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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 Gramin Bima Yojana is a term plan offered by the Kotak Life Insurance Company. The features and benefits of this plan are highlighted below.
Features
Some of the key features of the plan are mentioned hereunder.
Single premium payment
This plan is a single premium payment insurance plan which implies that the applicants need to make premium payments as a single payment. The premium to be paid on this plan is quite affordable.
Easy access to life insurance
An insurance plan usually requires the applicants to undergo medical tests as per the guidelines of the insurer. Such requirement is foregone under this plan and the investors do not have to submit any medical tests to prove eligibility for this plan.
Assured payout to insured persons or their nominees
The payout under this plan is guaranteed by Kotak Life Insurance to the insured person at the time of maturity or to their nominee in the event of the death of the insured person.
Benefits
This plan is targeted specifically at the rural population who are generally not covered under life insurance. Some key benefits under this plan are given below.
Maturity benefit
At the time of maturity, policyholders get the assured sum which is 200% of the single premium paid.
Surrender value
Customers can surrender the policy in case of immediate need of funds and get a percentage of the sum assured as the surrender value. This percentage depends on the guidelines of the insurer and the year of surrender.
Death benefit
The death benefit under this plan is 500% of the single premium paid. This amount is paid to the legal heir of the customer nominated at the time of taking the policy.
Final Thoughts
The Kotak Gramin Bima Yojana is a great starter life insurance plan for the rural population who don’t have any other life cover. The single premium makes it attractive to low-income earners as they don’t have to pay premiums periodically.
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