Kotak Sampoorn Bima Micro-Insurance Plan –The Kotak Sampoorna Bima Micro Insurance Plan is a plan that caters specifically to the backward or low-income segments of society because it is available to them at cost-effective rates to meet their insurance requirements. It has a five-year term and a single premium. Kotak Sampoorna Bima Miniature Protection Plan is non-partaking and a non-unit connected blessing confirmation plan. The user only has to pay a small initial premium to take advantage of the maturity benefit, which is based on the policyholder’s age at the time of purchase. The nominee receives Rs 5,000 to assist with immediate expenses in the event of any unfortunate event, such as the insured’s death during the policy term.
Are you looking for affordable insurance? Kotak Sampoorn Bima has got you covered! With our Micro-Insurance Plan 2023, you can get coverage for a variety of risks, including personal, property, and liability. Plus, our plan is easily accessible and flexible – you can choose the amount of coverage that’s right for you. So whether you’re new to the world of insurance or just need a little protection, our Micro-Insurance Plan 2023 is perfect for you. Give us a call today to learn more!
Kotak Sampoorn Bima Micro-Insurance Plan 2023
This plan has a single premium and a fixed policy term of five years. This insurance policy is made to meet the various requirements of low-income group customers. The premium for this insurance plan can be as low as Rs. 200, and it will provide the insured with benefits at a certain and fixed maturity. However, a number of factors are crucial in determining this benefit.
The Kotak Sampoorn Bima Micro Insurance Plan is a single-premium policy with a fixed term of five years designed to meet the requirements of customers with low incomes. In the unfortunate event of the Life Insured’s death during the policy term, this plan will provide a fixed maturity benefit, based on the Life Insured’s age at entry, for a small one-time premium of Rs. The nominee will receive $5,000 to meet the immediate needs.
Kotak Sampoorn Bima Micro-Insurance Plan 2023 Details
In the fast-paced world of today, money is the ultimate survival tool. Your safety net and a means of ensuring that your family has the best possible kotak life are provided for by having a cash reserve. But what if one day you lose your ability to earn a living? What if the worst happens and you are unable to financially support your family and care for them? The is intended for people with lower incomes.
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Kotak Life Insurance: A Brief Synopsis
Kotak Life Insurance Company, formerly known as “Kotak Mahindra Old Mutual Life Insurance Ltd.,” is one of the service providers in this industry that is expanding at the fastest rate. Plans for protection, retirement, savings and investments, and child plans are the categories that encompass their offerings. In this section, we’ll talk about the Kotak Sampoorn Bima Micro Insurance plan; advantages, characteristics, eligibility, etc.to help you better understand this plan and make a better purchase of it.
|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 of Kotak Sampoorn Bima Micro Insurance Plan
|Type||Single premium fixed term micro-insurance plan.|
The Sum Assured on Death – Rs.5,000 will be paid to the nominee if the life insured passes away during the policy’s term.
Maturity benefits as under:
|Entry Age||18 – 25||26 – 40||41 – 55||Rs.310||Rs.300||Rs.275.|
|Entry Age||18 – 25||26 – 40||41 – 55|
|premium range||Fixed one-time premium of Rs.200.|
|paying term||One time premium payment.|
|Premium paying frequency||One time. At the start of the policy.|
|Surrender Value||Surrender Benefit
This amount will be returned if the policy is surrendered at any time during the policy term:
|Freelook period||Within 15 days of receiving the policy, customers who are dissatisfied with any of its provisions or terms and conditions may return it (30 days if the policy is issued in accordance|
|Grace period||One time premium policy, does not have a grace period.|
|Reinstatement||Policy with a one-time payment that does not end coverage, so there is no reinstatement clause.|
|Exclusion||The nominee will be entitled to 80% of the single premium paid in the event that the insured person takes their own life within one year of the policy’s issuance.|
|Tax benefit for premium||Under the Income Tax Act of 1961, sections 80C and 10D, this plan provides tax advantages.|
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