Jeevan Ankur is specially designed to meet the educational and other needs of the child, LIC said. 

It is the most suitable insurance plan for parents who have a child aged up to 17 years, for this plan ensures that their responsibilities are met under all circumstances, without depending on anyone else, it said. 

The plan covers the risk on the life of the parent and the named child shall be the nominee under the plan, it said. 

In the event of the unfortunate death of the parent during the policy term, the basic sum assured is payable immediately on in-force policies, LIC Senior Divisional Manager R K Jha said. 

In addition, an income benefit equal to 10 per cent of the basic sum assured is payable to the nominee child from the policy anniversary coinciding with or immediately after the death till the end of policy term, it said. 

This will ensure the continuity of the child’s education without any additional burden, it said. 

Not only this, it said, the nominee child will also get a lumpsum amount equal to the basic sum assured on the predefined maturity date of the policy along with loyalty additions, if any, to support higher education or a start in professional life. 

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How does the plan work?

Step 1: Choose from two types of benefit payout options in case of your unfortunate demise
Step 2: Choose your policy term and premium payment term
Step 3: Choose the amount of insurance cover you want (sum assured)
Depending on your choices, your annual premium will be calculated.

Features & Benefits

Guaranteed Payout – You will get a certain percentage of sum assured every year starting from the end of premium payment term provided all due premiums have been paid.

Death Benefit- Option 1:

In case of your unfortunate demise, your nominee will receive the following:

Sum Assured

The accrued bonus

Guaranteed payouts as per the schedule above.

Option 2:
In case of your unfortunate demise, your nominee will receive the following:

• Sum Assured
• The accrued bonus
• Guaranteed payouts as per the schedule above
• An amount equal to 10% of the sum assured every year till the end of the premium paying term

Bonus – Your policy will participate in the profits emerging in the participating fund managed by the Company.

High Sum Assured Discount – You pay lesser premium if you choose a sum assured of Rs. 500,000 and above.

Paid Up Policy – Incase you fail to pay your premiums after paying for the first 3 years, the policy continues with the paid-up sum assured and is referred to as Paid-up Policy.

Tax Benefit – Tax benefits are available as per the prevailing tax laws. Please consult your tax advisor for details.

Rider – Besides life cover, AEGON Religare EduCare Plan offers you additional cover through AEGON Religare ADDD rider.

Eligibility

* The modal factor for modes other than yearly mode will be: half yearly Premium – yearly Premium x 0.512; Monthly Premium – yearly Premium x 0.087.

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Advantage –

Here are key benefits ChildsuranceDreambuilder Insurance Plan.

Contribute money in a flexible way to suit your savings habit

- Pay premiums for a limited period or for the entire term of the plan
- Pay additional top-up premiums whenever you want. Grow wealth faster and get tax benefits

Choose how your money is invested from a wide choice of investment options, based on your return expectations and risk tolerance

- Choice of wide range of fund options, with varying levels of risk and return

Choose your investment strategy

- Manage your investments as per your choice with complete flexibility or
- Opt for Systematic Allocator, a facility which balances your asset allocation between equity and debt based funds to provide growth and safety, aligned to the maturity of your plan

Boosters to help your savings grow faster

- Receive Guaranteed Loyalty Additions** at the end of specific terms as a reward for making long-term investments

** Conditions apply

Decide how you wish to manage your investments

- Switch amongst investment options any time and manage your portfolio, free of charges

Secure your child’s future goals

- In the event of unfortunate death of the insured parent(s) the plan ensures that your child’s future goals remain unaffected

Get tax benefits on contributions and benefits

- Premiums paid are eligible for deduction from taxable income under section 80C
- Maturity amount is exempt from tax under section 10(10D)

