CHILD INSURANCE | KOTAK CHILD ADVANTAGE PLAN | KOTAK MAHINDRA | OVERVIEW | ADVANTAGES | KEY FEATURES – BENEFITS | ELIGIBILITY & EXCLUSIONS
Child – one word that holds a world of meaning for a parent. So why not secure the future of your world that is, your Child? Invest in an investment plan designed to meet your child’s future financial needs. The ‘Kotak Child Advantage Plan’ gives your child the freedom to dream and make each dream a reality. This is a participating plan.
This Children plan is ideal for you
- 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.
KEY 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. |
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RIDERS
Every person has a different need and Kotak Life Insurance recognize this. To give you the flexibility to customize and enhance your cover, they offer a set of riders which you may opt for along with your basic policy and shape your policy to suit your individual needs. The riders may be availed of at the time of purchasing the plan, at a nominal cost. The maximum amount of benefit you can avail is equal to the basic sum assured and depends on the rider selected. However, the aggregate premium on all value-adds should not exceed 30% of the basic premium.
| Term/Preferred Term Benefit* |
| In the event of death of the Life Insured during the term of this benefit, the beneficiary would receive an additional death benefit amount, which is over and above the sum assured. The maximum amount of benefit that is available is equal to the basic sum assured. |
| For male non-smokers and females, who want a Term Benefit cover of more than Rs.10 lakhs, the ‘Preferred Term Benefit’ rider is recommended; subject to eligibility conditions. |
| Accidental Death Benefit (ADB)* |
| If the Life Insured dies of an accident within 120 days from the date of accident and the beneficiary proves the same to the satisfaction of the Company, then the Accidental Death Benefit sum assured will become payable. |
| The maximum cover available under this benefit is equal to the basic sum assured (subject to a maximum of Rs 10 lakhs). |
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| Permanent Disability Benefit (PDB)* |
| If the Life Insured becomes totally and permanently disabled due to an accident and the policyholder proves the same to the satisfaction of the Company, the Permanent Disability Benefit sum assured will be paid as five annual installments of 12% of the sum assured, starting on the date that disability is admitted by the Company, followed by a final payment at the end of the fifth year of 60% of the sum assured. The life insured should survive for at least 120 days from the date of the accident. The policyholder should write to the Company giving the details of Permanent and Total disability in the required format, within 150 days after the happening of the disability. Permanent Disability is defined as permanent and immediate inability to work or permanent loss of use of any two limbs or total and permanent loss of sight or injuries that permanently preclude following an appropriate occupation from the date of accident onwards. |
| The maximum cover available under this benefit is equal to the basic sum assured (subject to a maximum of Rs 10 lakhs). |
| Critical Illness Benefit (CIB)* |
| This benefit can be added to the basic life insurance plan to provide financial support in the event of medical emergencies. On the first occurrence of critical illness during the term of the plan, you would receive a portion of the sum assured to help you reduce your financial burden in this emergency. |
| The maximum Critical Illness Benefit that you can avail depends on the basic plan subject to a maximum of Rs 20 lakhs. |
| Maximum Critical Illness Benefit Allowed |
| For Kotak Loan Protection Plan, Kotak Flexi Plan, Kotak Capital Multiplier Plan, Kotak Retirement Income Plan (with cover) and the Kotak Retirement Income Plan (Unit-linked) with cover the maximum Critical Illness Benefit that you can avail of is equal to the basic sum assured (subject to a maximum of Rs 20 lakhs). |
| For Kotak Platinum Advantage, Kotak Headstart Assure Wealth, Kotak Headstart Future Protect, Kotak Eternal Life Classic Shield, Kotak Eternal Life Premier Shield, Kotak Long Life Secure Plus and Kotak Long Life Wealth Plus, the maximum Critical Illness Benefit that you can avail of is 75% of the basic sum assured (subject to a maximum of Rs 20 lakhs). |
| For Kotak Endowment Plan, Kotak Money Back Plan, Kotak Term/Preferred Term Plan, Kotak Easy Growth Plan (5 Times Cover) and Kotak Safe Investment Plan II, the maximum Critical Illness Benefit that you can avail of is 50% of the basic sum assured (subject to a maximum of Rs 20 lakhs). |
