Kotak Gramin Bima Yojana Plan – The maturity benefits of the Kotak Gramin Bima Yojana are guaranteed, and it also offers protection against unpredictability. Because it is a Single Pay plan, the plan is even easier to use. Customers from the social sector and rural areas will benefit from this product. Beginning with the second policy year, the policyholder is permitted to surrender it. Depending on the year of surrender, the surrender value will be calculated as a percentage of the single premium paid, ranging from 70% to 180%.
Kotak Gramin Bima Yojana, popularly known as KGBY, is a government scheme launched in 2018 to provide financial assistance to the rural households in the country. The scheme aims to promote self-reliance and increase the income of the rural households. In this article, we will cover all you need to know about the plan, from eligibility criteria to the benefits that you can expect. So don’t wait any longer – get prepared for the launch of KGBY 2024!
Kotak Gramin Bima Yojana Plan 2024
If you’re looking to invest in real estate, or want to know more about the Kotak Gramin Bima Yojana plan, then you’ve come to the right place. In this article, we’ll cover everything you need to know about this ambitious housing project, and what it means for investors and home buyers in India. We’ll also give you an overview of the eligibility criteria, the available products, and the procedures you need to take in order to register for the plan. So whether you’re interested in buying a property or just learning more about the Kotak Gramin Bima Yojana plan, read on!
You will receive benefits as the plan matures, as well as protection against unpredictability. The plan is even more convenient because it only requires one premium payment — Single Pay. Customers from the social sector and rural areas will benefit from this product. The Kotak Life Insurance Company offers a term plan called the Kotak Gramin Bima Yojana. This plan’s features and benefits are highlighted below.
Kotak Gramin Bima Yojana Plan 2024 Details
| Name Of Article | Kotak Gramin Bima Yojana Plan 2024 |
| Kotak Gramin Bima Yojana Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Key Features
- It is a single premium plan with low premiums,
- guaranteed maturity and/or death benefits based on premium investment,
- no need for regular medical examinations.
Benefits
- On maturity, the policyholder receives a 200% income tax benefit on the single premium paid in accordance
- Section 80C and on the claims received in accordance with Section 10(10D) of the Income Tax Act.
- The nominee receives a total of 500% of the single premium paid on death.
Eligibility Conditions of Kotak Gramin Bima Yojana Plan
The Kotak Gramin Bima Yojana (KGBY) is a government-sponsored insurance scheme for farmers in India. The scheme offers insurance cover for crops against various risks, including natural disasters and price fluctuations. Eligibility conditions for the scheme include the farmer having a landholding of at least 2 hectares, being aged between 18 and 45 years, and being registered as an agricultural producer with the Agricultural Produce Market Committee (APMC). Here’s a list of other eligibility conditions that you may be interested in.
| Entry Age |
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| Maturity Age | Maximum – 60 years |
| Annual Premium |
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| Death Sum Assured |
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| Maturity Sum Assured |
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Key Features of Kotak Gramin Bima Yojana Plan
Kotak Gramin Bima Yojana (KGBY) is one of the biggest housing schemes in India. It’s a government scheme that aims to provide affordable housing to the middle and lower income groups. The scheme has a number of key features that make it an ideal option for homebuyers. Here are four of the most important ones.
| Type | Traditional Endowment plan | ||||
| Coverage | Death Benefit – Sum Assured on Death, which is equal to 500 percent of the Single Premium paid, will be paid to the beneficiary in the event that the life insured passes away during the policy’s term. Maturity Benefit –On the plan’s maturity, 200% of the single premium paid will be distributed as a sum assured. Surrender Benefit –The plan may be surrendered prior to maturity by the policyholder. Based on the Single Premium (SP) paid, he or she will be eligible for the following surrender values:
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| Basis | Individual | ||||
| Premium paying term | 15 years (fixed) | ||||
| Premium paying modes | Single | ||||
| Payout period | 7 PPT – 8 annual payouts, beginning from the end of 8th policy year 10 PPT – 10 annual payouts, beginning from the end of 11th policy year 15 PPT – 15 annual payouts, beginning from the end of 16th policy year | ||||
| Renewability | NA | ||||
| Loans | NA | ||||
| Suicide Exclusion | If a policyholder takes their own life within one year of the policy’s issuance, the nominee will receive 80 percent of the single premium paid. | ||||
| Free Look Period | If a policyholder does not agree with the plan’s terms and conditions, they can return the policy within 15 days (30 days if sold via distance marketing).
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How Does The Plan Work?
If you’re looking to create a memorable event, then you need to ask the right questions. That’s why we’ve put together this guide on how to plan a successful event. From figuring out your budget to choosing the right venue, we’ll show you everything you need to make your event a success. So whether you’re planning a small party or an elaborate affair, we’ve got you covered!
Let’s say you want to put Rs. 10,000 into the for a 15-year fixed term. The following will be your benefits:
| Single Premium | Rs.10,000 |
| Maturity Benefit at the end of 15th year | Rs.20,000 |
| Death Benefit during policy term | Rs.50,000 |
| Surrender Benefit |
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Who can Buy the Plan?
When you’re ready to retire, the last thing you want to worry about is money. But the reality is that money will be an important part of your Kotak Gramin Bima Yojana plans – and it’s something you need to start thinking about now. That’s why we’ve put together this guide on who can buy a retirement plan. In it, you’ll learn everything you need to know about who can buy a Kotak Gramin Bima Yojana plan, as well as the benefits and restrictions of buying one. Read on to find out who’s eligible!
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 45 Years |
| Age at Maturity | – | 60 Years |
| Policy Tenure | 15 Years | – |
| Premium Paying Term | Single Pay | – |
| Premium Paying Mode | – | – |
| Premium Amount | Rs 1,500 | Rs 20,000 |
| Sum Assured | – | – |
| Freelook Period | 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | – |
| Grace Period | 30 Days & 15 Days (for Monthly Mode) | – |
| Plan Type | Offline | – |
How the Plan Works?
Welcome to our blog series on the plan! In this series, we’ll be discussing different aspects of the plan, and what you can do to put it into action. First up, we’ll discuss why the plan is so important, and what its benefits are. After that, we’ll talk about what each section of the plan entails, and give you tips on how to put it into practice. Finally, we’ll wrap up with a summary of the series and provide some tips on how to continue developing your plan. So without further ado, let’s get started!
Let us understand the plan with an illustration
Ram Singh wants to put his money into a plan that gives him a maturity benefit and life insurance coverage at the same time. As a result, he chooses to put Rs.5,000 in the Kotak Gramin Bima Yojana, with a 15-year term. In the unfortunate event that Ram Singh passed away during the tenth policy year, his family would receive Rs.25,000
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