Kotak Child Edu Plan
Kotak Child Edu Plan
Kotak Child Edu Plan is a Money Back Child Plan, which helps to pay for the cost of the child’s education throughout the policy tenure irrespective of the fact whether the parent.
In this plan, premium needs to be paid till the child is 17 years of age. However, the returns start before that. 15% of the Sum Assured is paid when the child is 15 years old, 20% of the Sum Assured is paid when the child is 17 years old and 30% of the Sum Assured is paid when the child is 19 years old. Another 60% of the Sum Assured + accrued Bonuses would be paid on Maturity of the policy, i.e. when the child is 21 years of age to assist higher education cost. Since the money is returned in a staggered but pre-decided form, this plan qualifies to be a Money Back Plan.
However, if the parent dies 200% of the Sum Assured would be paid in a lumpsum to take care of immediate expenses and future premiums are waived and paid by the insurer to ensure that the policy continues to pay the survival benefits for the child’s educational purposes. Accidental Disability Benefit is inbuilt with this plan.
Additional riders can also be opted for to enhance the protection level. Hence this is an overall protection plan to ensure that the child’s education costs are covered under all circumstances.
Key Features
- Thrice Death Benefit is payable in this plan- 200% of Sum Assured would be paid immediately on death + Future Premiums waived off + Future Benefits and Bonuses to be payable.
Benefits
In case of death of the Life Insured, the nominee
- 200% of Sum Assured would be paid immediately on death +
- Future Premiums waived off and paid by the insurer+
- Survival Benefits to be payable +
- Reversionary Bonus + Terminal Bonus + Future Reversionary Bonus would be payable
The Life Insured would receive the following Survival Benefit
|
Age of Child |
Survival Benefit |
|
When the Child is 15 years old |
15% of Sum Assured |
|
When the Child is 17 years old |
20% of Sum Assured |
|
When the Child is 19 years old |
30% of Sum Assured |
At the maturity of the policy, the insured will get 60% of the Sum Assured + accrued Reversionary Bonus + Terminal Bonus + Future Reversionary Bonus.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
There are 3 additional riders available in this plan
- Term Benefit/ Preferred Term Benefit
- Accidental Death Benefit
- Permanent Disability Benefit
And 2 in built riders
- Premium Waiver Benefit
- Accidental Disability Benefit
Eligibility
|
Minimum |
Maximum |
|
|
Sum Assured (in Rs.) |
2,00,000 |
No Limit |
|
Policy Term (in years) |
11 |
21 |
|
Premium Payment Term (in years) |
17 - Entry Age of Child |
|
|
Entry Age of Life Insured (in years) |
18 |
64 |
|
Entry Age of Child (in years) |
0 |
10 |
| Age at Maturity of Life Insured (in years) |
29 |
75 |
|
Age at Maturity of Child (in years) |
21 |
|
|
Premium (in Rs.) |
Based on Sum Assured |
|
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly |
|
FAQs
What happen if you stop paying the premium ?If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured.
What happen if you want to surrender the policy ?There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
What happen if you want a loan against your policy ?Loan facility is available under this policy
