HOME FOR INDIVIDUALS FOR GROUPS POLICY HOLDERS NRI CENTER MEDIA CENTER CAREERS
Customer Corporate Partner
Employees Life Advisor
Online Premium Payment
Become a Life Advisor
Branch Locator

 
Call us at: 1800 209 8800
Mail us at: lifeexpert@kotak.com
SMS KLIFE to 5676788
Home> For Rural>   Kotak Gramin Bima Yojana
Overview
Life is about change and you will want to be prepared for it. At Kotak Life Insurance, 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
 
    Download Brochure    Calculate Premium    Download Forms
FINANCIAL DISCLOSURE   |   DISCLAIMER   |   PRIVACY POLICY   |   IRDA   |   INSURANCE OMBUDSMAN   |   FEEDBACK   |   KOTAK GROUP   |   LIFE INSURANCE COUNCIL
CORPORATE PARTNERS   |   DO NOT CALL REGISTRY   |   CUSTOMER NOTICE ARCHIVES   |   GRIEVANCE REDRESSAL SYSTEM   |   ATI COMPLAINTS
Copyright Kotak Mahindra Group. All rights reserved. Website maintained by Cybermax Solutions
Life insurance gives an individual’s family the financial security needed and protects them from uncertainties and eventualities of life.

ULIPs or Unit Linked Insurance Plans for Kotak Life Insurance gives an individual the security of life insurance along with wealth creation opportunities. One can benefit from flexibility, liquidity, strategic savings, tax benefits and fund options that are inherent in a ULIP.

Retirement Plans from Kotak Life Insurance helps provide an individual with the financial security to lead a comfortable lifestyle in his post retirement years. Make use of the retirement calculator to assess your retirement options wisely.

Savings and Investment Plans from kotak Life Insurance are customized plans that help an individual achieve his / her long-term goals through smart financial planning.

Children Plans from Kotak Life Insurance help an individual secure his / her child’s financial future so that in future the child is able to fulfill every dream and aspiration without any hindrance

Group Life Insurance Plans from Kotak Life Insurance can help address the needs of both employees and employers, to secure their financial future.
Kotak Mahindra Old Mutual Life Insurance Ltd. A joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc.
9th floor, Godrej Coliseum, Behind Everard Nagar, Sion (E), Mumbai - 400 022

All rights reserved. Registered with Insurance Regulatory & Development Authority (IRDA) as Life Insurance Company. Regn. No. 107.
Insurance is the subject matter of the solicitation
Tax benefits available with life insurance are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.