The Kotak Sampoorn Bima Micro Insurance Plan offered by Kotak Life Insurance is a single premium plan that comes with a fixed tenure of 5 years. The Kotak Sampoorn Bima Micro Insurance Plan is designed to meet the needs and requirements of the low income group customers. A fixed maturity benefit will be provided by the Kotak Sampoorn Bima Micro Insurance Plan upon paying a small amount of premium once. However, the payout depends on the age at which the individual avails this insurance scheme. In case of an unfortunate incident where the assured encounters death, an amount of Rs.5,000 will be offered to the nominee for taking care of the immediate requirements.
In order to buy the Kotak Sampoorn Bima Micro Insurance Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Maximum age at entry||55 years|
|Minimum age at entry||18 years|
|Maximum age at maturity||60 years|
|Term of the policy (fixed)||5 years|
Sum Assured – The amount that is be offered to the family of the member, in case of an event where the member encounters permanent disability, critical illness or death is known as sum assured. In case of the Kotak Sampoorn Bima Micro Insurance Plan, the assured sum is Rs.5,000, in the event of unfortunate death of the insured.
Premium – Premium is the amount that you pay at one go or at regular intervals to keep your policy active. In case of the Kotak Sampoorn Bima Micro Insurance Plan, there is only one premium payment option.
|Premium Payment option||Single|
|Premium amount (fixed)||Rs.200|
|Maturity Benefit||In case the insured survives till the date when the policy cover ends, he/she will be able to enjoy the amount depending on their entry age:
|Surrender Benefit||In case the insured individual decides to surrender his/her insurance policy, the amount that will be refunded is given below:
|Death Benefit||In case the assured encounters an event of unfortunate death, the nominee shall get an amount of Rs.5,000 under the Kotak Sampoorn Bima Micro Insurance Plan.|
Suicide Exclusion - In case a member commits suicide, whether insane or sane, 80% of the single premium will paid and the cover will be terminated.
|Free look period||If the policyholder is not satisfied with any of terms mentioned in the policy, then he/she can choose to return the policy within a period of 15 days from the receipt of the policy or Insurance Certificate. Written notice along with reasons for not choosing the policy must be given for returning the cover.|
|Cess and service tax||Cess and service tax is applicable on the premiums and will be deducted accordingly as per the prevalent Income Tax laws.|
Kotak Mahindra is one of the leading financial institutions in India that offers great products and services. All of their products including insurance, investment banking, stock broking, mutual funds, commercial banking, etc. are tailored as per the changing need and requirements of the customers. The Kotak Sampoorn Bima Micro Insurance Plan offered by Kotak Mahindra designed to meet the needs and requirements of the low income group customers. A fixed maturity benefit will be provided by the Kotak Sampoorn Bima Micro Insurance Plan upon paying a small amount of premium once.
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