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

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 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.

Exclusions

In case of suicide committed within one year of policy issuance, 80% of the single premium paid is refundable

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
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Kotak Gramin Bima Yojana Plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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