What are Kotak Life Child Plans?

Kotak life child plans include the Kotak Headstart Child Assure plan. This plan is designed to help investors grow their funds for meeting their child's future requirements such as education, career, marriage, business needs, etc. Some of the features and benefits of this plan are:

• The plan considers the investor’s child as the beneficiary. The child gets triple benefits in case the life insured dies during the policy tenure. This includes basic sum assured to be given after the death, premium waiver and provision of the fund value after policy maturity.
• Upon the death of the life insured, the premium no longer has to be paid and the remaining premiums are included in the fund value. The policy is retained till the end of the policy term. This allows the policy funds to be available for the child's future requirements.
• The plan also provides maturity benefits. At the time of maturity, the policyholder gets the complete fund value. One can also choose to get these funds partially in cash and remaining in instalments. This can be divided over 5 years after the policy maturity date.
• To meet the child's specific requirements, the plan allows the policyholder to withdraw the amount from the plan after completion of the 5th policy year.
• Policyholders can avail of tax benefits as per Section 10(10D) and Section 80C of the Income-tax Act, 1961.

Additional benefits under this plan include plan switching, premium allocation changes, and also policy discontinuance. One can invest in this plan to financially safeguard his/her child’s future.