Insurance Plans 772 views November 28, 2019

Sahara India Life Insurance Term Plan

Sahara India Life Insurance Term Plan is considered one among the ideal insurances to protect one’s family financially as they are known to provide high sum assurance at low premiums. They are one of the few initial life insurance companies under the private sector and the first that is wholly Indian-owned. Among the top life insurance companies in India this year, Sahara Term insurances make it on the list of companies.

Term Insurance

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Sahara India Life Insurance Term Plan

Sahara India Life Insurance Term Plan is one among the best plans in India and has a remarkable claim ratio as well. The insurance offered is explained below;

Sahara Life Suraksha Kavach Plan:

This insurance protects the best interests of the insured and has a good sum assured, you can refer to the features and benefits of the plan below-

Features

  1. The insurance can only be purchased with a minimum age of 18 years and a maximum of 50 years alone.
  2. The term starts from 15 years at a minimum going up to 20 years at maximum.
  3. Premiums payable should be regular to avoid an additional fee and the maximum age the insured can be is of 65 years
  4. A choice in the flexibility of the premiums- Yearly/Half-Yearly/Quarterly/Monthly
  5. The death benefit will be paid in a lump sum and there are no maturity benefits whatsoever
  6. You can customize the insurance with an accidental death rider as well.

Benefits

  1. The benefits of Sahara Term Insurance Plans are the following:
  2. They provide protection at a low cost
  3. The added bonus for leading a healthy lifestyle and also provide optional accidental death benefit rider
  4. The premium can be paid monthly or annually as per your preference.
  5. Lastly, a tax benefit is also provided- the premiums and pay-outs are tax-deductible.

How to process Sahara India term insurance claim?

To register a claim you can either intimate the company with a duly signed form with all the necessary documents or contact the customer care at 1800-180-9000. Alternatively, you can also email at grievance.life@sahara.in

After the claim is registered successfully the claimant will receive the sum assured.

Documents for the claim:

Necessary documents are the following and have to be submitted with the duly filled form:

  1. Original copy of the policy and passbook statement
  2. Death Certificate
  3. Treatment records from the hospital/ Statement from the physician
  4. Claimant’s Photo Identification and their address proof
  5. If any Post-mortem/ chemical viscera report
  6. Police Reports/ F.I.R. for unnatural death.

 About online Term Insurance Plans-

Online Term Insurance Plans are simply insurance purchased online. It is of much significance because purchasing insurances online can affect the premium to pay positively amongst other benefits; needless to specify how convenient purchasing insurance online is. You can purchase Sahara Term Plan online after due research, i.e. compare all available plans of your requirement to pick the best one on offer. Then look for any necessary rider, for example, Critical Illness Rider, after weighing all the pros and cons. There are different types of online term insurances tailor-made for different people and different scenarios, making the right choice is of utmost importance.

Things to ask before buying a Term Insurance-

How does term insurance provide financial safety to the policyholder’s family members?

Term insurances are purchased with the idea of providing financial security to one’s family members after death. An assured sum will be paid on claims after the death of the holder. The premiums paid are utilized to account for the risk of guaranteeing the insured person’s life. Therefore, picking a policy with wider coverage and better sum assured is the way to go about it so as top financially protect your family even after your unexpected death.

What are the factors to consider before buying a Term Insurance?

There are various factors:

  1. Coverage: the more the range of it, the better.
  2. Assured sum: it is important to cover the actual financial needs of the family members.
  3. Policy Tenure: for how long the policy lasts because most policies do not have return facility of the premium after maturity.
  4. Add-ons: these are riders added along with the premium plan to broaden the coverage spectrum. Choose the absolutely necessary and beneficial ones alone.
  5. The budget of the plan

What are the benefits of buying Term Insurances online?

It is easier to do so as it is efficient, quicker and cheaper. They cut out the additional costs and comparatively cheaper premiums for the same services. It can be done at a click of the finger.

Can a perfect Term Policy be chosen?

The perfect policy is simply a policy that suits your needs and requirements. Your budget, tenure requirements, family health history, coverage required etc. have to be considered.

What makes a term plan the best?

Its coverage, premium price, tenure, riders accessible, death benefit etc. are some crucial features.

Conclusion

Term Life Insurances can act as a necessary safety net in case of unforeseen death of the insured, for the family members and the financially dependent ones. It is purchased with a specific premium as agreed upon and ensures a sum assured that is paid to the benefactors after the death of the policyholder. The policies can either be incremental in nature wherein the sum assured increases with the years that span out or decreasing wherein the assured sum will either remain the same or decrease. It is advisable to buy term insurance at a young age because the healthier and longer the seeming life span the cheaper the premiums are. Before buying insurance make sure to compare them and make the right decision.

FAQs-

What are the documents required while buying term insurance plans?

There is a requirement for three types of generalized proof namely- income, identity and address proof. Documents like Aadhaar card, PAN card, Driving license, salary slip etc. can be used.

Do term insurance plans also offer joint policies for spouses?

Term Life Insurance plans do offer joint policies for spouses, it ensures the continuity of the policy even after the death of either the insured or the partner. Most Insurance companies offer this facility.

Do I need to buy term insurance even if I am not married?

Term Insurance plans are not only required if you are married. Irrespective of the marital status of the requirement of this insurance extends to just about anybody financially dependent on you. The benefactor can be anybody you choose; for example, parents, etc.

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