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Kotak Sampoorn Bima Micro-Insurance Plan and Policy

Kotak Sampoorn Bima Micro-Insurance Plan and Policy - 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 Kotak Sampoorn Bima Micro Insurance Plan is designed to cater to the lower income segment, and provide a benefit to the surviving members of their families.

Eligibility - Kotak Sampoorn Bima Micro-Insurance Plan and Policy

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 - Kotak Sampoorn Bima Micro-Insurance Plan and Policy

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 - Kotak Sampoorn Bima Micro-Insurance Plan and Policy

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 - Kotak Sampoorn Bima Micro-Insurance Plan and Policy

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

Riders - Kotak Sampoorn Bima Micro-Insurance Plan and Policy

There are no additional riders available with this insurance plan.

Kotak Saving and Investment Life Insurance Plans and Policy

 

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Kotak Sampoorn Bima Micro-Insurance Plan
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