Kotak Life Child Plan

Kotak Life Child Plan is a comprehensive financial solution with a focus on long-term savings and protection. This plan offers tailored benefits to secure your child's education, milestones, and aspirations.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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What is the Kotak Life Child Plan?

Kotak Life Child Plan is a life insurance policy designed to secure the financial future of your child. It provides a combination of insurance coverage and savings benefits to ensure your child's needs are fulfilled even in your absence. 

The plan typically offers a lump sum payment in case of the policyholder's demise during the policy term, ensuring that your child's education, marriage, or other needs are taken care of. Additionally, it offers maturity benefits where a lump sum amount is paid to the child upon reaching a certain age, thus helping fulfil their future aspirations.

Key Features of Kotak Life Child Plan

Kotak Life Child Plan offers the following key features:

  • Flexibility: Allows partial withdrawals from the 4th policy year onwards, providing access to funds for unforeseen expenses.

  • Top-up Option: This enables you to increase the investment in the plan if you have surplus funds, potentially boosting the final payout.

  • Redirection: Allows you to switch between different investment funds within the plan to potentially maximize returns based on market conditions.

  • Investment Flexibility: ULIPs allow you to invest a portion of your premium in chosen investment funds.

  • Tax Benefits: Premiums paid towards the policy qualify for tax deductions under Section 80C of the Income Tax Act, 1961, up to Rs. 1.5 lakh per year. Additionally, the maturity benefit is tax-exempt under Section 10(10D) of the Income Tax Act, subject to certain conditions. 

Benefits of Kotak Life Child Plan

  • Death Benefit: In case of the unfortunate demise of the policyholder during the policy term, the sum assured is paid to the nominee (usually the child). This helps secure the child's financial future even in the absence of a parent.

  • Waiver of Premium Benefit: This rider ensures that future premiums are waived off and even paid by the insurance company in case of the parent's death. This ensures the plan continues even if the policyholder is no longer there to pay the premiums.

  • Maturity Benefit: On policy maturity, the fund value, along with accrued bonuses (if any), is paid to the child. This helps them financially when they reach important milestones like higher education or marriage.

  • Optional Riders (additional cost): Waiver of Premium Rider on Disability: Waives off future premiums if the parent becomes permanently disabled due to an accident or illness, ensuring the plan continues.

  • Critical Illness Rider: Provides an additional payout in case the parent is diagnosed with a critical illness, offering financial support during a difficult time.

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₹10,000/Month
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₹1 Crore*
*Standard T & C Apply

People also read: Sukanya Samriddhi Yojana

List of Kotak Life Child Plan

Kotak Life currently offers one child insurance plan, Kotak Headstart Child Assure Plan, which is a unit-linked child plan (ULIP).

Bharti AXA Child Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Premium (in Rs.) Tax Benefits u/ IT Act, 1961
Kotak Headstart Child Assure Plan 18 – 60 years 28 – 70 years Regular: Same as PT;
Limited: 
10 Year PT: 5 years;
15 – 25 Year PPT: 10 years 
10 years, OR
15 – 25 years
Regular: ₹20,000 p.a.;
Limited:
5-Year PPT: ₹50,000 p.a.
10 Year PPT: ₹20,000 p.a.
Section 80C and Section 10(10D)
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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Details of Kotak Life Child Plan:

The key details of the Kotak Headstart Child Assure Plan, the only child education plan offered by Kotak Life Insurance, are mentioned below:

Kotak Headstart Child Assure Plan

The Kotak Headstart Child Assure Plan is a Unit-Linked Child Insurance Plan offered by Kotak Life Insurance. It is a combination of protection and investment, providing financial security for your child in case of your death and helping you create wealth for their future needs.

Features of Kotak Headstart Child Assure Plan:

  • Protection and Investment: This plan offers life insurance coverage for the parent and invests a portion of the premium in chosen funds to grow wealth for the child.

  • Triple Benefit: In case of the parent's death during the policy term, the plan provides:

    • Death benefit: The sum assured is paid to the child immediately.

    • Future premium waiver: All future premiums are waived off, and Kotak Life Insurance pays them.

    • Policy continuation: The policy continues to mature, and the child receives the accumulated fund value at maturity.

  • Maturity Benefit: On policy maturity, the child receives the fund value along with the sum assured. The maturity proceeds can be received as a lump sum or in installments.

  • Flexibility: The plan offers various options for premium payment terms, policy terms, and fund choices.

  • Partial Withdrawals: Partial withdrawals are allowed after five policy years, subject to a minimum amount.

People also read: Sukanya Samriddhi Yojana Calculator

Summing It Up

The Kotak Life Child Plan is a great way to save and protect money for your child's future. It helps you set aside money for important things like education or marriage, giving you peace of mind. It is like a safety net for your child's dreams, ensuring they have the support they need to succeed.

