Kotak Smapoorna Bima Micro Insurance Plan

Kotak Sampoorna Bima Micro Insurance Plan is a plan specially designed for the backwards or low-income sections of the society as it is available to them at affordable rates in order to take care of their insurance needs. It is a single premium plan with a term of 5 years.
Kotak Sampoorna Bima Micro Insurance Plan is non-participating and a non-unit linked endowment assurance plan.

4.8^~ Rated
7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

Investment Plans

Guaranteed Tax Savings^Under sec 80C & 10(10D)
Under sec 80C & 10(10D)Invest ₹10k Per Month*
Zero LTCG Tax^

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Get Guaranteed returns along with life cover

invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

The user needs to pay a small premium once, and they get to leverage its maturity benefit which depends on the age of the policyholder at the time of taking up the policy. On the occurrence of any unfortunate event, such as the death of the insured during the policy term then the nominee gets Rs 5,000 so as to help them meet their immediate expenses.

Kotak Sampoorna Bima Micro Insurance - Key Features

It is a Single Premium plan with low premiums
Guaranteed Maturity and /or death benefits
The premium amount is fixed, and the Maturity Benefit depends up on the policyholder’s entry age
No medical check-up required

Kotak Sampoorna Bima Micro Insurance - Benefits

The nominee gets a fixed sum of Rs. 5000 on death of the policyholder
On maturity, the benefit depends on the entry age of the policyholder is paid
The policyholder gets to avail Income tax benefits on the premiums paid and claims as per section 80 C and 10 (10 D) defined under Income Tax Act.

Kotak Sampoorna Bima Micro Insurance - Product Details

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	55 years
Maturity Age (Last Birthday)	-	60 years
Policy Term (PT) in years	5
Premium Paying Term (PPT) in years	Single Pay
Yearly Premium	200

Details about Premium

The Maturity Benefit depending on age for a fixed premium of Rs.200

Age	18 – 25 years	26 – 40 years	41 – 55 years
Maturity Benefit	310	300	275

Kotak Sampoorna Bima Micro Insurance - Policy Description

Grace Period: grace period is not applicable

Surrender Benefit or Termination: Policyholder is allowed to surrender the policy any time where upon, a fixed amount called Surrender Value will be paid. The Surrender Value is Rs. 140 for the first 3 years and Rs. 180 and Rs. 190 in the 4th and 5th policy years respectively.

Free Look Period

In order to find out whether the policy is suitable for them or not, this plan allows its users to go through the terms and conditions of the policy for about 15 days after receiving the papers of the policy provided if the policyholder has not claimed anything.

Exclusions

When it comes to cases such as suicides committed within one year of policy issuance, 80% of the single premium paid is refundable.

Required Documents

To take the policy, you need to fill the Application form and submit the required medical details.

You may also Compare: Kotak Life Investment Plan

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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