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
|
|
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 |
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 |
Grace Period: grace period is not applicable
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy from the 2nd 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.
In case of suicide committed within one year of policy issuance, 80% of the single premium paid is refundable
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history.
