Kotak Gramin Bima Yojana Plan

Kotak Gramin Bima Yojana Plan is a micro insurance plan for the rural and social sector of the country to take care of their protection requirements

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Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*

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Key Features

It is a Single Premium plan with low premiums
Guaranteed Maturity and /or death benefits depending on the amount of premium invested
No medical check-ups required

Benefits

The nominee gets a sum of 500% of the Single premium paid on death
On maturity, the policyholder gets 200% of the Single premium paid
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	45 years
Maturity Age (Last Birthday)	-	60 years
Policy Term (PT) in years	15
Premium Paying Term (PPT) in years	Single Pay
Yearly Premium	1500	20,000
Sum Assured on Death	7500	100,000
Sum Assured on Maturity	3000	40,000

Details about Premium

Premiums paid and the respective Death and Maturity Benefits:

Premium amount	5000	10,000	20,000
Maturity Benefit	10,000	20,000	40,000
Death Benefit	25,000	50,000	100,000

Policy Details

Grace Period: grace period is not applicable

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy from the 2^nd policy year. The Surrender Value will be calculated as a % of the Single premium paid ranging from 70% - 180% depending on the year of Surrender

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.