Kotak Gramin Bima Yojana
Kotak Life Insurance is one of the leading service providers of India in the insurance sector. They offer a wide range of insurance plans across categories. To help people prepare well for the various future uncertainties, they offer a number of savings and investment plans. One such plan is Kotak Gramin Bima Yojana Insurance Plan.
Specifically designed for limited income individuals who belong to rural and social sector groups, this insurance plan provides the customers with financial protection against various contingencies along with many benefits. Basically, this policy is an upgraded version of Kotak Sampoorna Bima Micro Insurance Plan.
Features
Kotak Gramin Bima Yojana is a single payment plan offered by Kotak Life Insurance Company. Some of its key features are mentioned here:
- Single Premium Plan:This insurance plan is a single premium plan with affordable premiums. The ease of paying the premiums amount only one time or single pay feature makes this insurance plan more convenient.
- Guaranteed Payouts: Assured payouts are provided by Kotak Life Insurance when a customer chooses to buy Kotak Gramin Bima Yojana. This benefit is provided at the end of the policy term or on the unexpected demise of the policy owner. These payouts are given along with other accrued bonuses (if any).
- Easy to Purchase Plan:Generally, medical examination and certain tests are mandatory to buy a life insurance plan. However, this step is eliminated with this option. One can buy this plan without much hassle as it does not require any medical examination or tests.
Benefits
Kotak Gramin Bima Yojana Plan is specially meant for the rural populace. Thus affordable term plan is provided with just one time premium payment to offer the following benefits to the insured:
- Maturity Benefit:After the completion of the policy term (I.e. at the time of maturity), the policyholder will get the sum assured amount of 200% of the single premium paid by them.
- Death Benefit:In the case of unfortunate death of the policy owner during the policy tenure, the sum assured amount on death which is equal to 500% of the single premium paid. It is provided by the insurer to the legally appointed heir.
- Surrender Value or Benefit: In case there is an immediate need for money or any other emergency, the insured can surrender their policy before the maturity date. After surrendering the insurance policy, they will get a Guaranteed Surrender Value or GSV. This value is a percentage of the single premium. The surrender value may vary, depending on the surrender year.
Refer to the table below to learn more:
| Year of Policy Surrender | Guaranteed Surrender Value as a Percentage of Single Premium |
| 1 | NA |
| 2 | 70% |
| 3 | 70% |
| 4 | 90% |
| 5 | 95% |
| 6 | 100% |
| 7 | 105% |
| 8 | 110% |
| 9 | 115% |
| 10 | 120% |
| 11 | 125% |
| 12 | 130% |
| 13 | 145% |
| 14 | 160% |
| 15 | 180% |
Income Tax Benefit: An individual may avail tax benefits under sections 10 (10D) and 80C of the Income Tax Act, 1961. This particular benefit is subject to terms and conditions specified in the sections. Also, these benefits are subject to change or amendment. Whenever there is a change in the tax law, there will be a change in your tax benefit too.
Eligibility
| Particular | Details |
| Entry age | 18 – 45 years |
| Premium Payment Option | Single payment |
| Premium Amount | Rs. 1,500 – Rs. 20,000 |
| Policy Term | 15 years (fixed) |
| Maturity Age | 60 years |
| Sum Assured |
|
How Does this Insurance Plan Works?
Look at the following example to know how this plan actually works:
Rakesh lives in a rural area and wants to buy an insurance plan that can give him life cover along with additional benefits i.e. maturity benefits and death benefits. He therefore decides to buy Kotak Gramin Bima Yojana insurance plan for 15 years policy term.
If the single premium amount of this plan is Rs. 5,000, he will get Rs. 10,000 as maturity benefit at the end of the policy term which is actually 200% of the single premium paid.
In case Rakesh dies in the 10th year of the policy term or before 15 years, his family will get Rs. 25,000 as death benefits. This benefit is 500% of the single premium paid.
