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Kotak Child Advantage Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Kotak Child Advantage Plan

Kotak Child Advantage Plan is a Traditional Participating Child Plan. In this plan, the life of the Child is insured and it helps to save up for the child’s future requirement like higher education, wedding, etc.

The premiums paid, after deduction of charges, are credited in the Accumulation Account and invested as per IRDA norms. Since this is a participating plan, i.e. with Bonus facility, the returns as per declared (i.e. Bonus) are credited to the Accumulation Account. If the parent dies within the policy tenure, the policy continues since the life of the child is insured. However, if Life Guardian Benefit rider has been taken, then the premiums are paid by the company. However if the child dies within the policy tenure, then the Death Benefit is paid and the policy is terminated. If the child survives till the policy maturity, higher of Sum Assured or Accumulation Amount is paid as Maturity Benefit.

 

Key Features of Kotak Child Advantage Plan

  • This is  a Traditional Child Plan where the life of the child is insured.
  • The Death or the Maturity Benefit is the higher of Sum Assured or Accumulation Amount.
  • Accumulation Account = Amount invested in various financial instruments (as per IRDA regulations).
  • This plan provides for Automatic Cover Maintenance facility which ensures that the policy remains in force even if you miss premium payments after the first 3 year premiums have been paid.
  • There are 2 additional riders with this plan.
  • Bonus is available with this plan. 


COMPARE THIS PLAN WITH OTHER CHILD PLANS

 

Benefits you get from Kotak Child Advantage Plan

Death Benefit –

·         In case of death of the parent, the policy continues since the child is the Life Insured. However, if the Life Guardian Benefit rider has been opted for, the future premiums would be paid by the Insurance Company

·         In case of death of the child, within the policy tenure

o    And if the policy has been in force for 5 years or if the child is >= 18 years of age, the Death Benefit =Higher of (Sum Assured) OR (Accumulation Account) as on the date of death.

o    And if the death occurs within five years from commencement of policy and if the child is <18 years of age, the Death Benefit = Higher of (Total of premiums paid till date) OR (Surrender Value)

Maturity Benefit – On maturity the higher of the Sum Assured or the Accumulation Account will be paid

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in Kotak Child Advantage Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

As long as premium is Rs 4000

25,00,000

Policy Term (in years)

10

30

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Life Insured (Child)  (in years)

0

17

Age at Maturity of Child (in years)

-

47

Regular Premium (in Rs.)

4000

No Limit

Payment modes

Yearly, Half-Yearly, Quarterly and Monthly

 

Sample illustration of premium of Kotak Child Advantage Plan

Age of Child = 5 years, 10 years and 15 years respectively

Policy Term = 25 years

Sum Assured= Rs.5,00,000

Kotak Child Advantage Plan Sample Premium Values

 

Additional Features and Benefits of Kotak Child Advantage Plan

Riders – There are 2 additional riders available with this policy. The Waiver of Premium Benefit is provided in case of any unforeseen event if any of the 2 riders have been opted for:

1.     Kotak Life Guardian Benefit (LGB) and

2.     Kotak Accidental Disability Guardian Benefit (ADGB)

 

What happens if?

You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within 3 years from the first unpaid premium. However, it can be revived within 2 years from the date of first unpaid premium.

You want to surrender the policy – If premiums for 3 years have been paid up, then surrender of policy is allowed.

Guaranteed Surrender Value = 30% of basic premiums paid – 1st year’s premium and additional premium paid (if any).

You want a loan against your policy - There is Loan available under this plan after 3 policy years.



 

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