Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) announced the launch of two traditional (Non Unit Linked) child plans viz. Kotak Child Edu Plan and Kotak Child Future Plan.
While Kotak Child Edu Plan addresses the future financial requirements of children aged between 0 (newborns) and 10 years, Kotak Child Future Plan addresses the future financial requirements of children aged between 11 and 15 years. Both plans enable the customer to start saving today to secure their child’s tomorrow.
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 plans also offer enhanced protection in the unfortunate event of death of life insured (parent, grandparent, etc.). In such cases, not only do the plans immediately pay out 200% of the sum assured but future premium payment obligation also ceases. Both plans also waive off future premiums in case of accidental disability of life insured.
What’s more, guaranteed payouts and the bonuses will be paid as scheduled, to take care of the child’s financial needs at pre-determined ages. There are optional riders which provide additional protection on death, accidental death and permanent disability. Premium rate discount for Sum Assured of Rs. 5 Lacs or above is also provided.
Customers can know more about Kotak Child Edu Plan and Kotak Child Future Plan by visiting the website- http://insurance.kotak.com.
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