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Kotak Child Advantage plan

 
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Home> For Individuals> Child Plans> Kotak Child Advantage Plan
Overview
The Kotak Child Advantage Plan is an investment plan designed to meet your child's future financial needs. It's a plan that gives your child the "azaadi" to realize his dreams. This is a participating plan.
 This plan is ideal for you...
  • If you have child below 17 years and are looking forward to planning his/her future.
  • If you want to ensure that your child is secure even if you are no longer able to support him/her.
 Advantages
  • On maturity you would receive the higher of the basic sum assured or the Accumulation Account*.
  • The amount available in the Accumulation Account is invested in various financial instruments (as per IRDA regulations) so your money works hard to earn more for your child.
  • The Automatic Cover Maintenance facility ensures the policy remains in force even if you miss premium payments. This facility is available after full premiums for the first three years are paid.
  • You can take a loan against this plan, after the policy has been in force for at least three years.
  • You have the option of paying premiums quarterly, half yearly or yearly.
  • You have the benefit of a 15 day free look period.
*Accumulation Account is your personal account in which the premiums that you pay are deposited, The return declared every year is added and risk and expense charges are deducted.
 Key Features
Bonus
The premiums paid by you net of charges are credited in the Accumulation Account and invested as per IRDA norms. Being a participating plan, the returns as per declared (bonus) are credited to this account. Our team of prudent investment managers will ensure that your money continues to work hard and get you compounding bonuses, year after year.
Waiver of Premium
To ensure that the policy remains in force in case of any unforeseen event, two optional riders: Life Guardian Benefit (LGB – UIN No: 107C012V01) and Accidental Disability Guardian Benefit (ADGB – UIN No: 107C011V01) may be attached. The premiums for the policy will be waived in case of death of the proposer (premium payer) orin case of his permanent disability.

Thus, attaching the riders gives you the added comfort that even if something were to happen to you, your child’s future is secured.

Please refer to the rider write up for details.
Term / Preferred Term Benefit
In the event of unfortunate death of the premium payer, the sum assured under this benefit would be paid out immediately to tide over the financial emergency.
Maturity Benefit
The higher of the basic sum assured or the Accumulation Account will be paid on Maturity.
Death of Parent (Premium Payer)
In case the parent has opted for the Life Guardian Benefit (LGB), all future premiums on the policy would be waived and the policy will continue till maturity. On maturity, the beneficiary would be entitled the higher of the basic sum assured or the Accumulation Account.
Death of Life Insured
  • If the policy has been in force for five years or if the life insured was at least 18 years old, the beneficiary will receive either the sujm assured or Accumulation Account whichever is higher, as on the date of death.
  • If the death occurs within five years from commencement of policy and if the insured was less than 18 years old, the death benefit would be either the total of all premiums paid (excluding rider premiums) so far or the surrender value at that time, whichever is higher.
 Tax Benefits
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. Tax benefits are subject to change in tax laws. You are advised to consult your tax advisor for details.
For more details on terms and conditions please download the product brochure. UIN No.: 107N008V01
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Life insurance gives an individual’s family the financial security needed and protects them from uncertainties and eventualities of life.

ULIPs or Unit Linked Insurance Plans for Kotak Life Insurance gives an individual the security of life insurance along with wealth creation opportunities. One can benefit from flexibility, liquidity, strategic savings, tax benefits and fund options that are inherent in a ULIP.

Retirement Plans from Kotak Life Insurance helps provide an individual with the financial security to lead a comfortable lifestyle in his post retirement years. Make use of the retirement calculator to assess your retirement options wisely.

Savings and Investment Plans from kotak Life Insurance are customized plans that help an individual achieve his / her long-term goals through smart financial planning.

Children Plans from Kotak Life Insurance help an individual secure his / her child’s financial future so that in future the child is able to fulfill every dream and aspiration without any hindrance

Group Life Insurance Plans from Kotak Life Insurance can help address the needs of both employees and employers, to secure their financial future.
Kotak Mahindra Old Mutual Life Insurance Ltd. A joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc.
9th floor, Godrej Coliseum, Behind Everard Nagar, Sion (E), Mumbai - 400 022

All rights reserved. Registered with Insurance Regulatory & Development Authority (IRDA) as Life Insurance Company. Regn. No. 107.
Insurance is the subject matter of the solicitation
Tax benefits available with life insurance are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.