Compare Kotak Mahindra Child Plans

Kotak-Mahindra-Old-Mutual Life-Insurance-Company

Kotak Mahindra Old Mutual Life Insurance Company

Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Mahindra Old Mutual Life) is a joint venture between India’s eminent bank, the Kotak Mahindra Bank Ltd., and one of the world’s highly acclaimed investment group, Old Mutual. While the former holds a 74% stake in the company and is known for rendering avant-garde financial services in the country, the latter holds a 26% stake in the insurance company, and provides asset management, banking, & insurance solutions to individuals & organizations across Europe, America, Africa, and Asia. In India, the insurer serves 4 million customers and helps them to achieve their financial goals and protection requirements, through an exceptional range of cost-effective products.

Kotak Mahindra Old Mutual Life Child Plans

In the wake of rising education costs and sky-rocketing inflation, it is a prudent decision to invest in a Child Plan, which will provide your child with all the financial assistance, whenever he/she needs it the most. Kotak Mahindra Old Mutual Life offers a unit-linked child plan, which serves as the perfect saviour for combating these mounting education expenditures. Further, in case you are not around, it helps in securing your child’s future by providing a lump sum amount for supporting the immediate requirements, waiving off the future premiums, so that the policy can continue, and again granting a lump sum amount when the policy comes to an end for funding your child’s education and other milestones of life.

Child Plans:
Parenthood evokes feelings of happiness and joy, but it also brings with it a sense of responsibility, about giving your offspring the best of everything, and simultaneously ensuring that your child can continue going to school, even in your absence. Child plans help you to create a corpus over a period of time and provide you with a lump sum at the end of the term, so that this amount can come handy, once your child is all braced up to pursue higher education or take up a career of his/her choice. They also constitute a protection element, whereby your child is given financial assistance, if you pass away during the term of the policy.

List of Different Child Plans Offered By Kotak Mahindra Old Mutual Life Insurance Company, With Features, Benefits And Eligibility

1. Kotak Headstart Child Assure

Features:

  • A Unit-Linked Life Insurance Plan
  •  Build a corpus for funding your child’s needs, dreams, & goals, and provide your child with financial aid, whenever required
  •  Triple Benefit gives you the assurance that your offspring will receive the required financial assistance, even when you are not around. In the unfortunate event of your demise, your child will receive the following three benefits: 
    1. Basic Sum Assured, which is paid out immediately, to deal with the sudden loss of income
    2. Premium Waiver, which ensures that your family does not need to pay any future premiums, as these would be funded by the Company and added to the Fund Value
    3. Continuance of policy, with the benefit of receiving the Fund Value at policy maturity
  • Availability of 7 diversified funds for different risk bearing capacities, investment strategies, & financial goals:
    1. Classic Opportunities Fund, for those who are on the lookout of high equity exposure
    2. Frontline Equity Fund, for those who aim for a high level of capital growth
    3. Balanced Fund, for those who like to maintain a balance between equity and debt
    4. Dynamic Bond Fund, for those who wish to preserve the capital by parking the funds in high quality corporate bonds
    5. Dynamic Floating Rate Fund, for those who like to stay away from the downside of interest rate risks by investing their funds in floating rate debt instruments
    6. Dynamic Gilt Fund, for those who want to protect their capital and earn steady returns
    7. Money Market Fund, for those who do not want any equity exposure
  •  Access your funds anytime after 5 policy years to meet those emergency situations, subject to a minimum partial withdrawal amount of Rs. 10,000.
  •  Choose policy term & premium payment term as per your current financial status & commitments – Pay for 5 years and get coverage for 10 years or pay for 10 years and avail protection for policy terms ranging from 15 to 25 years
  •  Flexibility to switch between fund options so as to yield maximum returns
  •  Liberty to change the allocation of future premiums, whenever you feel there is a need to trigger a change in the investment pattern
  •  Facility of discontinuing the policy after 5 years without paying any discontinuance charges, for meeting the needs of financial emergency situations
  •  Avail income tax benefits on premium payments & benefits received

Benefits:

Maturity Benefit: Policy Maturity is the time when you receive the corpus which you have created over the years, so that you can easily fund your child’s education, career, or fulfil any other dream your child always wanted to pursue. At the time of maturity, you are granted with the full Fund Value, which you can avail in any of the three following ways:

  1. Withdraw entire proceeds as an immediate payout in one go
  2. Take only a part of the maturity proceeds as a lump sum and balance as pre-selected periodic instalments over a maximum period of 5 years from the date of maturity
  3. Take the entire proceeds in pre-selected periodic instalments over a maximum period of 5 years from the date of maturity

Death Benefit: In the unfortunate event of the demise of the parent, the beneficiary is entitled to receive a Death Benefit, provided all the premiums have been paid in full. The Death Benefit is equal to the Basic Sum Assured plus Fund Value, subject to a minimum of 105% of total premiums paid up to the time of death.

Eligibility:

Entry Age Minimum: 18 years | Maximum: 60 years
Maturity Age Minimum: 28 years | Maximum: 70 years
Policy Term 10 years, 15 to 25 years
Premium Payment Term Regular: Equal to Policy term | Limited: 5 years for policy term 10 years; 10 years for policy terms 15 to 25 years
Minimum Regular Premium Rs. 20,000 p.a.
Minimum Limited Premium Payment For 5 year term: Rs. 50,000 p.a. | For 10 year term: Rs. 20,000 p.a.
Premium Payment Mode Yearly and Half-yearly
Minimum Basic Sum Assured For entry age less than 45 yrs:
Higher of (10 X Annualized Premium) or (0.5 X Policy Term X Annualized Premium)
For entry age 45 yrs and above:
Higher of (7 X Annualized Premium) or (0.25 X Policy Term X Annualized Premium)
Maximum Basic Sum Assured 25 X Annualized Premium
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