Sahara India Life Insurance
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The Sahara Group on Tuesday told the Supreme Court that it was not possible for it to repay, in 18 months, Rs.36,000 crore of investors' money that it had collected in 2007-08 in 18 months as was ordered by the court on June 17. "There is no business house in the country or in the world which can deposit Rs.36,000 crore in 18 months time," senior counsel Kapil Sibal, appearing for jailed Sahara chief Subrata Roy, told a bench of Justice T.S.Thakur, Justice Anil R.Dave and Justice A.K.Sikri. He said that he was getting an application ready that would be moved in a week's time pointing to the difficulty in arranging Rs.36,000 crore to return the investors money. Source: IANS
The Supreme Court is likely to pronounce, on Friday, the verdict that will decide the fate of Sahara chief Subrata Roy and two group directors who are in jail since March 4 last year for not complying with the court's order to return investors' Rs.24,000 crores that two group companies SIRECL and SHFCL had collected in 2007-2008. A bench of Justice T.S.Thakur, Justice Anil R. Dave and Justice A.K.Sikri had, on May 14, reserved its order on Roy's plea to be released from custody for six weeks coupled with the lifting of restriction to deal with his 72 properties so that he could place before court the plan for the return of investors' money. Source: IANS
In a relief for the crisis-hit Sahara Group, the Indian company has sealed the sale of its Grosvenor House hotel in London and two US properties -- Plaza and Dream Downtown -- in an $850 million debt refinance deal, a local media report said on Sunday. The Sunday Times reported that, by the deal, which is worth the approximate equivalent of Rs.5,500 crore, the Reuben brothers "have taken control of the Grosvenor House in London and two other luxury hotels in New York through a $850 million debt deal". "David and Simon Reuben, whose empire stretches from data centres to horse racing, clinched the purchase of two loans against the properties from Bank of China late last week," it added. The Bank of China put Grosvenor House under "administration" early in March for recovery of its loans. Source: IANS
Sahara India Life Insurance- OverviewSahara India Life Insurance Company Ltd (SILCL) is the first totally Indian owned life insurer in the private sector. SILCL started its operations on October 30, 2004 after receiving its license from February 6, 2004. The organization launched its business with a paid up capital amounting to INR 157 crores.
The organization offers a competitive group of products that are capable of catering to the requirements of various economic and age based client groups. The customer support and services set-up of the insurer is quick and provides a proper standard of services.
The officials at Sahara Life Insurance are trained in the nuances of actuarial VIP software systems as well as other important areas such as product pricing and development by Watson Wyatt Consulting Private Limited, one of the leading names in this industry.
At present Munich RE Insurance and Gen Re operate as the reinsurance partners of the organization. It is a part of the Sahara India Pariwar, which is among the leading business houses in the country with interests in diverse businesses such as finance, consumer merchandise retail venture, infrastructure and housing, manufacturing, media and entertainment, and information technology.
