Kotak Life Child Edu Plan

Kotak Life Child Edu Plan Review 

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Plan Name: Child Edu Plan

Insurer: Kotak Life Insurance

Category: Traditional Plan

Objective: Financially Securing Child’s Future

Kotak Child Edu plan is traditional plan. It is a participating child plan in which you get bonuses based on the performance of the company. There are periodic payouts so that you can take care different phases of child’s education.

Major USP of Kotak Child Edu Plan 

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Periodic Payouts

Riders

Bonuses

Loan available

Eligibility of Kotak Child Edu Plan 

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Minimum Entry Age: 0 Years (Child), 18 Years (Parent)

Maximum Entry Age: 10 Years (Child), 64 Years

Policy Term: 11-21 years

Premium Payment Term: 17 Years minus Age at entry of child

Maximum Sum Assured: Rs 200,000

Premium Payment Frequency: Yearly, Half Yearly, Quarterly, Monthly

What benefits does Kotak Child Edu Plan offer? 

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Periodic Maturity Benefit

When the child turns 15, 17, 19 and 21; a specified % of Sum Assured is paid. The total amount is equal to 125% of Sum Assured plus bonuses.

Death Benefit

If the life insured passes away, 200% of Sum Assured is paid immediately. The future premiums are waived off and the maturity benefits will be paid as per the schedule. The bonuses are also paid on maturity.

Accidental Disability

If the life insured suffers disability due to accident, future premiums are waived off and the payouts will be paid as per the schedule. The bonuses will be paid on maturity.

Bonus

Child Edu plan is a participating plan and as such bonuses are provided depending upon the performance of the company.

Riders

There are a few riders available with the plan- Kotak term benefit, Kotak accidental death benefit and Kotak permanent disability benefit rider.

Discount

For Sum Assured equal and above Rs 5 lacs, discount on premium will be made.

Loan

You can apply for loan against the policy after the policy has acquired surrender value. The maximum loan amount would be limited to 80% of the surrender value.

Are there any tax benefits? 

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Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

What else? 

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Surrender: The policy acquires guaranteed surrender value after completion of 3 years and will be equal to 30% of all premiums paid excluding the first years premium.

Revival: In case the policy has lapsed, you can still revive it by paying due premium within 2 years.

What’s Policybazaar opinion on Kotak Child Edu Plan?

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Child Edu Plan is a good plan with plenty of options. There are periodic payouts at different stages as well as discount on large Sum Assured. The riders add extra bit of security and available riders are quite essential. You can also avail of loan facility as well.

Kotak Life Child Future Plan

Kotak Life Child Future Plan Review 

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Plan Name: Child Future Plan

Insurer: Kotak Life Insurance

Category: Traditional Plan

Objective: Financially Securing Child’s Future

Kotak Child Future plan is traditional plan. It is a participating child plan in which you get bonuses based on the performance of the company. There are periodic payouts so that you can take care different phases of child’s education.

Major USP of Kotak Child Future Plan 

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Periodic Payouts

Riders

Bonuses

Loan available

Eligibility of Kotak Child Future Plan

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Minimum Entry Age: 11 Years (Child), 18 Years (Parent)

Maximum Entry Age: 15 Years (Child), 64 Years

Policy Term: 10-14 years

Premium Payment Term: 25 Years minus Age at entry of child

Maximum Sum Assured: Rs 200,000

Premium Payment Frequency: Yearly, Half Yearly, Quarterly, Monthly

What benefits does Kotak Child Future Plan offer? 

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Periodic Maturity Benefit

There are two payouts equivalent to 15% and 110% of Sum Assured which are paid when your child attains age of 23 and 25.The total amount is equal to 125% of Sum Assured plus bonuses.

Death Benefit

If the life insured passes away, 200% of Sum Assured is paid immediately. The future premiums are waived off and the maturity benefits will be paid as per the schedule. The bonuses are also paid on maturity.

Accidental Disability

If the life insured suffers disability due to accident, future premiums are waived off and the payouts will be paid as per the schedule. The bonuses will be paid on maturity.

Bonus

Child Edu plan is a participating plan and as such bonuses are provided depending upon the performance of the company.

Riders

There are a few riders available with the plan- Kotak term benefit, Kotak accidental death benefit and Kotak permanent disability benefit rider.

Discount

For Sum Assured equal and above Rs 5 lacs, discount on premium will be made.

Loan

You can apply for loan against the policy after the policy has acquired surrender value. The maximum loan amount would be limited to 80% of the surrender value.

Are there any tax benefits? 

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Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

What else? 

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Surrender: The policy acquires guaranteed surrender value after completion of 3 years and will be equal to 30% of all premiums paid excluding the first years premium.

Revival: In case the policy has lapsed, you can still revive it by paying due premium within 2 years.

What’s Policybazaar opinion on Kotak Child Future Plan? 

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Child Future Plan is a good plan with plenty of options. There are periodic payouts at different stages as well as discount on large Sum Assured. The riders add extra bit of security and available riders are quite essential. You can also avail of loan facility as well.

