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Kotak Gramin Bima Yojna Plan

What is the Plan all About?

Kotak Gramin Bima Yojana offers  you the maturity benefits which are guaranteed along with providing the  protection against uncertainties. The plan is a Single Pay plan which  makes the plan all the more convenient. This product will address to the needs of rural and social sector customers.

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What are the Key Features?

  • Convenience of onetime payment – Single Premium
  • Guaranteed payout on maturity or death
  • No medical tests required

What are the Plan Benefits?

Death Benefit

    In the unfortunate event of the life insured  during the policy term, Sum Assured on Death equal to 500% of Single Premium will be payable to the beneficiary.

Maturity Benefit

    At the end of the policy term you will receive the Sum Assured on Maturity which is equal to 200% of Single Premium paid.

Bonus

    The plan is not eligible for Bonus.

Loan Benefit

    No loan facility is available.

Surrender Value

    Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall vary as per he year of surrender.

Tax Benefit

    The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 45 Years
Age at Maturity - 60 Years
Policy Tenure 15 Years -
Premium Paying Term Single Pay -
Premium Paying Mode - -
Premium Amount Rs 1,500 Rs 20,000
Sum Assured - -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders are available with this plan.

How the Plan Works?

Let us understand the plan with an illustration

Ram Singh wants to invest in a plan that gives him maturity benefit as well as a life insurance cover. He therefore decides to invest Rs. 5000 in Kotak Gramin Bima Yojana, for a term of 15 years. In case of Ram Singh's unfortunate death in the 10th policy year, his family would receive Rs. 25,000
 

Kotak Gramin Bima Yojna

 

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