and tenure

Sum Assured

Rs.75, 000

Rs.1 crore

Premium Payment Term

5, 10 and 15 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Sahara Life Traditional Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

The Sahara Life insurance company Ltd. offers different modes of premium payment namely:

  • Cash/ Cheque payment at the branch
  • ECS ( At certain locations)

2. How can I check policy status for Sahara Life Traditional Plans?

To check the policy status login on the home page with your user name and password.

3. What is the policy renewal process for Sahara Life Traditional Plans?

To renew the policy, you can visit the nearest branch during working hours. 

4. What is the company’s process to settle claim for Sahara Life Traditional Plans?

You can visit the nearest branch of the Sahara Life Insurance company between 10 AM to 5PM. 

5. What is the policy cancellation process for Sahara Life Traditional Plans?

You can visit the nearest branch of the Sahara Life Insurance company to surrender your policy between 10 AM to 5PM. Upon succesful completion of the procedure, the refund will be directly debited in your account and the policy will stand cancelled.

Sahara Life Traditional Plans Reviews

TOTAL REVIEWS (22)
Kuldeep
Deoli
July 12, 2016

Traditional Policy

Policy has maximum benefits and premium of the plan is also less. My investment plan has high policy coverage with good claims. Service is quick and due to that the claiming is simple to sanctioned. Online service gives easy renewals of the policy.

Chandan
Akhandnagar
June 29, 2016

Good Policy

The policy premium is low and service form your side is okay. But the web service is very good, easy to accessible and anyone can operate it easily. Good traditional insurance plan with huge claims which easily sanctioned due to fast service.

Zakhir
Bangalore
May 17, 2016

Quality Investment

I own sahara life traditional plan which facilitate great services. The policy coverage is high ~90% and the premiums are low ~13 K thrice per year. The payback money is high around 39 L. The services are fast and the behaviour of the executives are really nice with policy owners. Daily updates are mailed, Good service.

Gaurav
Uttamnagar
May 17, 2016

Best Plan

My sahara life traditional plan is good with great facilities. Superb plan with good benefits, your service is fast and on time. Premiums are low and the policy coverage is 89% with good claims. Executives and staff members facilitate the services very nicely. Good experience, It save my taxes too. Happy with the policy.

Karan
Chennai
May 17, 2016

Average Plan

Sahara life traditional plan i have which provide me best service and good returns in low investment. The premiums are low and the policy coverage is 89% with high claims. The behaviour is good of executives and staff members. Good future investment which reduces taxes too. Really nice work guys.

Gurpreet
Chandigarh
May 17, 2016

Nice Insurance

I invest my money in sahara life traditional plan. The policy coverage is good ~89% and the claims are high. The premiums are low ~11 K quarterly per year. Paybacks are really very good Rs.39 L. Good investment and tax saver policy plan. The executives and staff members are behave well with fast service. Good job, I like the plan.

Kshitij
Mathura
May 17, 2016

Satisfactory

I have sahara life traditional plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.31 L, even premiums are low ~Rs.12 K thrice per year. But the only thing is the service you provided is slow. Please improve it for better responses and for better outcomes. Nice future investment, Satisfactory for me.

Ankit
Chittoor
May 17, 2016

Fantastic

I have traditional insurance policy plan which i buy from sahara life insurance. The policy coverage is 90% and the claims are good. The premiums are low and the claiming process is easy and sanctioned in short time period. The policy is good future investment and it saves taxes too. Fantastic Plan.

Raghu
Jalandhar
May 17, 2016

Normal Policy

I have sahara life traditional plan. The policy is great with maximum benefits. The policy coverage is high ~87%. The investment is low approx. Rs.12 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.35 L. Good future investment, Even regular updates regarding policy is send to me time to time.

Nikita
North_goa
May 17, 2016

Full Coverage

I have traditional policy plan from sahara life insurance. The policy provides good coverage with low premiums. Claims are around Rs.32 L. Service always on time. The executives and staff members are facilitate great services. Daily updates are mailed to me. The behaviour of the company members are also nice.

Yajan
Jammu
May 17, 2016

Coverage Is Good

Policy has all benefits and the investments are also low. Around Rs.34 L is payback amount after policy end. Sahara life traditional plan which has nice facilities and the service is very quick. This is good future investment which is tax saver also. The service provided by the executives is nice. Regular updates are mailed to me.

Kamal
Indore
May 17, 2016

Excellent Work

Sahara life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me good service and high returns. The premiums are low and the policy coverage is high ~89% with high claims. The behaviour is good from executives and staff members. Good future investment which reduces my taxes.

Harman
Gangtok
May 17, 2016

Good Service

The traditional policy plan i have from sahara life insurance which is really nice plan. The premium is low and the policy coverage is around 85% and claims are high. Services is fast, so any work is done without waiting and no paper work. Good policy which save taxes. Daily updates send to me regularly.

Fabian
Delhi
May 17, 2016

Fantastic

Superb policy i buy i.e., sahara life traditional plan. The returns are good ~Rs.35 L in very low premiums ~Rs.11 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. It save my taxes. I like it.

Mayank
Chattarpur
May 17, 2016

Trustworthy

Sahara life traditional plan which has 89% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Nice future investment and tax saving too. I'm happy with my policy plan.

Tarun
Palwal
May 17, 2016

Satisfactory

The sahara life traditional plan i have is an average policy. The premium is good and the returns are okay. Services is bit slow and the behaviour of the staff members is good. Web services are good and working properly. Satisfactory policy.

Pramod
Gautam_buddha_nagar
May 17, 2016

High Coverage

I own sahara life traditional plan. Plan is good and premium is low. Policy coverage is high ~89% and payback returns good too. Claiming amount is Rs.38 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The service facilitate by the executives and staff members is very good and the behaviour is also nice. I like my plan.

Bhavna
Calicut
May 17, 2016

Future Security

Sahara life traditional plan is good in services. The policy coverage is good ~85% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.37 L. Good future investment which save taxes. Good job.

Abhinav
Deoli
May 17, 2016

Not Satisfactory

Sahara life traditional plan. The policy coverage is low that is 75% and the claim is around 29.3 L. Service is bit slow, please improve your services for better performance. The web service is also slow. The policy is not good for long term investment and the tax rate cutter has low percentage. Please improve the terms and conditions for better results. Not satisfied.

Manish
Hyderabad
May 17, 2016

Damn Good

Policy has all benefits and the investments are also low. Around Rs.33 L is payback amount. Sahara life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Fantastic future investment. Good behaviour of executives is really very impressive. I like it.

Tanmay
Ahmedabad
May 17, 2016

Power Plan

I have sahara life traditional plan. The policy coverage is 84% and the claims are high which can be easily sanctioned. The service provided by the executives and staff members are fast and responsive. Nice policy plan which save taxes also. Good behaviour of executives and staff members is very nice.

Sumeet
Pilani
May 16, 2016

Above Average

I buy traditional plan from sahara life insurance. The policy coverage is around 84%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine insurance which have low premiums. Nice future investment and it saves taxes also. Daily updates also mailed to me regularly. I like the plan.