KOTAK LIFE INSURANCE

The Kotak Gramin Bima Yojana is an insurance plan that not only covers your life but also gives a complete safety to your family and ensures that your money works hard for you and generates returns. The plan lets you pay a one-time premium so that you need not worry about remembering to make annual payments

Life is about change and you will want to be prepared for it. At OM Kotak Mahindra, we understand your need to protect your loved ones and to provide for a financially independent future.

Presenting the Kotak Gramin Bima Yojana, a plan that takes protects your loved ones against uncertainties and provides you with guaranteed returns, just like your fixed deposit..

This is a non-participating plan.

Who can avail of this plan?

How old do you have to be to avail of this plan?

Minimum age- 18 years
Maximum age- 45 years

For what term can I avail of this plan?

The time limit of this plan is for 15 years

What is the premium that I need to pay ?

Minimum – Rs.200
Maximum – Rs.20,000

What is the maximum age that the plan can cover you till?

70 years

What are the advantages of this plan?

What do you receive on the maturity of the policy?

With the Kotak Gramin Bima Yojana, your money grows 1.5 times on maturity, i.e. you get back 150% of the single premium.

What do the beneficiaries receive in the event of death?

In the event of your death the beneficiary would receive the guaranteed death benefit. Depending upon the year of the event, the death benefit payable is as follows:

First 2 years of the term 100% of the single premium paid

Third year onwards till the 15th year 500% of the single premium paid

What happens if you need money before maturity?

In case of an emergency, where you need your money before the maturity date of the policy, the plan offers you an option to surrender the plan. The surrender value payable is as follows:

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

% of SP NA 80 80 80 80 80 80 90 90 90 90 100 110 120 135

Are there any tax benefits?

Yes, the premiums paid under the plan will qualify for a deduction under Sec.80C and the maturity proceeds are fully exempt under Sec 10(10 D).

How does the plan work?

Ramu Singh wants to invest in a plan that gives him high returns as well as a life insurance cover. He therefore decides invest Rs. 5000 in a Kotak Gramin Bima Yojanafor the term of 15 years.

Amount in (Rs.) Initial investment 5000

Guaranteed Maturity Benefit at the end of 15th year 7500

In case of Ramu Singh’s unfortunate death in, lets say, 10th year, his family would receive Rs.25,000.

Prohibition of rebates

Section 41 of the Insurance Act, 1938 states: --
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
(2) Any person making default in complying with the provision of this section shall be punishable with fine, which may extend to five hundred rupees.