Withdraw funds in case of need, after five years

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Every parent aspires to give the best of everything to his / her kids. Every parent dreams that his / her kid gets the best education in the world and his / her wedding should not be less than any other ‘big fat Indian wedding’ and it should be one of the most talked about events in town. Parents do everything it takes to accomplish this dream of theirs. So the moment the kid is born parents start investing for the kid’s education and marriage. Parents explore various options to invest for their kid’s education and marriage which may include investments in direct equity shares, mutual funds, child insurance plans, real estate, fixed deposits, National Savings Certificate (NSC), Public Provident Fund (PPF), and Government Bonds etc. etc. Parents make sure no investment avenue is left unexplored when it comes to choosing an investment option for their kid’s future. They make sure their kid gets the best of everything. In this article we will keep our research limited to Child Insurance Plans.

Child Insurance Plans

Child insurance plans help the parent in securing the financial future of their children. The child plans are purchased by the parents to save funds for their children’s education, marriage and other financial needs of their children. Child plans also offers financial security for children’s future in case any unfortunate event occurs like the parents unfortunate untimely death. Some important features of child plans are:

• Help in saving funds for future financial need such as education and marriage.
• Provides insurance cover for the child or the parent depending on the plan chosen.
• The sum assured is paid to the child at the maturity of the policy along with bonus in case of traditional plan or the fund value is paid in case of ULIP.

Life Insured

In some child insurance plans the parent is the life insured. These plans mostly come with a built-in ‘Waiver of Premium’ Rider. This ensures that in the case of unfortunate untimely death of the parent the future premiums are waived off and paid by the insurance company and the plan is continued as normal.

In some plans the child is the life insured. These plans work a little differently than other insurance plans. The coverage on the life of the child starts after the child attains a specified age (mentioned in the plan). For example in case of LIC’s Komal Jeevan the plan can be started when the child is just born. But the life cover on the child’s life starts either two years after the commencement of the policy or after completion of 7 years of age of the child, whichever is later. This time gap between the start of the policy and the start of the life cover on the life of the child is known as the deferment period. The date on which the life cover starts is known as the deferred date. If the child dies before the deferred date the parents are just returned the premium paid so far and not the sum assured because the risk cover has not started. In case the child dies after the deferred date then the sum assured is paid.

When the child turns 18 years old the title of the policy automatically passes on to the child from the parent. This process is known as vesting. The date on which the policy transfer happens is known as the vesting date. In LIC Komal Jeevan there is no waiver of premium rider. The parent (proposer) can pay a little extra premium and add the waiver of premium rider so that the policy is continued by LIC in case of early death of the policy.

There are three kinds of child plans available in the market – Child Endowment Plans, Child Money-Back Plans (both these plans come under traditional child plans category) and Child Unit Linked Insurance Plans (ULIPs).  Traditional plans invest major proportion of the premiums in debt instruments like Government Securities (G-Secs), corporate fixed deposits, bank fixed deposits etc. and are low risk investments. ULIPs invest in both equity and debt as per the choice of the policyholder and as a result it has scope to offer comparatively higher returns on the investments.

Now let us see an example of each type of Child Insurance Plan

1) Child Money Back Plan – LIC Komal Jeevan

In this plan the life insured is the child and not the parent. The policy can start as soon as the child is born but life cover begins only after 2 years of commencement of the policy or after the child had attained 7 years of age.

Premiums can be paid either yearly, half yearly, quarterly or monthly. The premiums have to be paid regularly till the child turns 18 years old. The policy provides guaranteed additions of Rs. 75 per thousand sum assured for each completed year. This effectively means 7.5% annual return is guaranteed by LIC. Over and above this LIC may pay Loyalty bonus depending on the performance of the company.

Komal Jeevan is a money-back policy and pays the following benefits as per the age of the child:

Survival Benefit
The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations

In case of death of the child during the policy after the commencement of risk, the sum assured along with the accumulated guaranteed bonus and loyalty additions (if any) will be paid.

