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 |
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 benefits as under:
|
||||||||||||
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:
|
||||||||||||
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 |
|
| Kotak Protection Plans |
|---|
| Kotak Saral Suraksha Protection Plan |
| Kotak Income Protection Plan |
| Kotak Term Protection Plan |
| Kotak Preferred Term Protection Plan |
| Kotak Retirement Plans |
|---|
| Kotak Lifetime Income Plan |
| Kotak Premier Pension Plan |
| Kotak Child Life Insurance Plans |
|---|
| Kotak Headstart Child Assure |