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Sahara Banned from Selling Life Insurance Policies
June 30, 2017
Sahara Life Insurance Company Ltd. has been barred from accepting new life insurance policies. The limitation was imposed by India’s Insurance sector authority IRDAI. However, the company is allowed to collect the renewal premiums from the existing policyholders and offer its services as it is.
Insurance Regulatory and Development Authority of India (IRDAI) made the move as per Section 52 B (2) of the Insurance Act. Chairman T.S. Vijayan was the one to impose the order.
