Kotak Gramin Bima Yojana Plan

Overview

The Kotak Gramin Bima Yojana is a life insurance plan meant especially for the rural populace. This is an affordable term plan that is available in a single premium mode and offers both death and maturity benefits.

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Eligibility Conditions of Kotak Gramin Bima Yojana Plan

Entry Age	Minimum – 18 years Maximum – 45 Years
Maturity Age	Maximum – 60 years
Annual Premium	Minimum – Rs.1,500 Maximum – Rs.20,000
Death Sum Assured	Minimum – Rs.7,500 Maximum – Rs.1,00,000
Maturity Sum Assured	Minimum – Rs.3,000 Maximum – Rs.40,000

Key Features of Kotak Gramin Bima Yojana Plan

Type	Traditional Endowment plan
Coverage	Death Benefit – In the event of death of life insured during policy term, the beneficiary shall receive Sum Assured on Death, which is equal to 500% of Single Premium paid. Maturity Benefit – 200% of Single Premium paid will be paid out as Sum Assured on Maturity of the plan. Surrender Benefit – Policy holder may surrender the plan before maturity. He/she shall be eligible for the following surrender values as per Single Premium (SP) paid: Year 1 – NA Year 2 – 70% of SP Year 3 – 70% of SP Year 4 – 90% of SP Year 5 – 95% of SP Year 6 – 100% of SP Year 7 – 105% of SP Year 8 – 110% of SP Year 9 – 115% of SP Year 10 – 120% of SP Year 11 – 125% of SP Year 12 – 130% of SP Year 13 – 145% of SP Year 14 – 160% of SP Year 15 – 180% of SP
Basis	Individual
Premium paying term	15 years (fixed)
Premium paying modes	Single
Payout period	7 PPT – 8 annual payouts, beginning from the end of 8th policy year 10 PPT – 10 annual payouts, beginning from the end of 11th policy year 15 PPT – 15 annual payouts, beginning from the end of 16th policy year
Renewability	NA
Loans	NA
Suicide Exclusion	80% of Single Premium paid will be returned to nominee if policyholder commits suicide within 1 year of date of issue of policy.
Free Look Period	15 days free look period is offered (30 days if policy sold through distance marketing) wherein a policyholder may return the policy if he/is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Advantages of Kotak Gramin Bima Yojana Plan

Tax Benefits	Tax benefits are available under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Service tax shall be applicable over and above premium paid.
Riders	Information unavailable

How Does The Plan Work?

Let’s say you want to invest Rs.10,000 in the Kotak Gramin Bima Yojana for the fixed term of 15 years. Your benefits will be as follows:

Single Premium	Rs.10,000
Maturity Benefit at the end of 15^th year	Rs.20,000
Death Benefit during policy term	Rs.50,000
Surrender Benefit	Year 1 – NA Year 2 – Rs.7,000 Year 3 – Rs.7,000 Year 4 – Rs.9,000 Year 5 – Rs.9,500 Year 6 – Rs.10,000 Year 7 – Rs.10,500 Year 8 – Rs.11,000 Year 9 – Rs.11,500 Year 10 – Rs.12,000 Year 11 – Rs.12,500 Year 12 – Rs.13,000 Year 13 – Rs.14,500 Year 14 – Rs.16,000 Year 15 – Rs.18,000

Disclaimer

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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