Kotak Sampoorn Bima Micro Insurance Plan

Overview

Money is the ultimate survival tool in today’s fast paced world. Having a stash of cash is your safety net, and a way for you to ensure your family lives the best possible kotak life you can give them. But what if one day you are rendered unable to earn an income? What if the worst comes to pass and you are no longer able to care for your family and provide for them financially? The is designed to cater to the lower income segment, and .

Eligibility Conditions of Kotak Sampoorn Bima Micro Insurance Plan

Entry Age

Minimum: 18 years.

Maximum: 55 years.

Maturity Age

Maximum: 60 years.

Policy Term

5 years (fixed).

Minimum Sum Assured

Rs.5,000 as a death benefit.

Key Features of Kotak Sampoorn Bima Micro Insurance Plan

Type

Single premium fixed term micro-insurance plan.

Basis

Individual

Coverage

  • Death Benefit

In the event of the death of the life insured during the policy term, the death benefit payable to the nominee is the Sum Assured on Death – Rs.5,000. At any time and under any circumstances, the death benefit will be a minimum of 1.25 times the Single Premium paid (i.e. Rs.250).

  • Maturity Benefit

Maturity benefits as under:

Entry Age

18 – 25

26 – 40

41 – 55

 

Rs.310

Rs.300

Rs.275.

Premium range

Fixed one-time premium of Rs.200.

Premium paying term

One time premium payment.

Premium paying frequency

One time. At the start of the policy.

Surrender Value

Surrender Benefit

Upon surrendering the policy at any time during the policy term, this amount will be paid back:

Policy year

1

2

3

4

5

Surrender benefit

Rs.140

Rs.140

Rs.140

Rs.180

Rs.190

Freelook period

Customers can, if unsatisfied with any of the provisions or terms and conditions of the policy, return the policy within 15 days (30 days if the policy is issued under IRDA guidelines on distance marketing channels) from the policy receipt. The premium paid will be refunded after subtracting expenses of medical examinations, stamp duty charges and proportionate premium for the risk of covering the customer for that period.

Grace period

One time premium policy, does not have a grace period.

Reinstatement

One time premium policy which does not cease coverage, hence no reinstatement clause.

Exclusion

If the insured person commits suicide within one year of the instatement of the policy, the nominee will be entitled to 80% of the single premium paid.

Advantages of Kotak Sampoorn Bima Micro Insurance Plan

Tax benefit for premium

This plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961. It should be noted that the tax benefit is subject to the conditions and terms and conditions mentioned in the Act.

Premium Payment

This plan only requires a one-time premium payment of Rs.200.

Riders

There are no additional riders available with this insurance plan.

How The Plan Works

Mr. Fateesh, a 30-year-old farmer opts for the Kotak Sampoorn Bima Micro Insurance Plan on the 1st of January, 2015.

Sum Assured – Rs.5,000.

Policy Term – 5 years.

Premium – Rs.200.

Premium Payment Term – One time.

Premium Frequency – One time.

Survival Benefits – Rs.300.

Mr. Fateesh can expect a survival benefit of Rs.300 at the end of his policy term of 5 years. If he dies, his family will get the guaranteed death benefit of Rs.5,000.

*Rates are subject to change. Please contact the company to get the rates applicable at the time of policy purchase.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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