Sahara Life Insurance
Sahara India ventured into the life insurance domain in 2004 and became the first wholly-owned Indian brand to be operating in this sector without any foreign collaboration.
Sahara Life Insurance offers a wide range of Endowment plans, Money-Back plans, Annuity-based plans, Unit-Link plans, and Group Insurance plans. These plans can help meet the financial needs of different age groups and people belonging to different income segments.
Key Features
A decision as serious as investing in life insurance should be given considerable thought. Given that a standard life cover continues for a minimum of 30 years, it is prudent to equip yourself with as much information about the company as possible. While there can be several parameters to judge an insurance provider, there are a few that you cannot overlook. These important parameters are - annual premium income, claim settlement ratio, solvency ratio and the distribution network of the companies.
Experts at PolicyX.com have carefully examined these factors for the life insurance companies currently operating in India. For your benefit, we have detailed how Sahara Life Insurance Company has fared in each of these aspects in the next sections.
Highlights of Sahara Life Insurance Company
| Annual Premium Income | Rs. 1 Lakh |
| Claim Settlement Ratio | 89.45% |
| Solvency ratio | 8.32 |
| No. of Offices | 51 |
1 Annual Premium Income
Annual premium income indicates the earnings generated by a life insurer from the premiums paid by new and existing policyholders. As of FY 2019-20, the company reported an annual premium income of Rs. 1 Lakh, as stated in the IRDAI's annual report.
While looking for insurance avenues, policyholders are advised to be very thorough with their research. Claim settlement ratio should ideally be at the top of the checklist when filtering through insurance providers. It essentially tells you if the insurer can be relied upon in the event that any misfortune may befall you or your family.
According to the annual report for FY 2019-20 published by the IRDAI, the CSR of Sahara Life stands at 89.45%. We have further prepared a chart to demonstrate the CSR of Sahara Life over the years.
Year-wise Trend in Sahara Life's Claim Settlement Ratio
***Data from IRDAI Annual Report
We have further presented CSRs of Sahara Life and other insurance companies for more clarity. You can refer to the chart below for the same.
Life Insurers with the Highest Claim Settlement Ratio
***Data from IRDAI Annual Report
A key determining factor of the financial soundness of an insurance provider is the solvency ratio. The ratio indicates if the insurer has the capital means to fulfil its debt obligations and other financial liabilities. It has been mandated by the IRDAI to maintain a solvency ratio of 1.5 or up for every life insurer to function in the country. As of FY 2019-20, Sahara Life's solvency ratio has been reported to be 8.32.
4 Distribution Network
The company's reach extends to 51 cities across India. Further, over 80+ business service centres have been established by the company all over the nation to facilitate access to its product offerings.
Claim Process
To file a claim at Sahara Life, please call on their toll-free number at 1800-180-9000. Once you get in touch with their customer service agent, (s)he will guide you towards a hassle-free claim settlement. Alternatively, you can visit the nearest branch of Sahara Life Insurance to intimate the company about the claim. If in case you are not happy with the service offered, you could write to them at grievance.life@sahara.in
Further, you have the option to send a mail to Grievance Redressal Officer, Sahara India Life Insurance Co. Ltd, Sahara India Centre, 2, Kapoorthala Complex, Lucknow - 226024 or email at gro.life@sahara.in
Excellent company with good work team. I am happy to buy this company plan very much. Well done guys for your hardwork.