2) Child Endowment Plan – ING Creating Life Child Protection Plan

This is also a traditional plan, but this is an endowment plans unlike LIC’s Komal Jeevan which is a money-back plan. In this plan the parent is the life insured. This plan comes with a build-in ‘waiver of premium’ rider. On the death of the parent during the policy tenure the sum assured is paid by the insurance company. The future premiums are waived off. The subsequent premiums are paid by the insurance company. On maturity of the policy the child is paid the sum assured along with the accumulated annual bonuses and the final additional bonus (if any).

3) Child Unit Linked Insurance Plan – Max New York Life Smart Steps Plus

In this plan the investment risk is borne by the insured as he chooses where his premium after deductions should be invested. In this plan the life insured is the parent. The insured can choose from 5 available funds for investment of premium. In case of death of the parent the company will pay the entire sum assured. The future premiums will be waived off (built-in waiver of premium rider). The company will continue paying the premiums. The company will also pay a ‘Family Income Benefit’ @5% of the sum assured to the nominee / beneficiary on each policy anniversary in case of death of the life insured. On maturity of the policy the company will pay the fund value.

Analysis

• Gift: These policies can also be gifted by close relations such as grandparents, uncles etc. to the child. However the proposer can only be the parent or legal guardian. In LIC Komal Anand, the close relatives have the option to gift single premium policy.
• Section 80C Benefit: Policyholder can avail deduction for premium paid for child plan while calculating taxable income. These deductions can be claimed under Section 80C of the Income Tax Act for premium paid upto Rs. 1,00,000 annually.
• On death of the parent:  In case of unfortunate demise of the parent insured, all the policies pay the sum assured in lump sum. The further premiums are waived and the fund value is paid at maturity.
• On death of child: In case of ICICI Pru Smart Kid regular premium and ING Vsya creating life child plans, even if the nominated child dies, the policy continues. Whereas, in LIC Komal Jeevan, the sum assured along with accrued bonus is paid and the policy is closed.
• Maturity benefit: In ICICI smart kid, the maturity benefit is payable to the child at the age of 22 years. In case of LIC’s Komal Jeevan, the maturity benefit is payable when the child is of 26 years. The ING Vysya creating life child plan is a money back policy, hence the maturity benefit is payable in the 4^th, 8^th, 12^th and 16^th year. In ULIPs, the, maturity benefit (fund value) is payable at the end of the policy term.
• Surrender value: In LIC’s and SBI child plans the policyholders can surrender the policy after the third policy anniversary. Whereas in Max New York Life Smart steps plus plan the policyholder can surrender the policy after the first policy anniversary, provided an amount equal to one annual target premium (ATP) has been paid.
• Loan: The SBI life regular unit plus child plan offers loan to the policyholders, after the 3^rd policy year.
• Exclusions: If the insured parent commits suicide within one year of the commencement of the risk, policy becomes void and no claim is payable by the insurance company.

Conclusion

There are several child plans available in the market and parents have to be extremely careful in selecting one. The purchase of child plans should be need based. For example, if the need to purchase a child plan is for daughter marriage, then in this case an endowment plan with guaranteed returns will be more appropriate where the insurance company pays a lump sum amount after a certain period, instead of regular payouts. Though most of the features are almost similar in all the child plans, the policyholder should look at ‘waiver of premium’ benefit in the child plan, which ensures that the child continues to get the benefits of policy, even if the parent  is not there to provide for him.

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It is the Premium Waiver advantage that secures your child upcoming if something unlucky happens to you. This makes them interesting, and a worth investing your money.

Best HDFC Standard Life Child Plan:

HDFC Children’s Plan: The plan ensures that you can start building your savings today to give a bright future to your child. A the time of maturity a guaranteed lump sum is given to the beneficiary or in case of your unfortunate demise, early into the policy term.

HDFC Unit Linked Young Star II: The plan provides a valuable protection to your child in case you are not there to support them. The unit linked plan also gives you an outstanding investment opportunity to maximize your savings by providing you a choice of thoroughly researched & selected investments.

