Kotak Smapoorna Bima Micro Insurance Plan

*Please note that the quotes shown will be from our partners

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. 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

Frequently Asked Questions:

Q:  What is the Death Benefit of the plan?

The nominated person gets to receive Rs 5000 in case if the person insured passes away.

Q:  What if I wish to surrender the policy?

The amount paid on surrender depends on upon the time when you would like to surrender your policy. You will receive Rs 190 if you surrender it after 5 years, wherein Rs 140 if you surrender it after a year.

Q:  Will I get any Tax Benefits from the policy?

Tax benefits are defined under Section 80 C and 10(10 D) of the Income Tax Act of 1961. Customers are advised to consult independent tax consultants as the tax law changes with time.

Q:  Is there any Service Tax and Cess applicable on the premium?

The prevailing tax laws will define that whether Service Tax and Cess will be applicable on the premium or not. When it comes to statutory cess, levies, and duties, they might be applied by the Government of India and thus are subjected to changes with time. This is why the Company comes up with statutory charges and thus they tend to either increase the premium or even it reduces the benefits that are offered by the plan.

Q:  What is the suicide benefit of the policy?

In case if the policyholder commits suicide within one year of taking up the policy then 80% of the Single premium will be given to the nominee.

Q:  What is the free look period of the policy?

Users get 15 days to get to know about the policy and decide that whether they wish to continue with the policy or not. This period would extend to 30 days if the policy were taken through online counseling. 

Q:  What are the rules governing nomination and assignment of the plan?

Section 39 of the Insurance Act, 1938 defines the nominations that are allowed under the plan. Moreover, the assignment of the plan is governed by Section 38 of the Insurance Act, 1938 which is subjected to changes with the passage of time.

Q:  Do I need to submit any medical test to take the plan?

No, you do not need to submit a medical test to take this plan.

Q:  What is the age of taking the plan?

If your age lies between the age group of 16 -55 years then you are eligible to take up the policy.

Q:  What is the maximum maturity age?

60 years is the maximum age of maturity.

Q:  What is the term of the policy?

5 years

Q:  How many payment options are available on this policy?

This policy offers only single premium payment option.

Q:  Is the premium fixed or flexible?

The premium is Rs. 200 and this is fixed.

Q:  What is the UIN of the plan?

Kotak Sampoorn Bima Micro-Insurance Plan UIN: 107N092V01 and the Form No is N092.