Child Plans By Kotak Life Insurance

Speaking from the perspective of the Indian insurance market, in recent times, a lot of companies, including joint ventures, have set up their insurance services in India to provide the best and the most affordable plans to the Indian consumers. In fact, the stiff competition among companies to garner the maximum consumers has only bettered the quality of insurance plans that are available in the market.

One of the premier insurance companies that provide you with the best insurance plans, specifically child insurance plans, is Kotak Life Insurance. With the best consumer services ensuring utmost customer satisfaction, Kotak Child Plans are truly the best avenue to invest your resources in.

In this article, we tell you all about Kotak Child Plans and why the insurance plans offered by the company stand tall in comparison to its competitor insurance companies. 

Types of Child Plans offered by Kotak Life

Kotak Life Insurance is one of the fastest growing insurance entities in the country. Their insurance plans help you provide financial soundness when you need it the most, thus helping you sail through the uncertainties of life.

Their plans have been specifically designed to generate wealth apart from the primary purpose of insurance to provide you with dual benefits for your money.

Kotak Headstart Child Assure Plan

The Kotak Headstart Child Assure Plan is a Unit Linked Life Insurance Plan. It helps you invest uniformly over a certain period so as to fulfil the dreams of your child when he/she grows old.

Product Benefits

• In the case of the demise of the policyholder, the plan helps you mitigate the financial burden by immediately paying the basic sum of the life insurance cover to the bereaved family. Apart from that, all future premiums are waived off and the company pays the same on behalf of the deceased policyholder to the policy fund and the beneficiary receives the value of the fund on maturity.
• The Kotak Headstart Child Assure Plan provides around seven funds to invest in, which vary in terms of risk involved. The investor can choose to invest his/her corpus depending on the risk appetite. Each fund is managed by highly trained and qualified fund managers.
• Flexible payment methods enhance the experience of the insurance holder. The company offers a 5 year premium payment period for a term that extends to 10 years. In addition, a 10 year premium payment is also available in case the term extends to 15-25 years.
• The premium can be paid either annually or half yearly, if the policyholder deems it fit.
• Since it is a unit linked insurance plan, the policyholder cannot withdraw any money till the completion of the fifth year from the start of the policy.
• The policyholder has an option to switch funds four times during the term of the policy.
• Taxation benefit under Section 80C is provided under the Income Tax Act, 1961.

Eligibility

• The minimum age of entry is 18 years and extends up until 60 years.
• The maturity age extends from 28 years to 70 years.
• The tenure of the policy can be extended up to 25 years with a starting limit of 10 years.
• There is no maximum ceiling on the payment of premium, however, the minimum amount to be paid differs with respect to the policy period.

How does the plan work?

In the Kotak Headstart Child Assure Plan, the policyholder simply invests his/her corpus in various funds depending on his desire of taking risks. This corpus further multiplies over the policy period, depending on the market factors. The returns are provided to the beneficiary at the end of the policy period.

How to Apply for Kotak Life Child Plans?

Applying for Kotak Life Child Plans is pretty simple. You can log on to their website at insurance.kotak.com to choose your plan and decide the amount of premium depending on the policy period chosen.

• Enter your budget considerations and choose the tenure of your policy.
• Add your vital details and upload relevant documents such as your identity proof and income statement. You also have to upload your child’s documents to prove the authenticity of the transaction.
• Pay the first premium using your credit or debit card or net banking facility.
• Once you receive the message of the initiation of your policy, make sure to print a receipt of the transaction that will come handy in case of surrender or claim settlement.
• You can also apply for the policy from the branch of the insurance company by talking to the policy manager about the same or taking the assistance of intermediaries such as brokers, agents, etc.

Conclusion

Kotak Life Child Plans are unit linked insurance plans in which money is invested in unit linked plans, so as to maximise returns over time which are received by the beneficiary of the policy at the end of the period.

Also read: Tips To Buy Child Plans In India

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