The Kotak Child Advantage Plan of Kotak Life Insurance is a child’s plan designed specially to meet the future requirements of the child. This plan gives the child the freedom to realize the dreams. This plan is ideal for a child of 17 years and if the parent is looking for planning his or her future. If the parents wish to assure the security in case if the parents are no longer able to support the child.
The advantages of Kotak Child Advantage Plan of Kotak Life Insurance are as follows:
- On the maturity of the policy the policy holder will receive the accumulation amount or the basic sum assured whichever is higher.
- The available amount n accumulation account in invested in the financial instruments so that the money can work hard to gain more wealth for the child.
- After the policy being active for 3 years the customer can take loan against this policy.
- The policy holder has the options of paying the premiums in quarterly, half yearly or yearly installments.
- The benefit of 15 day lock period is available under this policy.
The benefits of Kotak Child Advantage Plan of Kotak Life Insurance policy are as follows:
On the maturity of the policy either the sum assured or the accumulation amount will be paid whichever is higher.
In case of the death of the parent all the future premiums of the policy will be waived and the policy will continue till maturity. On maturity of the policy the beneficiary of the policy will get the higher of the basic sum assured or the Accumulation Account.
Waiver of the premium
The riders available under this policy are:
- Life Guardian Benefit (LGB – UIN No: 107C012V01)
- Accidental Disability Guardian Benefit (ADGB – UIN No: 107C011V01)
Section 80C, 10(10D) of Income Tax Act, 1961 is applicable. Tax benefits are subject to change in tax laws.