Kotak Gramin Bima Yojna Plan

What is the Plan all About?

Kotak Gramin Bima Yojana offers you the maturity benefits which are guaranteed along with providing the protection against uncertainties. The plan is a Single Pay plan which makes the plan all the more convenient. This product will address to the needs of rural and social sector customers.

What are the Key Features?

Convenience of onetime payment – Single Premium
Guaranteed payout on maturity or death
No medical tests required

What are the Plan Benefits?

Death Benefit

In the unfortunate event of the life insured during the policy term, Sum Assured on Death equal to 500% of Single Premium will be payable to the beneficiary.

Maturity Benefit

At the end of the policy term you will receive the Sum Assured on Maturity which is equal to 200% of Single Premium paid.

Bonus

The plan is not eligible for Bonus.

Loan Benefit

No loan facility is available.

Surrender Value

Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall vary as per he year of surrender.

Tax Benefit

The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	45 Years
Age at Maturity	-	60 Years
Policy Tenure	15 Years	-
Premium Paying Term	Single Pay	-
Premium Paying Mode	-	-
Premium Amount	Rs 1,500	Rs 20,000
Sum Assured	-	-
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days & 15 Days (for Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No riders are available with this plan.

How the Plan Works?

Let us understand the plan with an illustration

Ram Singh wants to invest in a plan that gives him maturity benefit as well as a life insurance cover. He therefore decides to invest Rs. 5000 in Kotak Gramin Bima Yojana, for a term of 15 years. In case of Ram Singh's unfortunate death in the 10th policy year, his family would receive Rs. 25,000

Kotak Gramin Bima Yojna