The Gramin Bima Yojana plan from Kotak Mahindra Old Mutual Life Insurance Ltd. is designed to provide customers protection against maturities along with the benefits on the maturity of the policy. It is a relatively convenient insurance plan considering that there is only a single premium to be paid. The plan is introduced especially to meet the requirements of social sector and rural customers. In case of the untimely and unfortunate demise of the policyholder or life assured, the Kotak Gramin Bima Yojana plan also pays out a death benefit to the beneficiary. No medical tests are required to purchase the Kotak Gramin Bima Yojana.
To be eligible to purchase the Kotak Gramin Bima Yojana, the individuals must be of a minimum age, and the maximum entry age and the age at maturity must also be adhered to. Following are the eligibility criteria to purchase a Kotak Gramin Bima Yojana:
|Plan Type||Single Premium Guaranteed Return Life Insurance Plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||45 years|
|Maximum Age at Maturity||60 years|
|Policy Term||15 years (fixed)|
Following are the sum assured and premium details of the Kotak Gramin Bima Yojana:
|Premium Levels||Minimum: Rs.1,500 Maximum: Rs.20,000|
|Levels for Sum Assured on Death||Minimum: Rs.7,500 Maximum: Rs.1,00,000|
|Levels for Sum Assured on Maturity||Minimum: Rs.3,000 Maximum: Rs.40,000|
|Premium Payment Option||Single|
*Premiums vary based on age, location, plan term and other factors
Note: Sum assured on maturity will be 200% of Single Premium and sum assured on death will be 500% of single premium paid under the Kotak Gramin Bima Yojana.
Following are the benefits offered by the Kotak Gramin Bima Yojana:
|Death Benefit||In case of the unfortunate demise of the life assured over the course of the policy term, the sum assured on death will be 500% of the single premium which will be paid to the beneficiary.|
|Maturity Benefit||In case the life assured survives the duration of the policy term, he/she will be eligible for a maturity benefit which will be the equivalent of 200% of the single premium.|
Following are some of the other key features of the Kotak Gramin Bima Yojana:
|Surrender Benefit||In case a customer wishes to surrender the policy prior to the date on which the policy matures, the Kotak Gramin Bima Yojana will offer a surrender benefit, which will be the Guaranteed Surrender Value. The Guaranteed Surrender Value will be a percentage of the single premium paid, and will depend on the policy year in which the policy is surrendered. Following is the percentage you will receive for surrendering the Kotak Gramin Bima Yojana plan in a particular year: 1st year: N/A 2nd year: 70% 3rd year: 70% 4th year: 90% 5th year: 95% 6th year: 100% 7th year:105% 8th year: 110% 9th year: 115% 10th year: 120% 11th year: 125% 12th year: 130% 13th year: 145% 14th year: 160% 15th year: 180%|
|Free Look Period||Customers who purchase the Kotak Gramin Bima Yojana policy have the option to return it within 15 days if they are not satisfied with the terms and conditions of the same. In case the policy is purchased through a Distance Marketing Channel, the free look period will extend to 30 days from the date on which the policy was purchased.|
|Assignment||Assignment under the Kotak Gramin Bima Yojana should comply with provisions of Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination under the Kotak Gramin Bima Yojana should comply with the provisions of Section 39 of the Insurance Act, 1938.|
In case the life assured commits suicide within one year from the date on which the policy was issued, 80% of the single premium will be payable to the beneficiary.
The Kotak Gramin Bima Yojana offers tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
A joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc, Kotak Mahindra Old Mutual Life Insurance Ltd. has grown into one of India’s biggest and best insurance providers. The company offers a multitude of products that have been designed keeping in mind the extensive requirements of a diverse customer base. Apart from the fact that the company offers products that are sure to meet your financial requirements, you can also be assured that its customer service, which operates round the clock, will help in resolving any issues you may face or concerns you may have regarding their products.
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