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.
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.
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.
|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|