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.

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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

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

60 years

Policy Term (PT) in years

5

Premium Paying Term (PPT) in years

Single Pay

Yearly Premium

200

 

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

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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