| 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.
The Kotak Gramin Bima
Yojana
The Kotak Gramin Bima Yojana is an insurance
plan that not only covers your life but also ensures
that your money works hard for you and generates
returns. The plan lets you pay a one-time premium
so you are saved the bother of remembering to
make annual payments.
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? |
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?
- The Kotak Gramin Bima Yojana combines the
benefits of a fixed deposit and an insurance
plan.
- Easy one-time premium payments.
- Guaranteed returns on maturity of the plan.
- Increasing death benefit cover.
- No medical tests required.
- 15 day free-look period.
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.
What do you do next?
To find out more about our plans, you can call
us at the numbers mentioned below or e-mail us
lifeexpert@kotak.com.
"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.
Form no.: KGBY01
|
