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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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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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