Calculate Kotak Gramin Bima Yojana Premium Online
Here are the steps to calculate the premium:
- Visit the official website of Kotak Life, https://insurance.kotak.com/
- Go to ‘Tools & Calculator’ option from the header optionof ‘Insurance Plans’
- Select the product category and product. Product category of Kotak Gramin Bima Yojana is traditional plans
- Press ‘Proceed to BI’ button after selecting the product category and product
- A form will appear on your screen asking for some of your basic details such as name, date of birth, gender, state and city, occupation, email ID, mobile number etc. Fill out all the requested details and press on ‘Continue’
- Cover details along with estimated premium will display on your screen.
Thoroughly read and review everything to make the most of your insurance plan. Please note that this online premium calculator will only show you the rough figure you need to pay towards this insurance plan. The actual amount may slightly increase or decrease.
FAQs
Q1. What happens if a policyholder stops paying premiums?
A policyholder must pay all their premiums on or before the due date to retain the benefits of their insurance plan. When the policy premiums are not paid even within the grace period, the policy will consider or move into paid-up or lapse mode. A lapsed policy means lapsed benefits.
Q2. What grace period is provided by Kotak Life on their insurance plans?
Grace period may differ from one service provider to another. Kotak Life Insurance provides the grace period of 30 days for quarterly, half-yearly and yearly payment. This period is 15 days for monthly premiums.
Q3. How to pay premiums? What are the modes available?
The insurer provides its customers with an online process to make quick and on-time payments. To pay premiums online, here are the steps to follow:
- Go to the official website of Kotak Life
- Choose ‘Pay My Premium’ from the top header bar ‘How Do I’or simply click on this link: https://insurance.kotak.com/how-do-i/pay-my-premium
- Click on ‘Pay Online’. You will get to see 3 payment channels
- Choose your preferred channel to pay the premium amount online.
In addition to online premium payment, Kotak Life Insurance offers the following convenient premium payment options:
- National Electronic Fund Transfer (NEFT)
- Electronic Clearing Services (ECS)
- Standing Instruction
- Direct Debit
- Payment through debit and credit cards*
- Payment through internet banking
- Payment through mobile – Immediate Payment Service (IMPS)
- Kotak Mahindra Bank ATM drop boxes
- Payment through Bill Desk
- Payment at branches
- Electronic bill payment
Q4. What is meant by Waiver of Premiums?
In case of an unfortunate event like accidental disablement, this add-on benefit is provided by the insurer to waive off all the future premiums (on the basic cover and during disability period). Other benefits attached to the insurance policy will remain the same until the maturity date. However, this benefit is a subject of underwriting. Refer to your policy documents or contact relationship manager of Kotak Life for more details.
Q5. How many riders are offered by Kotak Life Insurance?
Riders are an added benefits provided by the insurer on insurance plans. Here are the options provided by Kotak Life:
- Accidental Death Benefit
- Permanent Disability Benefit
- Critical Illness Benefit
- Term Benefit
- Kotak Life Guardian Benefit
- Kotak Accidental Disability Guardian Benefit
Q6. What are the contact details of Kotak Life?
One can connect Kotak Life through various modes:
- Call (Toll-Free):1800 209 8800
- Email:clientservicedesk@kotak.com
- SMS:5676788
SMS-based services can be availed for minor and major changes in the policy. Details of this service have been tabulated below:
| Service | Service Keyword | SMS Format |
| For Registration | REGL | REGL <Policy Number> <Date of Birth> to 5676788 |
| For Renewal Notice | RENOTL | RENOTL <Policy Number> to 5676788 |
| For Premium Due Date and Amount | PREML | PREML <Policy Number> to 5676788 |
| For Premium Certificate | CERTL | CERTL <Policy Number> to 5676788 |
| For NAV and Fund Value as on Date | NAVL | NAVL <Policy Number> to 5676788 |
| For Unit Link Statement | STMTL | STMTL <Policy Number> to 5676788 |