Kotak Life Surakshit Jeevan

Kotak Life Surakshit Jeevan Review 

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Plan Name: Surakshit Jeevan

Insurer: Kotak Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

Major USP of Kotak Life Surakshit Jeevan

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Bonuses- Reversionary, interim, terminal and special terminal

Riders available

Loan

Eligibility of Kotak Life Surakshit Jeevan

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Minimum Entry Age:  0 Years

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 10-25 Years

Premium Payment Term: Policy Term

Minimum Premium: Rs 3,500 per annum (rural)

Premium Modes: Yearly, Half Yearly, Quarterly or Monthly

What benefits does Kotak Life Surakshit Jeevan offer? 

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Death benefit:

The lump sum paid on death insured will depend on the time when it occurs:

Within 6 months: Premiums paid will be returned

6 month-5 Years: 100% of Sum Assured

Year 6- Year 10: 200% of Sum Assured plus bonuses

11^th Year onwards: 200% of Sum Assured plus bonuses (terminal bonus as well)

Maturity Benefit:

On maturity, Sum Assured along with bonuses will be paid.

Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.

Riders:

You can opt for the following riders- life guardian benefit and permanent disability benefit with the plan.

Loan:

Loan facility is availed and the maximum loan amount would be 80% of the surrender value.

Are there any tax benefits? 

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Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

What else should I know about?

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Revival: If the policy lapses, you can reinstate within 2 years from the due date of the unpaid premium.

Surrender Value: The policy acquires guaranteed surrender value after 3 policy years. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.

Free Look Period: Surakshit Jeevan plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

Kotak Term Plans

A term insurance plan is a part of life insurance which provides pure risk coverage. Term insurance lets you financially secure your loved ones in the case you are not with them. On death of person covered, a lump sum amount becomes payable. This amount is called Sum Assured. You can get life cover by paying premium amount to the insurer.

Kotak Life insurance has many term plans in its portfolio. The term plans are briefly described below:

Kotak e-Term/e-Preferred Term: This is an online term plan and among the cheapest term plans available all term plans. Anyone aged from 18 years to 65 years can buy this plan. The policy term available is from 5 years to 30 years.

For Sum Assured (Rs 3 lacs- Rs 24.99 lacs) - eTerm

For Sum Assured (Rs 25 lacs- no limit) – ePreferred

Increasing Sum Assured:  You can increase sum assured on certain occasions like marriage, birth or adoption of child, purchasing house etc. The premium will be increased accordingly. However no medical tests are required when go for increasing Sum Assured.

Decreasing Sum Assured: You can also decrease sum assured if required and premium will be adjusted accordingly.

Kotak Term/Preferred Term:  This is similar plan to the above mentioned plans except the fact that these are offline term plans and as such premiums will be bit more than online term plans.

For Sum Assured (Rs 3 lacs- Rs 24.99 lacs) - Term

For Sum Assured (Rs 25 lacs- no limit) - Preferred

Additionally, you can add riders- accidental death benefit, permanent disability benefit and critical illness benefit with these plans.

Plan Conversion Option: This option is available with all the term plans mentioned above. This feature allows you to convert your term plan to any other plan offered by Kotak Life Insurance (except term plan). The condition here is that there should be at least 5 years remaining before the cover ends.

Kotak Life Insurance

Life insurance

Kotak Life Insurance

What is Life Insurance?

Traditionally, life insurance used to provide financial protection to your family and dependents in the event of any unforeseen event or your untimely death. But nowadays, life insurance has become synonymous with savings, wealth generation and protection. Life insurance companies-these days-provide plans through which you can not only secure the financial future of your dependents in the event of death but also build wealth for them and be financially secure from eventualities such as disease and disability.

Different Types of Life Insurance Plans

Traditional life insurance plans:

Traditional life insurance plans, also known as non-unit linked insurance plans, ensure that the majority of the investments made by the policyholders are in to safe debt instruments. These plans are ideal for risk-averse investors as they provide assurance of returns to a large extent.

Unit Linked Insurance Plans (ULIPs):

ULIPs, also known as market-linked life insurance plans, allow for investments made by the policyholders to get exposed to equities. ULIPs are suited for customers who aim for wealth creation over a long term.

Why Life Insurance?

Life insurance is required because of the following factors -

Life insurance takes care of those who are financially dependent on you even when you are not around to look after them.

Retirement planning takes care of your retirement, as there is no guarantee of a consistent income post retirement.

The expenses you may incur in future will keep increasing due to inflation, and thus even a fluctuation in your income may lead to a compromised lifestyle.

Savings plan enables individuals to secure their financial future by helping you to get attractive returns.

Why Kotak Life Insurance?

Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Ltd.) is one of the leading life insurance companies in India. It is a joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc, South Africa, one of the biggest life insurance companies in the world. We are committed to using our expertise in securing your future and ensuring that your investments keep giving you lucrative returns.