The Sahara Pariwar’s Latest foray is in the Life Insurance then the company is called as Sahara India Life Insurance Company Limited. The company got licensed by the Insurance Regulated, the IRDAI on 6th February 2004.
With this approval, Sahara India Life Insurance Company Limited becomes the first life insurance company in India, which the shares are purely and wholly hold by the Indian Private company without entering in to any foreign collaboration to enter in to the Life Insurance Market. The company has launched with a paid capital of 157 crores.
|COMPANY TYPE||Private Ltd|
|Managing Director & CEO||Shri Arun Kanti Dasgupta|
|Foreign Partner||Nil, fully owned by Sahara India Pariwar, the Indian Private Company|
|Contact Details||Toll-free : 1800 180 9000 Website : www.saharalife.com Mail : firstname.lastname@example.org|
|Latest Claim Settlement Ratio||90.16% (FY 2018-19)|
|Solvency Ratio||844% as on 31st MAR 2019|
|Year of start||2004|
|IRDAI registration No||127|
|Corporate Office||Sahara India Life Insurance Company Limited Sahara India Centre, 2, Kapoorthala Complex, Lucknow – 226024.|
|Corporate Agents||1) Sahara India Limited 2) Labhanshi Investment 3) Saharian Life Channel Development Associates 4) Samuhik Team 5) B & E Financial services|
|Best products||1) Sahara Dhanvriddhi Jeevan Bima – Money Back 2) Sahara Dhanversha Jeevan Bima Plan – Money Back 3) Sahara Social Security Plan – Term Plan 4) Sahara Samooh Suraksha - Group Insurace 5) Sahara Shrestha Nivesh Jeevan Bima Plan – Endowment Plan 6) Sahara Sanchit Jeevan Bima Plan – ULIP 7) Sahara Utkarsh Jeevan Bima Plan – ULIP|
ABOUT SAHARA LIFE
The company offers an exhaustive range of competitive plans and products that caters to everyone from all segments along with prompt and qualify customer service and support. The variety of products offered by the company would enhance people’s insurance policies at a very minimal rate.
It is one of the fastest growing insurance company in India and this well-known company claims user-friendliness and unswerving customer service.
With diverse coverage plans suiting every individual, this company undeniably has a potential to be ranked as one of the best insurance companies of India. The company has a highly committed sales force with a touch of customer delight.
OPERATIONS OF SAHARA LIFE
With acknowledge presence in most part of the country the company serves almost all the sections of the society right from ruler to middle class and urban based.
Sahara life insurance provides an extensive range of products with a customer centric approach, like money back plan, unit link plan, term assurance plan, endowment plan and group assurance plan to cater the insurance need of every individual.
Apart from the above segment, the company offers add-on plans such as Accidental benefit and critical illness riders.
SAHARA INDIA PARIWAR
It is an Indian conglomerate headquartered in Lucknow, India. The group was founded by Mr. Subrata Roy. The group operates in various business sectors in the country like finance, infrastructure & housing, media & entertainment, health care, education, hospitality and information technology.
The group operates more than 5,000 establishments across the country with the employee strength around 1.4 million under the Sahara India umbrella.
Also, the group has been a major promoter of sports in India and was the title sponsor of the Indian national cricket team, hockey team, and Bangladesh national cricket team, force India formula one team among many other sports.
VARIOUS BUSINESS OF SAHARA PARIWAR
Sahara India real estate company and Sahara Housing Finance are the two subsidiaries of the Sahara Group comes under real estate category. They buy and develop land for residential housing projects across India. The company has its own projects spread mostly across all major cities of India.
Sahara India Life Insurance and Sahara India Mutual Fund are the two finance companies of Sahara Group. The firms are the first insurance and asset management company with fully owned by the Sahara group.
The Group announced the launch of Electric vehicles under the brand name of Sahara Evols in June 2019. The products consist motor bike, scooters, charging stations and EV batteries.
Sahara Group owns several professional sports teams in India in a variety of sports. The company launched Sahara Warriors Polo team in 2012 and also the sponsor Bangladesh cricket team from 2012 to 2015.
Media and Entertainment
The group owns the national Hindi news channel and 36 city-specific regional news channels and also an entertainment Hindi movie channel. For that the company received the “Broadcast Engineering Excellence award” in 2008 for the network newsroom technology.
The company owns two hotels in New York namely “New York’s City Plaza Hotel and Dream Downtown Hotel. Also, in India the group owns a hotel nearby the Mumbai Chhatrapati Sivaji International Airport named ‘Sahara Star’.
The Group announced to opening of its retail shops named quality shops on 3rd August 2012, with an investment of Rs. 30 billion. For the operation of those shops the company hired 6lakh sales personnel and 3lakh customer care executives.
Sahara Q-shop made a record for registered its name in Guinness World Records for opening of 315 outlets in 10 states on India on April 2013.
The group owned a hospital in Lucknow and currently operated with 554 bed critical care infrastructure and 350 general beds.
Idea cargo Packers and Movers
Sahara Group offers IT consulting services for various industries like banking, finance, media & entertainment, CRM and Chemical industries.
An airline name Air Sahara, owned by the group and sold in 2007 to Jet airways. After that the group bought 42.5% shares of Force India Formula One team in 2011.
MORE ABOUT SAHARA INDIA LIFE INSURANCE
The IRDAI on June 2017, passed an order to stop selling the new proposal of life insurance directing to Sahara India Life Insurance with an immediate effect.
Also, ordered to asked their agents as well as intermediaries to stop selling the insurance and told to server customers those who all are bought their insurance product.
The all about the company not properly maintain the insurable interest of their policy holders and also act in a manner ‘prejudicial’. Other than that, the March 2015, financial statement of the company clearly indicated that the insurer’s declining stage of financial position.
After that, the IDRAI seeks to sold the shares of Sahara India and identified 6 insurance companies. But, due to shareholding-based insurance company no other insurance company interested to bought the shares except ICICI Prudential life.
Finally, the IDRAI advised to handover the insurable interest of policy holders to ICICI prudential life, but Mr. Subrata Roy, Chairman met and IDRAI officials and got a turnaround time to resolve the crisis of Sahara life Insurance.
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