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Kotak Life Child Plans

As parents, it is imperative that you take utmost care of your children and do everything to protect their future. An ideal way to do the same is to invest in a child insurance plan. Essentially, a child insurance plan is designed to not only provide a financial cover for the future of your child, but also act as an investment avenue.

Speaking from the perspective of the Indian insurance market, in the 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. We will also tell you why buying a child insurance plan is important for your child’s future. But first, let us know more about Kotak Child Plans.

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 or visit Coverfox.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.

FAQs on Kotak Life Child Plans

Does the plan offer waiver of premium in case of death?

Yes. All future premiums in such cases are waived off and paid by the company itself.

Can I renew the policy online?

Yes. You can do so by logging onto the e-portal of their website to renew your policy.

What is the benefit of opting for the policy?

The policy offers a dual benefit of insurance plus investment for your child’s secured future.

Which Is the Best Investment Plan of Kotak Life Child Plans 2018?

Kotak Life Child Plans have been designed to ensure that children do not have to be financially dependent on someone else to fulfil their dreams in case of absence of their parents.

Kotak Life Insurance offers a single life insurance plan that is called Kotak Headstart Child Assure. It is a Unit Linked Insurance Plan whose return depends on the market factors. However, since the fund is managed by qualified professionals, you surely can rely on the plan and expect decent returns on the maturity of the policy.

Which Is the Best Kotak Life Child Plan for Long Term?

The Unit Linked Insurance Plan offered by Kotak Life Insurance is one of the most sought after long term plans when it comes to child insurance. It offers several benefits such as flexibility in terms of payment of premiums, waiver of future premiums in case of death, etc.

Why Should I Buy Kotak Life Child Plans?

  • Kotak Life Child Plans take complete care of your child’s educational needs in the light of seemingly high costs of studies. Thus, the primary concern of most parents is covered by Kotak Life Child Plans.
  • The plans encourage uniform and disciplined savings over time and parking of your money in the best possible investment avenue.
  • Such plans come handy in case of the demise of the policyholder since the life sum assured is immediately received by the family when they need it the most.
  • It saves parents from depending on loans or other debts for the needs of their children.

What Should I Do If I Want to Change My Premium Paying?

In case you, as a policyholder, wish to change your premium paying, you should contact the Kotak customer care or talk to your fund manager to know about the process of changing your premium during the course of your policy tenure.

Why You Should Opt for Kotak Life Child Plans?

  • Kotak Life Child Plans ensure the safety of your child’s future in terms of finances.
  • These plans have great claim settlement ratios and also offer excellent after sales services.
  • The plan offers an option to maximise your wealth in addition to providing life cover, thus providing double benefit.

How to Pay Premium and What Are Its Different Modes?

Payment can be made through the following modes:

  • Cash or cheque.
  • Net banking or credit or debit cards.
  • Electronic Clearance System or ECS.
  • Autodebit.
  • Bank guarantee.
  • Standing instructions to the company.
  • IMPS or Immediate Payment Service.
  • Postal money order.
  • Payment through bill desk.

How Can I Check Policy Status for Kotak Life Child Plans?

You can check your policy status by visiting the branch physically or logging on to the e-portal and checking the details online.

What Is the Policy Renewal Process for Kotak Life Child Plans?

You can renew the policy online through the e-portal or contact your policy manager about the same.

What Is the Company’s Process to Settle Claim for Kotak Life Child Plans?

Claims are settled within a period of 30 days, provided that your documents are complete in all respects. The nominee must file the claim at the earliest along with the death/accident certificate in the nearest branch to settle the claim.

What Is the Policy Cancellation Process for Kotak Life Child Plans?

Policy cancellation is completed within 7 working days after submission of relevant documents. The amount is refunded directly to the customer’s bank account.

How do Kotak Life Child Plans work?

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.