Sahara Group Chairman Subrata Roy Image Credit source: File Photo
Those who invested in Sahara India have been waiting for a long time to get their money back. After the Supreme Court’s order to SEBI and then the statement of Home Minister Amit Shah, people’s expectations about this have also increased. But it seems, even before that the news of relief has come for the customers of Sahara India Life Insurance Company. His insurance policies are now going to be transferred to SBI Life.
Insurance sector regulator IRDA has asked SBI Life to transfer the policies of Sahara India Life’s policy holders to itself. After this happens, SBI Life will be responsible for running these insurance policies and giving claims.
Assets and Liabilities now of SBI Life
According to the instructions of IRDA, all the assets of Sahara India Life Insurance Corporation Limited, which is facing the crisis, will be transferred to SBI Life. Along with this, the responsibility of the liabilities of the company will also be of SBI Life Insurance. That is, according to the terms and conditions, the claim of these policies will now be done by SBI Life only.
2 lakh customers will be benefited
Sahara India Life Insurance started working in the insurance sector in the year 2004. Has sold insurance policies to more than 2 lakh customers of the company. After this, in the year 2017, financial concerns started regarding Sahara Group and IRDA appointed an administrator to oversee the functioning of the company. Along with this, the company was banned for taking any kind of new insurance.
IRDA had even then ordered SBI Life to transfer the policies of the company. But this could not be possible due to SEBI and Sahara case. Now, on the request of the Union Ministry of Cooperatives, the Supreme Court has started the initiative to return the money to the investors of Sahara Group. Then IRDA has once again instructed SBI Life to transfer the policy.
Only transfer of policy, no merger
IRDA’s instructions came on Friday late evening. After this confusion arose that the merger of Sahara India Life Insurance Company is going to happen in SBI Life. On this, SBI Life has clarified that only the insurance policies of Sahara India Life will be transferred to the company and not its merger. SBI Life has started the work of transfer of insurance policies of Sahara India. For this helpline number 18002679090 and email saharalife@sbilife.co.in has been issued.
Source: www.tv9hindi.com
: Language Inputs