- Term insurance or risk cover at low cost without individual evidence of good health for employer-employee group.
- Market returns on savings to meet future needs of individuals.
- Life cover to all members of groups under one master policy at
low cost.
This product provides the term insurance cover as well the opportunity to avail the benefit of market appreciation on the savings portion of premium. As a result of significant savings in expenses in comparison to individual insurance, cost of the group insurance is very minimal.
All Establishments/Groups, where at least 75% of existing employees/members with minimum 25 eligible members are willing to join the scheme ( with minimum monthly total contribution of Rs.5000 ) on the date of commencement of scheme, are eligible to participate in the scheme. Subsequently, participation of all new eligible members in the group is compulsory on the next renewal date. ('Eligibility' shall mean all regular confirmed employees/group members having completed one year service/membership in the Company/ Group who have completed 18 years of age but are up to 64 years nearest birth day and who are not absent on the ground of sickness/sick on the date of entry in the Scheme)
| Minimum group size |
25 members |
| Minimum entry age |
18 years (Last Birthday) |
Minimum total monthly contribution
for the Group |
Rs. 5000 |
| Maximum entry age |
64 years nearest birthday |
| Minimum sum assured per member |
Rs. 50000 |
| Maximum sum assured per member |
Rs. 500000 |
| Maximum maturity age for the member |
65 years (Last Birth Day) |
| Group size |
Maximum Sum Assured |
| 25 - 199 |
2 Lac |
| 200 - 499 |
3 Lac |
| 500 and above* |
5 Lac |
| *Graded cover for different categories of group may also be given. |
Monthly contribution of Rs. 10 for sum assured of Rs. Ten thousand per member would be payable.
Grace period of 15 days irrespective of any calendar month will be allowed for premium payment. In case premium is not paid within the grace period and death of any member occurs within this period, Sum Assured plus Fund Value to the credit of the deceased member shall still be payable.
If the premium is not paid by the Group Policyholder within the days of grace, the term assurance cover equal to the S.A. by way of auto-cover shall continue subject to maximum of two years from the date of first unpaid premium by recovering mortality and administration charges as applicable, by cancellation of units on monthly basis subject to the amount in the individual member's account being sufficient to cover the risk failing which the cover shall cease and risk shall stand terminated. Settlement of death claim under such case will, however, be subject to the revival of the policy.
The group policy may be revived within two years from the date of first unpaid premium on payment of arrears of premium and on such terms and conditions as applicable and determined by Sahara Life from time to time. Meanwhile, the risk under the policy continues and the mortality and administration charges, as applicable, shall be recovered on monthly basis by cancellation of units subject to the amount in the individual member's account being sufficient to cover the same otherwise the risk shall stand terminated.
Group policyholders may discontinue the scheme after giving
3 months prior notice to Sahara Life. Similarly, Sahara Life may also discontinue the scheme after giving 3 months prior notice to the Group policyholder. No risk will be covered thereafter.
On closure of the scheme or if the policy remains lapsed for 2 years, total amount of Fund Values to the credit of individual members will be paid.
Premiums received under the policy shall be credited to the Sahara Balanced Fund investments where under shall be in the ratio defined below :-
| Fund |
Share (equity) |
Debts |
Cash |
| Balanced |
Max 40% |
Min 40% |
Max 20% |
Premiums received will be invested in Sahara Balanced Fund. Units will be allocated depending on the price of the units using the closing NAV on the day of cheque realization or policy issue whichever is later. For subsequent payments of premium if cash / local cheque / DD is received by 4:15 p.m., the closing NAV of the day on which premiums are accounted for in the policy under group billing would be applicable. In case premium by local cheque/ DD is received after 4:15 p.m. closing NAV of the next business day or the day on which premiums are accounted for in the policy under group billing shall be applicable. In case of outstation cheque/DD, closing NAV of the day of realization or the day on which premiums are accounted for in the policy under group billing will be applicable.
of the Balanced Fund will be computed at the end of the day (on daily basis). The NAV would be calculated on appropriation basis or expropriation basis depending on whether the Fund is purchasing or selling the assets in order to meet the day to day transactions of Unit allocations and Unit redemptions. The resulting price will be rounded to the nearest Rs 0.00001.
When the appropriation price is applied the value of the assets will be calculated as the Market/Fair value of the fund's investments plus expenses incurred in the purchase of the assets plus value of any current assets plus any accrued income net of fund management charge less the value of any current liabilities less provisions, if any.
When expropriation price is applied the value of the assets will be calculated as the Market/Fair value of the fund's investments less expenses incurred in the sale of the assets plus value of any current assets plus any accrued income net of fund management charge less the value of any current liabilities less provisions, if any.
| Net Asset Value (Appropriation price) |
= |
(Market/Fair value of the fund's investments + Expenses incurred in the purchase of the assets + Value of any current assets + Any accrued income net of fund management charge - the value of any current liabilities less provisions)
Number of existing units at the valuation date (before any new units are allocated) |
| Net Asset Value (Expropriation price) |
= |
(Market/Fair value of the fund's investments - Expenses incurred in the sale of the assets + Value of any current assets + Any accrued income net of fund management charge - the value of any current liabilities less provisions)
Number of existing units at the valuation date (before any units are redeemed) |
- The mortality charge would depend on the actual age distribution of the group, 110% of the percentage of Indian Assured Lives mortality (1994-96) (modified) applicable. The mortality charge per thousand sum assured would be calculated by adding the amounts arrived at by multiplying 110% of the applicable mortality rate at the actual age of the individual member with the sum assured available and dividing by the total sum assured for the group. The mortality charge would be recovered by cancellation of units from the fund to the credit of the individual every month. The service tax, as applicable, would also be recovered by cancellation of units.
- The service Tax as applicable from time to time would be levied on mortality charge.
- 11% of monthly premium will be recovered by cancellation of units from the fund to the credit of individual member every month.
- There will be a charge of 0.75% per annum subject to maximum of 1% per annum depending on the experience and subject to approval of IRDA. The charge accrues on daily basis and is taken into account in calculation of Net Asset Value.
The amount payable on death of an individual member is Sum Assured plus Fund Value to the credit of individual member. The amount payable on withdrawal including retirement is Fund Value to the credit of individual member. No other guarantee is available under the plan
- Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAV of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- The Balance Fund offered under this contract is the name of the fund and does not in any way indicate the quality of the plan, the future prospects and returns.
- Sahara India Life Insurance Company Limited is only the name of the Insurance Company and SAHARA SAMOOH SAMYOJANA is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from the Insurance agent or the Intermediary or policy document or Sahara Life.
Group policyholder is entitled to review the terms and conditions of the policy within a period of fifteen days from the date of receipt of the policy bond and in case of any disagreement with the terms and conditions, the Group Policyholder shall have option to return the policy bond stating the reasons for disagreement. In such case, the Group Policyholder shall be entitled for the refund of the paid premiums after deduction of proportionate charges including stamp duty charges.
No policy of life insurance shall, after the expiry of two years from the date on which it was effected, be called in question by the insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the Group policyholder/members and that the Group policyholder/members knew at the time of making it that the statement was false or it suppressed facts which it was material to disclose.
As the premium works out to be very low in group policy due to significant savings in expenses and opportunity to invest the money in market, it is felt that Employers/Associations/Groups/Co-operative Societies and their members shall appreciate such an attractive scheme.
