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
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Inbuilt Life Cover
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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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Home
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Investment Plan
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Kotak Life Investment Plans
- Kotak Gramin Bima Yojana Plan
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:
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Minimum |
Maximum |
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Entry Age (Last Birthday) |
18 years |
45 years |
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Maturity Age (Last Birthday) |
- |
60 years |
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Policy Term (PT) in years |
15 |
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Premium Paying Term (PPT) in years |
Single Pay |
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Yearly Premium |
1500 |
20,000 |
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Sum Assured on Death |
7500 |
100,000 |
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Sum Assured on Maturity |
3000 |
40,000 |
Details about Premium
Premiums paid and the respective Death and Maturity Benefits:
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Premium amount |
5000 |
10,000 |
20,000 |
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Maturity Benefit |
10,000 |
20,000 |
40,000 |
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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.
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