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  • Kotak Gramin Bima Yojana Plan

    Kotak Life Insurance

    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.

    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 15th 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
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