HDFC SL YoungStar Super Premium: This plan offers you choice of cover options and benefit payment preferences- all designed to suit your needs.

Best AVIVA Life Insurance Child Plan:

Aviva Young Scholar Advantage: It is a comprehensive plan that enables you to secure your child’s future in any eventuality.

Aviva Young Scholar Secure: An Insurance plan to secure important milestones of your child’s education.

Best Max New York Life Child Plans:

Max New York Life Shiksha Plus II: It is a 360 degree child plan that provides for over all development of your child in all the circumstances.

Max New York Life Smart Bond: The smartest way to ensure maximum protection for your family with minimum investment.

Max New York Life College Plan: A Guaranteed Money Back Life Insurance plan designed to meet the rising cost of college education of your child.

Best Birla Sun Life Insurance Child Plan:

Birla Sun Life Insurance Children’s Dream Plan: Children’s Dream Plan is a long-term unit linked insurance plan that is specially designed to help you provide the financial security to your child when she/he becomes an adult.

Birla Sun Life Insurance (Bachat) Child Plan: Its plan that secures your child’s future even in the event of an untimely demise of the life insured.

Birla Sun Life Insurance Classic Child Plan: It is a plan that secures your child’s future, and gives you the freedom to direct your savings to our range of 10 Investment Funds.

Best LIC Children plans:

Jeevan Anurag: This plan has a benefit which are payable at the pre-specified durations free of whether the assured life survives till the end of policy term or dies during the term of policy.

Jeevan Kishore: LIC Jeevan Kishore is an endowment assurance plan that is available for the children under 12 years of age.

Jeevan Chhaya: LIC Jeevan Chhaya is an endowment assurance plan which enables the financial security against the death and the protection continues through out the policy term.

Komal Jeevan: This policy in use on the life of a child and it’s a money back policy. When the child becomes a major, this insurance policy would pay certain percentage of the assured sum and in 4 regular installments.

Child Future Plan: This plan gives a risk cover on the life of the child throughout the term of LIC Child Future plan as well as during the complete term which includes 7 years after the end of the term of policy.

Child Career Plan: LIC Child Career Plan is life insurance plan that is planned specifically in order to meet the increasing needs of educational expenses of the growing children.

Children’s Deferred Endowment (CDA) Vesting at 21: This is an Endowment Assurance plan designed to enable a parent , legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).

CDA Endowment Vesting at 18: This is an Endowment Assurance plan designed to enable a parent , legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).

Best MetLife Insurance Children Plans:

Met Bhavishya: Every parent tries to fulfill every possible wish and need of their child. They want the future of their children safe, secured and bright.

Met Junior Money Back: This policy gives you returns on your investment as well as money back when you need at various intervals.

Met Junior: ‘Met Junior’- a flexible endowment plan that combines savings and security.

Best Bajaj Allianz Children Plan:

Child Gain: This policy has been meant to offer financial security to a child’s future.

Best Kotak Life Insurance Children plans:

Kotak Child Advantage Plan: This 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.

Best SBI Life Insurance Children Plan:

SBI Life Scholar II: SBI Life – Scholar II has guaranteed benefits which are payable at the regular intervals during the term of the policy.

Best TATA AIG Life Children plans:

Tata AIG Life Starkid: This one is a Child Endowment Policy that helps to complete the needs of the children.

Tata AIG Life Assure Career Builder: This plan to gives future for fulfill all wish and to achieve their goal, money should be very important thing for your child’s future.

Tata AIG Life MahaLife Gold: It provides you a fixed income and insurance coverage for life.

Tata AIG Life Assure Educare at 18 & Tata AIG Life Assure Educare at 21: This one is a juvenile endowment plan that has been planned exclusively to fund the education of the children.

