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KOTAK -- CHILD ADVANTAGE PLAN |
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Child Advantage Plan |
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Kotak Child Advantage Plan is a children life assurance plan offering systematic investment with the life insurance cover available on life of the child. This product is introduced by Kotak Life Insurance Company Limited. |
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Unique selling proposition |
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If the life guardian benefit rider has been opted for, then in case of death of parent (premium payer) all future premiums will be waived off and policy will continue till maturity with maturity benefits payable at that time. |
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Automatic Cover Maintenance facility ensures the policy remains in force even if certain premium payments are missed. This facility is available after first three years of the policy term. |
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Policy Benefit |
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Higher of sum assured or accumulation account will be paid as maturity benefit. With life assured aged 18 years at time of death, and policy in force for at least five years, beneficiary will receive higher of sum assured or accumulation account balance. With death occurring within five years of policy commencement and life assured less than 18 years of age, higher of total of all basic policy premiums paid so far or policy surrender value will be paid. |
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Eligibility parameters |
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Age at entry: minimum – 0 years; maximum – 17 years |
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Policy term: minimum – 10 years; maximum – 30 years |
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Sum assured: maximum – Rs.25 lacs |
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Annual premium: minimum – Rs.2,000 |
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Premium payment frequency: annual, semi-annual and quarterly |
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Riders available |
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- Life guardian benefit rider
- Accidental disability guardian benefit rider
- Waiver of premium benefit rider
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Indicative Premium |
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Rs.32,562 for 25 year policy term with life assured aged 17 years and sum assured of Rs.10 lacs |
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