What are the benefits of the Kotak Sampoorn Bima Micro Insurance Plan and who is eligible for it?

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,

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.

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.

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.