Kotak Gramin Bima Yojana Plan

Introduction/Overview

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:

Details about Premium

Premiums paid and the respective Death and Maturity Benefits:

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.

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.