Tata AIG Life Assure 10Years / 20Years / 30Years / Security & Growth Plans: Is an Endowment plan where in an unfortunate event of the death of the policyholder the family members are secured.

Best ING Vysya Child Plan:

ING Aashirvad:Its new design amongst child plans that will help revolutionize your approach towards planning for your child’s future.

Creating Life Child Protection Plan: This policy takes care of future of the child and even after the death of their parents.

Creating Life Money Back Plan: The Creating Life Money Back Plan helps to fulfill small needs of your child, whether it’s their tuitions, their regular studies or higher studies. In case of the death of the parents a payment will be made to the child & future premium will be waived, a guaranteed survival benefit & reversionary bonus benefit too.

Best Reliance Life Child Plan:

Reliance Child Plan: This plan helps to save systematically so that the child can get the financial protection in the future. This plan gives the kids a brilliant and soft future.

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To ensure that the child’s receives all that he/she deserves needs a strong financial backing such as a child insurance which will also be an investment so that no matter what has life in store for you, you are able to provide the best for your loved one. These plans provide for education at various intervals during a child’s life. It is always easier to save a small amount on a regular basis so that a lump sum amount is available at right times, when needed.

Moreover most of us have relatively fixed sources of income, financial planning for a child’s benefit becomes an essential part of the entire family’s budget. Also as Aristotle said “Education is the best provision for old age.”

Today cost of education is very high and increasing, best opportunity and options costs more; especially foreign degree and specialized training courses. No child should miss the chance of equal and best opportunity due to lack of funds.

Next will be the marriage expenses, which are quite expensive and also can be provided for through insurance even if in unfortunate circumstance of your unavailability.

Follow the simple steps for the investment plan and secure your child’s future:

1. Save regularly
2. Secure investment
3. Provide insurance cover
4. Flexibility
5. Guaranteed return

It is never too early to plan for your child; faster you start more you will be able to amass. Child plan are available with market linked returns as well, which provide for child’s future financial needs (incorporating inflation). Careful investment planning today provides for safe and carefree future tomorrow.

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They are much in demand because the policyholders have an estimate of the assured sum unlike in case of market linked plans.

Consultancy service integrated with Term Insurance helps for better understanding. Let us understand this with help of Child Insurance, a Term Plan product. Parents are taking a keen interest in the overall development of their child. This personality development needs a solid financial backing which is supplied by child insurance plan and guidance from experts in child psychology and panel of experts in the field.. Max’s I-Genius plans are a step towards helping parents achieving this goal. They offer 3000 scholarships worth Rs.2 crore.

Ulips or traditional endowment products? Yes its true that that traditional endowment plan are low on returns and less transparent but they ensure safety of returns. Traditional products serve the needs of customers who seek a certain sum back. Moreover some investors do not want to actively manage their money, which investing in debt products through Ulips entails them to do.

Child ulips requires longer investment as compared to regular ulips. Higher loyalty additions are offered since persistency is relatively good in child Ulips. The first year costs that are deducted upfront are later discounted in form of loyalty additions and maturity bonuses.

Ulips in general are long term products but regular ulips are often bought and sold for shorter periods. Average tenure of ulips is around 15 – 20 years.

Insurance is considered an investment product which is proven by the growing number of ulips. Indians are underinsured as they consider insurance as investment and not security for safe future; they lack awareness regarding the various types of products (term plan, health insurance, endowment plan, ulip etc.) – utility, reason, benefit etc. In fact, selling a term plan is an uphill task because people want returns from their policy.

It is true that in today’s world the risk of death is much less compared to the risk of not saving enough. Majority have a large gap between earnings and savings to meet their goals.

Insurance can be the bridge if you choose to make it.

And we at www.bimadeals.com will supply you with the necessary materials…

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Overview BSLI Saral Children’s Plan, is a solution that combines the best benefits into a single plan. A plan that gives a guaranteed amount on maturity and keeps the policy alive in the unfortunate event of the parent’s death, ensuring that your child’s future is secure.

