Kotak Gramin Bima Saving and Investment Life Insurance Plan and Policy
Kotak Gramin Bima Saving and Investment Life Insurance Plan and Policy - 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 - Kotak Gramin Bima Saving and Investment Life Insurance Plan and Policy
Entry Age |
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Maturity Age |
Maximum – 60 years |
Annual Premium |
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Death Sum Assured |
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Maturity Sum Assured |
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Key Features - Kotak Gramin Bima Saving and Investment Life Insurance Plan and Policy
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:
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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 - Kotak Gramin Bima Saving and Investment Life Insurance Plan and Policy
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 |
Kotak Saving and Investment Life Insurance Plans and Policy |
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| Kotak Protection Plans |
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| Kotak Saral Suraksha Protection Plan |
| Kotak Income Protection Plan |
| Kotak Term Protection Plan |
| Kotak Preferred Term Protection Plan |
| Kotak Retirement Plans |
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| Kotak Lifetime Income Plan |
| Kotak Premier Pension Plan |
| Kotak Child Life Insurance Plans |
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| Kotak Headstart Child Assure |