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Kotak Life Insurance has introduced two new child plans ‘Child Edu Plan’ and ‘Child Future Plan’ to help parents make financial arrangements in advance for their child’s future needs.
Kotak Child Edu Plan is tailor-made for children up to 10 years of age, while Kotak Child Future Plan is designed for children between 11 to 15 years of age.
Features of Kotak Child Edu Plan:
.Defined benefits – ‘Edu Boosters’ at ages 15, 17, 19 and 21 years
.On Maturity, 60% of Sum Assured + Bonus is paid
Read a detailed review of Kotak Child Edu Plan
Features of Kotak Child Future Plan:
.Defined benefits – ‘Future Boosters’ at ages 23 and 25 years
.Premium needs to be paid for fixed period of 10 years
.Returns start when the child is 23 years old
.On Maturity, when the child is 25 years old, 110% of Sum Assured + Bonus is paid
Read a detailed review of Kotak Child Future Plan
Both the child plans offer an enhanced protection in the unfortunate event of death of life insured (parent, grandparent etc). In case the life insured dies during the policy term, the company immediately pays 200% of Sum Assured, all future premiums are waived off and the policy continues as planned. In addition to this, the insurer pays Edu Boosters as scheduled, accrued revisionary bonus plus any other bonuses (if any) on plan maturity.
Also in case of a disability due to any accident, future payments are waived off, the policy continues as planned, Edu Boosters paid as scheduled, and bonuses (if any) are payable.