Sahara India Life Insurance Management
The board of directors at SILCL comprises the following:
|Subrata Roy Sahara||Chairman|
|Prabha Shankar Mishra||Director|
Following are the senior officials of the organization:
|NP Bali||Chief Executive Officer(Officiating) and Director, Chief Business Development Officer, and Chief Marketing Officer|
|Sanjay Agarwal||Chief Financial Officer|
|Pravir Chandra||Appointed Actuary|
|Parakh Tandon||Company Secretary, Grievance Redressal Officer, and Compliance Officer|
|S Rajagopalan||Chief Investment Officer|
Sahara India Life Insurance Financial DetailsThe following table represents the profit and loss details of SILCL in the first quarter of the 2012-13 fiscal:
|Domain||Figures in INR thousands|
|Income from gross interest, rent, and dividend||47,607|
|Profit on redemption and sale of investments||2859|
|Expenses unrelated to insurance business||165|
|Transfers to policyholders' funds||11,386|
|Profit'(loss) prior to taxation||37,793|
|Provision for taxation||5,352|
|Profit'(loss) following taxation||32,441|
|Balance at the start of the financial year||649,047|
|Profits carried to the balance sheet||681,488|
Sahara India Life Insurance Products and ServicesThe insurance plans offered by SILCL may be enumerated as below:
- Sahara Nivesh - Jeevan Bima
- Sahara Sahyog
- Sahara Vatsalya-Jeevan Bima
- Sahara Umang
- Sahara Nidhi
- Sahara Samriddhi
- Sahara Sampann
- Sahara Sanchit - Jeevan Bima
- Sahara Shikhar - Jeevan Bima
- Sahara Utkarsh - Jeevan Bima
- Sahara Sugam - Jeevan Bima
- Sahara Jamakarta Samooh Bima
- Sahara Jan Kalyan
- Sahara Samooh Suraksha
- Sahara Critical Illness Rider
- Sahara Amar Jeevan
- Sahara Swabhimaan
- Sahara Ankur
- Sahara Kavach
Sahara Samriddhi is a money back plan where the funds are provided back to the holder at definite times so that he or she can satisfy the various financial requirements at different points in his or her life.
In case of Sahara Sampann, the policyholder receives an additional benefit after a 5 year period whereby his or her risk cover is increased. This plan also offers tax exemptions and safety returns.
With Sahara Nidhi, the policyholders are able to save sufficient funds that can be used in the future for investment purposes or repaying loans. With Sahara Umang, the policyholders can be sure of being provided fiscal protection in case of death as long as the plan is in operation. In case the policyholder is alive when the policy ends he or she is paid a lump sum.
The Sahara Umang plan is for proposers with sufficient funds for investment but a greater need to protect the family. Sahara Ankur is primarily a child plan that is unit linked and invests in different funds to provide the policyholder good value for his or her money. The policyholders can themselves choose where they would want to put their money based on their risk profile.
Sahara Utkarsh is a unit linked plan as well but includes risk coverage facilities too. The plan covers all the basic requirements of a life insurance policy and enables the customers to earn more as and when the policy becomes older.
With Sahara Shikhar, the insured can see the worth of their savings going up over a specified period of time - they can also choose their investment plans as per their risk profile and investment aims and policies. The choices are allowed to vary at different points in the policy's term period.
Sahara Sugam, a unit linked plan, offers an unprecedented combination of returns that are linked to the market as well as coverage against risks. Sahara Amar Jeevan is a pension plan that follows the principle of deferred annuity. It enables the policyholder to save smaller sums that can be used for meeting requirements later on in life.
Sahara India Life Insurance Office NetworkFollowing are the locations where Sahara India Life Insurance has its corporate offices:
- Central India: Bahraich, Sant Kabir Nagar, Basti, Varanasi, Gorakhpur, Lucknow, Jaipur, Bhopal, Jodhpur, Allahabad, Bareilly, Kanpur, Indore, Udaipur, Raipur, Faizabad, Agra, Ajmer, Ballia, Deoria, Jabalpur, Kota, Sultanpur
- Eastern India: Howrah, Patna, Muzaffarpur, Guwahati, Bhubaneshwar, Ranchi, Kolkata, Jamshedpur, Siwan, Bokaro, Darbhanga, Hazaribagh, Bihar Sharif, Samastipur, Siliguri
- Northern India: New Delhi, Faridabad, Chandigarh, Dehradun, Ludhiana
- Southern India: Hyderabad, Chennai, Bangalore, Vishakhapatnam
- Western India: Baroda, Mumbai, Ahmedabad
Sahara India Life Insurance Contact DetailsFollowing are the contact details of the registered office of SILCL:
Sahara India Bhawan,
1, Kapoorthala Complex, Aliganj,
Telephone Number: 0522-2337777
Fax: 0522 - 2378200
Last Updated on 09/11/2012
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