| After the Critical Illness Benefit is paid, the basic sum assured and all the benefits dependent on the basic sum assured will reduce in the same proportion that the Critical Illness Benefit bears to the basic sum assured at the time of claim. The list of critical illnesses is: |
- Heart Attack (MI)
- Cancer
- Stroke
- Coronary artery by-pass graft surgery (CABG)
- Kidney failure
- Major organ transplants
- Paralysis
- Loss of limbs
- Aorta surgery
- Major burns
- Heart valve surgery
- Blindness
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| Life Guardian Benefit (LGB)* |
| In case of the unfortunate death of the policyholder, this benefit keeps the policy alive by waiving all future premiums on the policy. This benefit can be availed of only when the Life Insured and Policyholder are two different people. |
| Accidental Disability Guardian Benefit (ADGB)* |
| In case the policyholder is permanently disabled as a result of accident, this benefit keeps the policy alive by waiving all future premiums on the policy. |
| Permanent Disability is defined as permanent and immediate inability to work or permanent loss of use of any two limbs or total and permanent loss of sight or injuries that permanently preclude following an appropriate occupation from the date of accident onwards. |
| * Please read the Policy Document for the complete Terms & Conditions |
| ELIGIBILITY |
| Eligibility Conditions |
Term / Preferred Term Benefit / ADB / PDB |
CIB |
LGB / ADGB (for the Proposer) |
| Age at entry |
Minimum 18 yrs.& Maximum 60 yrs |
Minimum 18 yrs & Maximum 60 yrs |
Minimum 18 yrs & Maximum 50 yrs |
| Maximum Premium Ceasing Age |
70 years |
70 years |
60 years |
| Benefit Term |
Less than or equal to the premium payment term # |
Equal to the premium payment term # |
Equal to the premium payment term # |
| Mode of Payment: |
As of the Basic policy |
As of the Basic policy |
As of the Basic policy |
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| # For Kotak Headstart Future Protect; ADB, PDB and CIB Rider benefit term can be equal to policy term. ADGB Rider Benefit term has to be equal to premium payment term |
| # Kotak Long Life Secure Plus; ADB and CIB benefit term is equal to the policy term. |
| Riders available with the Non – Unit Linked Plans. |
| Riders available with the Unit Linked Plans. |
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| Exclusions for Accidental Death Benefit, Permanent Disability Benefit, Critical Illness Benefit and Accidental Disability Guardian Benefit: |
- Self inflicted injuries, suicide, insanity, immorality, committing any breach of law or being under influence of drugs, liquor etc.
- When the Life Insured is engaged in aviation or aeronautics other than as a passenger on a licensed commercial aircraft operating on a scheduled route.
- Due to injuries from war (whether war is declared or not), invasion, hunting, mountaineering, motor racing of any kind, other dangerous hobbies or activities, or having been on duty in military, Para-military, security or police organization.
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| Additional Exclusions for Critical Illness Benefit: |
- Unreasonable failure to seek or follow medical advice.
- Any pre-existing medical condition not disclosed at inception.
- Alcohol or solvent abuse, or taking of drugs except under the direction of a registered medical practitioner.
- Infection with Human Immunodeficiency Virus (HIV) or condition due to any Acquired Immune Deficiency Syndrome (AIDS). For the purpose of this rider, the definition of aids will be the one that is used by the World Health Organization at the date of onset or that used by any other appropriate Government or international organization. Infection by HIV will be deemed to have occurred where blood tests indicate the presence of the virus or any antibodies to it.
- In addition, no benefit would be paid in respect of the exclusions specific to each critical illness.
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The above exclusions shall be in addition to the exclusions provided under the Base Policy.
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| 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 sujm 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.
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| 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. |
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Tags: CHILDREN PLAN, Kotak Child Plan
