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Kotak Sampoorn Bima Micro Insurance Plan is a micro-insurance plan for low-income earners. The benefits provided under the plan are detailed below.

Benefits of the plan

Customers have to pay a single premium payment of Rs. 200 to get the benefits under the plan. These benefits include maturity benefits, death benefits and surrender benefits. These benefits are highlighted hereunder.

Maturity Benefits

The maturity benefits are provided to the insured person when they survive the policy tenure. The maturity benefits provided are,

Age of entry into the plan

Maturity Benefit (Rs.)

Between 18-25 years

310

Between 26-40 years

300

Between 41-55 years

275

Death Benefits

An amount of Rs.5,000 is immediately paid to the legal heir upon the death of the insured person to meet immediate financial needs. The death benefit at any point is a minimum of 1.25 times the single insurance premium paid

Surrender Benefits

Surrender benefit is provided by the insurance company to the insured person when the policy is surrendered before the completion of the term. The surrender benefit provided is tabled below.

Year of surrender

Surrender benefit provided (Rs.)

Year 1

140

Year 2

140

Year 3

140

Year 4

180

Year 5

190

Tax benefits

Customers are also eligible for tax benefits under section 80C of the Income Tax Act and section 10(10D).

Eligibility for the plan

The eligibility for Kotak Sampoorn Bima Micro Insurance Plan is detailed below.

Particulars

Details

Premium to be paid

Rs. 200

Frequency of premium payment 

Single premium

Policy Tenure

5 years

Applicable entry age

18 years to 55 years

Maturity age

60 years

Final Thoughts 

Kotak Life Insurance has many plans that cater to the specific needs of customers. The Kotak Sampoorn Bima Micro Insurance Plan provides many benefits to the insured individual and his/her family and is pocket friendly for low-income groups.

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