Kotak Life Child Plans - FAQ

  • What are the different types of Kotak Life Child Plans?

    Kotak Life offers various child plans, each catering to specific needs. While the exact details may vary, they generally focus on providing financial security for your child's future, like education or marriage. Currently Kotak offers just one child plan, that is, Kotak Headstart Child Assure Plan.
  • What is the difference between Kotak Life Child Plans and Kotak Headstart Child Assure Plan?

    While both plans offer child financial security, the Kotak Headstart Child Assure Plan is a unit-linked plan. This means a portion of your premium is invested in market-linked funds, potentially offering higher returns but also carrying investment risk. Traditional Kotak Life Child Plans may not have this investment component.
  • What is the benefit of Kotak Headstart Child Assure?

    The potential for higher returns compared to traditional plans can help you accumulate a larger corpus for your child's future needs. However, remember that investment risk is involved.
  • What happens if the parent dies in Kotak Headstart Child Assure Plan?

    The plan offers a triple benefit:
    • Basic sum Assured payout immediately.

    • Premium waiver: Future premiums are waived off.

    • Maturity benefit: The accumulated fund value is paid at the policy's maturity.

  • How to pay a premium? What are the modes of payment available?

    Kotak Mahindra Life Insurance Company Limited offers 12 modes of premium payment namely:
    • cheque payment at the branch

    • Online Payment

    • Payment at the Kotak bank ATM drop boxes

    • NEFT

    • ECS

    • Standing Instructions

    • Direct Debit

    • IMPS

    • Payment thorough bill desk

    • Electronic bill payment

    • Postal money order

    • Bank guarantee
      For the online payment mode, the policyholder can pay via;

    • Credit Card,

    • Debit Card

    • Net banking

  • How can I check policy status for Kotak Life child plans?

    If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.
  • What is the company’s process to settle claim for Kotak Life child plans?

    The nominee can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.
  • What is the policy cancellation process for Kotak Life child plans?

    Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
  • What is the policy renewal process for Kotak Life child plans?

    If you are a registered user, you can pay online in 3 easy step
    • Step 1: Logging into the e-Portal with your policy details to check the policy status.

    • Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card

    • Step 3: Pay via the secured gateway and print/save the recipt of payment.

    • Step 4: In the offline mode, you deposit cheque at the nearest branch.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Kotak Life Child Plans Reviews & Ratings

4.3 / 5 (Based on 28 Reviews)
(Showing Newest 10 reviews)
Daksha
Lakhimpur, March 31, 2021
Loaded with benefits
The child insurance plan which I have bought last year for my son has been loaded with so many benefits. I wanted to secure my child’s future and want to provide with best higher education and that’s the only way to do so. Thanks kotak and policybazaar.
Raman
K.b.p. Pupri, March 30, 2021
Purchase online
It is easy to buy a child insurance plan online. A kotak child insurance plan is a must buy and I am happy that my child will won’t face any trouble in his future. All thanks to policybazaar.
Sukhveer
Ummulong, March 16, 2021
Secured my child’s future
I have secured my child’s future by getting a home insurance policy of kotak life.I bought this while searching few of the child plans into the policybazaar site. It is safe and secure.
Bhram
Bachrawa, March 09, 2021
Plan and invest
I have planned for my daughter’s education in a very well way. I found out the kotak life child insurance plan from the website of the policybazaar. It is very easy to go for a child insurance plan. Thanks a lot policybazaar.
Babanpreet
Jaspur, July 20, 2016
Future Saving Plan
Kotak life insurance provides me the best child plan in low premiums. Service of the term is great and claiming become easy and so simple. Policy coverage and claims are high and investments are less. Good future security which comes with amy benefits.
Sweety
Kherwara, July 11, 2016
Child Plan
My child insurance plan is good and it has low premiums which is very nice. The policy cover maximum expenditures for my child's future. Claims are high and easily sanctioned due to quick service provided by the company members.
Manoj
Agartala, June 29, 2016
Good
I bought child insurance plan for my child. The insurance policy has very low premiums. Policy coverage is good and claims are high. Service is fantastic, web service is also easy to access. It reduces paperwork. Hassle free documentations.
Lakshay
Jaipur, April 26, 2016
Poor Policy
The kotak life child plan i have is not that good. Policy coverage is 69% and claims are normal. Service is not fast and waiting is usual. Premiums are high. I must say poor child policy plan. Not Satisfied.
Tarun
Nagpur, April 26, 2016
Great Deal
Superb child policy plan which provided by kotak life child plan. The policy coverage is 86% and the claims are ~Rs.34 L. The investment is ~Rs.16 K trice per year till policy end. Services are great and fast too.
Umakant
Lucknow, April 26, 2016
Tax Saver
My child policy plan is very good and the insurer is kotak mahindra life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 86% and the claims are around 30 L after policy ends.
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