Kotak Life Insurance has launched two traditional child plans — Kotak Child Edu Plan and Kotak Child Future Plan.
Kotak Child Edu Plan addresses the future financial requirements of children aged between 0 (newborns) and 10 years and Kotak Child Future Plan addresses the future financial requirements of children aged between 11 and 15 years.
Kotak Child Edu Plan provides defined benefits at specific milestones — ‘Edu Boosters’ at ages 15, 17, 19 and 21 to support the child’s education and skill development. Premium payment term continues till the child attains 17 years of age.
Kotak Child Future Plan too provides defined benefits at specific milestones — ‘Future Boosters at ages 23 and 25 to financially support the child’s pursuit of career or life goals without any worries. The plan has a fixed premium payment term of 10 years from the date of entry.
Further, both the plans also offer enhanced protection in the unfortunate event of death of life insured (parent, grandparent, etc.) In such cases, the plans immediately pay out 200 per cent of the sum assured but future premium payment obligation also ceases. Both the plans also waive off future premiums in the case of accidental disability of the life insured.