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

Details about Premium

The Maturity Benefit depending on age for a fixed premium of Rs.200

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.

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