The Kotak Child Advantage Plan is an investment plan designed to meet your child’s future financial needs. It’s a plan that gives your child the “azaadi” to realize his dreams. This is a participating plan.
This plan is ideal for you…
If you have child below 17 years and are looking forward to planning his/her future.
If you want to ensure that your child is secure even if you are no longer able to support him/her.
On maturity you would receive the higher of the basic sum assured or the Accumulation Account*.
The amount available in the Accumulation Account is invested in various financial instruments (as per IRDA regulations) so your money works hard to earn more for your child.
The Automatic Cover Maintenance facility ensures the policy remains in force even if you miss premium payments. This facility is available after full premiums for the first three years are paid.
You can take a loan against this plan, after the policy has been in force for at least three years.
You have the option of paying premiums quarterly, half yearly or yearly.
You have the benefit of a 15 day free look period.
*Accumulation Account is your personal account in which the premiums that you pay are deposited, The return declared every year is added and risk and expense charges are deducted.
The premiums paid by you net of charges are credited in the Accumulation Account and invested as per IRDA norms. Being a participating plan, the returns as per declared (bonus) are credited to this account. Our team of prudent investment managers will ensure that your money continues to work hard and get you compounding bonuses, year after year.
Waiver of Premium
To ensure that the policy remains in force in case of any unforeseen event, two optional riders: Life Guardian Benefit (LGB – UIN No: 107C012V01) and Accidental Disability Guardian Benefit (ADGB – UIN No: 107C011V01) may be attached. The premiums for the policy will be waived in case of death of the proposer (premium payer) orin case of his permanent disability.Thus, attaching the riders gives you the added comfort that even if something were to happen to you, your child’s future is secured.
Please refer to the rider write up for details.
Term / Preferred Term Benefit
In the event of unfortunate death of the premium payer, the sum assured under this benefit would be paid out immediately to tide over the financial emergency.
The higher of the basic sum assured or the Accumulation Account will be paid on Maturity.
Death of Parent (Premium Payer)
In case the parent has opted for the Life Guardian Benefit (LGB), all future premiums on the policy would be waived and the policy will continue till maturity. On maturity, the beneficiary would be entitled the higher of the basic sum assured or the Accumulation Account.
Death of Life Insured
If the policy has been in force for five years or if the life insured was at least 18 years old, the beneficiary will receive either the sujm assured or Accumulation Account whichever is higher, as on the date of death.
If the death occurs within five years from commencement of policy and if the insured was less than 18 years old, the death benefit would be either the total of all premiums paid (excluding rider premiums) so far or the surrender value at that time, whichever is higher.
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. Tax benefits are subject to change in tax laws. You are advised to consult your tax advisor for details.