CHILD PLAN | HEADSTART CHILD PLANS | KOTAK LIFE INSURANCE | ADVANTAGES | FEATURES – OVERVIEW |BENEFITS – Riders | ELIGIBILITY | EXCLUSION

Each parent tries to fulfill every possible wish and need of their child. They want the future of their children safe, secured and bright. They try their level best to remove all the roadblocks that may be present in the path of their child’s life. Today the expenses are increasing so it becomes imperative to be prepared beforehand for any unforeseen circumstances. There are certain ages in the child’s life when extra capital is needed. Today children have to be good in all the fields, be it studies or extra curricular activities and even games.

This planning can be achieved with the help of Headstart Child Plans 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 Headstart Child 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 as they are specially tailored, cost effective plans that aim to give your children the financial means to pursue his or her dreams – and to live them.

ADVANTAGES

• Choice of 2 plan variants – Kotak Headstart Assure Wealth and Kotak Headstart Future Protect
• Maximizes wealth while providing protection
• Save for 2 children with one plan
• Additional survival units
• Flexible withdrawals

FEATURES

• Unique DYNAMIC FLOOR FUND II offers embedded advice from investment experts, aiming for stable returns and capital appreciation to comfortably outpace the cost of living. It allows you to invest and forget about the hassles of switching across fund options or depend upon the advice of others.
• You may withdraw any amount on maturity for your children. The balance, if any, can be taken in pre-specified installments -yearly, half-yearly, quarterly or monthly.
• On the death of the life insured a lump sum of 100% of the sum assured would be paid out immediately. An additional amount of all outstanding premiums plus the fund value will also be paid. This is applicable for Headstart Future Protect (Single Life Plan)

OVERVIEW

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Every child is different, with a unique set of dreams and aspirations. As a parent, you would like to provide your child with all the building blocks necessary to develop his or her potential to the fullest. This could mean extra coaching or tuition for talented children, special training or equipment for natural athletes, or professional training for born singers. This is where Kotak’s Headstart Child Plans come in.

BENEFITS

Riders

Riders offered by Kotak Life Insurance may be availed of at the time of purchasing the plan, at a nominal cost.

The maximum amount of benefit you can avail depends on the Basic Sum Assured and the rider selected. However, the aggregate premium on all value-adds should not exceed 30% *of the basic premium.

* Except for CIB rider in Kotak Term Plan & Kotak Preferred Term Plan, where CIB premium can be up to 100% of basic premium.

For Kotak Headstart Future Protect:

• Kotak Critical Illness Benefit (CIB)
• Kotak Accidental Death Benefit (ADB)
• Kotak Permanent Disability Benefit (PDB)
• Kotak Accidental Disability Guardian Benefit (ADGB)

For Kotak Headstart Assure Wealth:

• Kotak Accidental Death Benefit (ADB)
• Kotak Permanent Disability Benefit (PDB)
• Kotak Critical Illness Benefit (CIB)

Kotak 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 rider 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 Capital Multiplier Plan and Kotak Retirement Income Plan (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 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, 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

Kotak 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 Kotak 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).

Kotak 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, Kotak 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).

Kotak 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.

In case the life insured commits suicide within one year of date of issue of the policy or date of revival, the beneficiary would receive the Fund Value in the Main and the Top-Up Account.

Possibly Related Posts:

• LIC launched Jeevan Ankur child plan
• AEGON Religare Educare Plan – Features & Benefits
• IDBI Federal Childsurance Dreambuilder Plan – Benefits & Advantage
• Child Plans | Benefits | Analysis
• Best Child Plan | Apply & Get The Best Children Plans
• Child Insurance – Why?
• Child Insurance | Ulip or Term Plan – Comparison
• Child Plan |BSLI Saral Children’s Plan | Birla Sun Life | Overview | Features | Investment Options | Guaranteed Additions | Tax Benefits | Plan Summary including Eligibility and Maturity Benefits
• CHILD PLAN |BSLI Dream Child Plan | Birla Sun Life | Overview | Features |Benefits | Plan Summary including Eligibility
• CHILD PLAN | CHILD ADVANTAGE PLAN | KOTAK LIFE INSURANCE | ADVANTAGES | OVERVIEW | FEATURES & BENEFITS | ELIGIBILITY | GENERAL EXCLUSIONS

Tags: Insurance Companies, KOTAK LIFE INSURANCE