FEATURES

Simple buying process

You do not have to go through the hassle of medical tests for buying this plan. All you have to do is fill up an application form, choose your savings premium, premium paying term and policy term and a suitable investment option.

Continuation of policy even after your death

This plan completely secures your child’s future. In the unfortunate event of the parent’s death,

Your child will receive an amount equal to the Sum assured All future premiums continue to be paid by BSLI and your child receives the Fund Value at the end of the policy term

Investment options

BSLI Saral Children’s plan gives you an opportunity to invest depending on your risk appetite. You have two investment options to choose from – LifeCycle Option and Guaranteed Option.

In the LifeCycle option, we manage your investments over the term of the policy to suit your age and risk profile. This frees you from having to manage your investment. If you choose the Guaranteed Option, you stand to receive a guaranteed amount on maturity based on the number of premiums you pay, pay term and policy term of your choice. You only require to pay a nominal additional premium to provide this extra protection to your savings. Please refer to the brochure for details.

Guaranteed Additions

Your fund value is increased at the end of the policy term by means of Guaranteed Additions. Thus you will receive an amount in addition to your fund value at maturity.

Your Guaranteed Addition amount depends on your policy premium and the combination of premium paying term and policy term you choose. The Guaranteed Additions are applicable only if you have paid all your premiums.

Tax Benefit

You enjoy tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961 under this plan.

Plan Summary including Eligibility and Maturity Benefits

Your Age at Entry 18 to 50 years Premium paying term and Policy term combinations ( referred as pay/term) Your three options are : 10 pay/ 10 term, 10 pay/20 term and 20 pay/20 term Your Child’s age at entry • Children upto the age of 21 years . • The 10 pay/10 term option is not applicable where the child is below 8 years Savings Premium Rs. 10,000 or more annually Sum Assured 6 times of annual savings premium Investment Options LifeCycle Option: Your premiums will be invested between Maximiser (100% equity) and Income Advantage (100% debt) in a predetermined proportion based your risk profile and age at the time of investment Guaranteed Option: Your money will be solely invested in the investment fund Enhancer Please refer to brochure for details on funds Maturity Benefit You will receive the Fund Value plus Guaranteed Addition. In case of Guaranteed Option, you receive higher of Guaranteed Maturity Benefit and Fund Value ,plus Guaranteed Addition

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• CHILD PLAN | CHILD ADVANTAGE PLAN | KOTAK LIFE INSURANCE | ADVANTAGES | OVERVIEW | FEATURES & BENEFITS | ELIGIBILITY | GENERAL EXCLUSIONS
• CHILD PLAN | HEADSTART CHILD PLANS | KOTAK LIFE INSURANCE | ADVANTAGES | FEATURES – OVERVIEW |BENEFITS – Riders | ELIGIBILITY | EXCLUSION

Overview In life there are some dreams like giving your child the best possible education, planning for their career or wedding or helping them start their life on an assured footing. And you would ideally like to guarantee this against any eventuality. Presenting BSLI Dream Child Plan, a plan that gives you the confidence and freedom to keep pace with the ever changing world of your dreams for your child. Features

