Overview
Kotak Mahindra Life Insurance is a wholly owned subsidiary of Kotak Mahindra Bank, which was started in 2001. Kotak Life Insurance offers a variety of life insurance plans and one of those plans is Kotak Life Child Plan. Kotak Life Insurance Child Plan is specially designed to provide financial protection and support for your child's education, career and life goals. This child plan offers a range of benefits and features that cater to the growing needs of your child at different stages of life. This article will highlight the key aspects of Kotak Life Insurance Child Plan, highlighting its benefits, coverage options and how it can help you build a strong financial foundation for your child's future.
Understanding the Kotak Life Insurance Child Plan
Kotak Life Insurance Child Plan is a combination of protection and savings benefits. It provides financial security to your child in unfortunate circumstances. This plan can be customized as per your financial goals and the needs of the child. This type of plan has two major components: life insurance and savings/investments. The life insurance component ensures that your child receives a lump sum or regular payments in the event of your unfortunate demise during the policy term. The savings component helps you build a corpus to meet your child's future financial needs.
Eligibility Criteria to Buy Kotak Life Child Plan
You must meet certain eligibility criteria to buy Kotak Life Insurance Child Plan.
| Particular | Eligibility Criteria |
|---|---|
| Your Entry Age | 18 Years to 60 Years |
| Child Age at the Time of Purchase | Up to 15 Years |
| Maturity Age | 21 Years |
| Policy Tenure | 10 Years to 25 Years |
Key Benefits of Kotak Life Insurance Child Plan
Kotak Life Insurance offers a wide range of child life insurance plans that are designed to provide financial security for the child's future. Some of the key benefits of Kotak Life Child Insurance Plan are given below:
Financial Protection
Kotak Life Insurance Child Plan provides comprehensive financial protection to your child in the event of your unfortunate demise during the policy term. This plan provides a lump sum or regular payments to safeguard your child's education, career aspirations and other life goals due to financial constraints.
Flexible-Premium Payment Options
Kotak Child Plan offers flexibility in premium payment options, wherein you can choose to pay your premium during the entire policy term or opt for limited premium payment terms.
Maturity Benefits
Once the policy reaches maturity, the plan offers maturity benefit, which is the amount accumulated during the policy term. This maturity benefit can be used for your child's higher education, starting a business or to meet any of their other financial goals.
Partial Withdrawals
Kotak Life Insurance Child Plan allows partial withdrawal from the accumulated savings component, subject to specific terms and conditions. This feature provides liquidity and allows you to meet any immediate financial needs that may arise during the policy term.
Additional Riders
Kotak Life Child Plan offers various add-on rider options to enhance the basic coverage of the policy. These riders provide additional benefits like critical illness coverage, accidental death benefit and waiver of premium in case of disability. Adding these riders can further increase the protection provided by the plan.
How Do You Choose The Right Coverage And Premium For Your Kotak Life Child Plan?
While selecting the coverage and premium for your Kotak Life Insurance Child Plan, it is important to assess your child's future financial needs and your current financial position. Consider the following factors:
Education Expenses
Estimate the cost of your child's education, including tuition fees, accommodation, books and other related expenses. Keep inflation in mind and choose a coverage amount that can adequately cover these expenses.
Other Life Goals
Identify your other financial goals for your child, such as funding their wedding, providing start-up capital for their business, or supporting their career aspirations. Consider these goals when determining coverage amounts and premiums.
Policy Term
Choose a policy term that suits your child's expected achievements and financial needs. This could be the period of their education or the period during which they may require financial assistance.
Premium Affordability
Assess your current financial situation and determine the premium amount you can comfortably afford. Ensure that premium payments do not put a strain on your finances and remain sustainable throughout the policy term.
Kotak Life Insurance Child Plan Buying Process
You can buy Kotak Child plans through two platforms, i.e., from the official website of Kotak Mahindra Life Insurance or RenewBuy.com. Below, we have explained both the buying process in detail:
Buy from the Official Website of Kotak Life Insurance
- Visit the “Kotak Mahindra Life Insurance” official website.
- Click on the “Life Insurance Plans” section from the header menu.
- Then, click on the “Child Plans” section from the drop-down.
- Select the desired Child Plan and click on the “Buy Now” button.
- Fill in the required details and click on the “Calculate” button.
- Select the cover option you want and make your payment.
Buy from “RenewBuy.com”
- Visit the official site of "RenewBuy."
- Click on the “Life Insurance” tab.
- Go to the “Life Insurance Companies” section.
- Select “Kotak Life Insurance” company from the list.
- Scroll down and select the “Child Plan” section
- Click on the “Buy Now” button
- A pop-up will show you the plan details and the additional rider information.
- Click on the “Proceed to Buy” button.
- Make the online payment, and the policy documents will be sent to your registered email address.
Quick Links
Documentation Required to Buy Kotak Life Insurance Child Plan
You must provide the necessary documentation to buy a Kotak life child plan. Below is the list of documents that you need to submit to buy Kotak child plans:
- Identity proof
- Address proof
- Age proof of the child
- Income proof (if required)