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Kotak Smapoorna Bima Micro Insurance Plan
Kotak Sampoorna Bima Micro Insurance Plan is a plan specially designed for the backwards or low-income sections of the society as it is available to them at affordable rates in order to take care of their insurance needs. It is a single premium plan with a term of 5 years.
Kotak Sampoorna Bima Micro Insurance Plan is non-participating and a non-unit linked endowment assurance plan.
- 4.8++ Rated
- 12.02 Crore Registered Consumer
- 51 Partners Insurance Partners
- 5.9 Crore Policies Sold
Investment Plans
- Plan starting from ₹1,000/month
- Save upto ₹46,800 in Tax under section 80C^
- Zero LTCG Tax¶
- In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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- Kotak Smapoorna Bima Micro Insurance Plan
The user needs to pay a small premium once, and they get to leverage its maturity benefit which depends on the age of the policyholder at the time of taking up the policy. On the occurrence of any unfortunate event, such as the death of the insured during the policy term then the nominee gets Rs 5,000 so as to help them meet their immediate expenses.
Kotak Sampoorna Bima Micro Insurance - Key Features
- It is a Single Premium plan with low premiums
- Guaranteed Maturity and /or death benefits
- The premium amount is fixed, and the Maturity Benefit depends up on the policyholder’s entry age
- No medical check-up required
Kotak Sampoorna Bima Micro Insurance - Benefits
- The nominee gets a fixed sum of Rs. 5000 on death of the policyholder
- On maturity, the benefit depends on the entry age of the policyholder is paid
- The policyholder gets to avail Income tax benefits on the premiums paid and claims as per section 80 C and 10 (10 D) defined under Income Tax Act.
Kotak Sampoorna Bima Micro Insurance - Product Details
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Minimum |
Maximum |
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Entry Age (Last Birthday) |
18 years |
55 years |
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Maturity Age (Last Birthday) |
- |
60 years |
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Policy Term (PT) in years |
5 |
|
|
Premium Paying Term (PPT) in years |
Single Pay |
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Yearly Premium |
200 |
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Details about Premium
The Maturity Benefit depending on age for a fixed premium of Rs.200
|
Age |
18 – 25 years |
26 – 40 years |
41 – 55 years |
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Maturity Benefit |
310 |
300 |
275 |
Kotak Sampoorna Bima Micro Insurance - Policy Description
Grace Period: grace period is not applicable
Surrender Benefit or Termination: Policyholder is allowed to surrender the policy any time where upon, a fixed amount called Surrender Value will be paid. The Surrender Value is Rs. 140 for the first 3 years and Rs. 180 and Rs. 190 in the 4th and 5th policy years respectively.
Free Look Period
In order to find out whether the policy is suitable for them or not, this plan allows its users to go through the terms and conditions of the policy for about 15 days after receiving the papers of the policy provided if the policyholder has not claimed anything.
Exclusions
When it comes to cases such as suicides committed within one year of policy issuance, 80% of the single premium paid is refundable.
Required Documents
To take the policy, you need to fill the Application form and submit the required medical details.
You may also Compare: Kotak Life Investment Plan
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Insurers Offering Investment Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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