The Guaranteed Savings Date BSLI Dream Child Plan guarantees that you receive no less than the chosen Basic Sum Assured on the Guaranteed Savings Date.
Your Guaranteed Savings Fund will continue to grow at a minimum rate
of 3% per annum less policy charges and less any partial withdrawals.
All Basic Premiums, net of an investment guarantee charge, paid by you are invested in the Enhancer Fund. Enhancing Your Benefits You may wish to enhance your financial security by choosing Enhanced Sum Assured. The Enhanced SA Premium as applicable will be invested, net of investment guarantee charge, in the Enhancer Fund thus augmenting your Basic Fund Value. You may also opt for Enhanced Savings Premiums, which increases your savings. The Enhanced Savings Premiums are invested under the Self- Managed Option in our range of ten well established investment funds ranging from 100% debt to 100% equity to suit your particular need and risk appetite – Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, Multiplier and Super 20. You will retain the freedom to reallocate your investments and re-direct your future Enhanced Savings Premiums between these funds based on your choice. The Joint Life Benefit BSLI Dream Child Plan is designed as a joint Life Insurance Plan. Under this plan you as the grand/ parent are the primary life insured and your child will be the secondary life insured. On the Guaranteed Savings Date, your child will become the primary life insured and will enjoy all the benefits under this plan for the rest of the policy term. Guaranteed Additions Benefit You will receive a Guaranteed Addition equal to 2% of your average Basic Fund Value recorded in the last 60 months at the end of 10th year and every 5th year subsequent to that. These will be in the form of additional units allocated to your fund. In case you have chosen to augment your savings through Enhanced Savings Premium, the Guaranteed Additions will be paid on your Fund Value (Basic Fund Value plus Enhanced Fund Value). Death Benefit Prior to the Guaranteed Savings Date, upon the unfortunate demise of the primary life insured, the beneficiary will receive the Basic Sum Assured and the Enhanced Sum Assured, if chosen. Also, all future Basic Premiums adjusted for mortality charges will be paid by BSLI every month till the Guaranteed Savings Date. In case of demise of primary life insured after the Guaranteed Savings Date, the beneficiary will receive the Basic Sum Assured. Maturity Benefit On maturity you will receive the Basic Fund Value. In case you have
opted for Enhanced Savings Premium, then you will also receive Enhanced Fund Value. Other Benefits • Partial Withdrawals You can make partial withdrawals, after you have completed three policy years, as long as your child has attained the age of 18 years, the minimum amount withdrawn is Rs. 5,000 and the balance amount left in your fund after the withdrawal is equal to at least one annual policy premium plus any surrender charges. The Basic Sum Assured will be reduced by the partial withdrawals made till the Guaranteed Savings Date. • Surrender Benefits You can surrender your policy and receive your Fund Value (Basic Fund Value plus Enhanced Fund Value if any) less applicable surrender charges. There are no surrender charges after the completion of 5 policy years. If you surrender the policy prior to the 3rd policy year, your surrender benefit will be kept constant and deferred for payment to the end of the 3rd policy year. In the event of the death of the primary life insured prior to the Guaranteed Savings Date, the secondary life insured can surrender the policy anytime after attaining age of 18 years. Plan Summary and Eligibility

Entry Age – Grand/Parent- Child	18 – 65 years, provided age on Guaranteed Savings Date is 75 or less 30 days – 17 years
Guaranteed Savings Date	Child’s age 18 – 27, subject to minimum of 10 policy years
Policy Term	Guaranteed Savings Date + 20 years
Pay Term	Years to Guaranteed Savings Date
Basic Sum Assured	Minimum Rs. 2,00,000 , subject to minimum Basic Premium Rs. 8,000.
Enhanced Sum Assured	Minimum Rs. 50,000
Enhanced Savings Premium	Minimum Rs. 5,000

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This planning can be achieved with the help of  Child Advantage Plan by Kotak Life Insurance Company. They are one of the fastest growing insurance companies in India and have shown remarkable growth since its inception in 2001. Kotak Life Insurance employs around 5,565 people in its various businesses and has 197 branches across 141 cities. Kotak Child Advantage Plan is a unique Child plan which will help you financially secure the future of your children by providing good returns as well as protecting him/her against any unforeseen circumstances.

This plan is ideal for you if

• 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.

ADVANTAGES

• 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.

OVERVIEW

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.

FEATURES

Bonus

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.

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.

Maturity Benefit

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 sum 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.

Tax Benefits

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.

ELIGIBILITY

GENERAL EXCLUSIONS

In case the life insured commits suicide within 1 (one) year of the plan, no benefits outlined in the plan would be payable.

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