Adding A Child to Your Life Insurance Policy?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Adding A Child to Your Life Insurance Policy?

Adding A Child to Your Life Insurance Policy?
  • 25th Oct 2021 |
  • 716

The primary purpose of buying a life insurance policy is to provide a safety net for your family members who are financially dependent on you. This is one of the critical reasons many people prefer buying life insurance after their child is born. However, you must know that if you can add your child to the existing policy.

Some people find it silly to purchase a life insurance policy for a child since they have no financial responsibilities or dependents on them. However, there are reasons why you must get a life cover for your policy and add them to your existing plan.

Child Life Insurance Rider

Many insurance companies offer a child life insurance rider that allows the policyholders to extend the cover to their child. You can buy this cover for your biological child, adopted child and stepchild who is at least 15 days old, and you can get coverage until the child is 18 years old. The minimum age limit may differ from one insurer to another.

When you purchase a child life insurance rider to extend coverage to your child, there may be no changes in the underwriting terms. This means the child need not undergo a medical examination to get the cover. However, the insurance company may ask you about the child’s health status to identify the exact extent of risk they are covering.

In some cases, if the child has any pre-existing conditions, or in the case of infants, if they have any birth-related abnormalities, the insurer may reject your application for providing child coverage.

However, once the child coverage is added to your policy, the insurance company is liable to the death benefit to the parents if something happens to the child before a specific age.

Generally, the child life insurance rider provides coverage until the child is 25 years old or gets married, whichever occurs first.

Child Life Insurance Policy

When you buy a child life insurance rider, you get temporary coverage until the child attains a specific age. However, if you want to provide more comprehensive coverage to your beloved one, it is better to purchase a child insurance policy. In a child insurance policy, you can choose the coverage term and even get lifetime coverage.

When you buy child insurance, you would be the policyholder. However, you can later transfer policy ownership to the child at any time. It is best to wait till the child becomes an independent adult so that they can manage the premium payments themselves.

Typically, the life insurance policies for a child are whole life policies. This means such policies have a cash value, and you can invest for your child’s future and build a corpus. A child life insurance rider does not have any such benefit.

However, the premium for the rider is much more affordable than an individual child life insurance.

Final Word

Assess your insurance needs and premium paying capacity and choose the right plan accordingly.

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Kotak Life Claim Settlement Ratio

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Term Insurance Tips for NRIs in India

भारत में जीवन बीमा पॉलिसियों के प्रकार

A Step-by-Step Guide: How To Make An Investment Plan?

Can NRI Buy Life Insurance in India?

Reasons Why Term Insurance Claims Get Rejected

Think About Life Insurance Sooner than Later

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Different Types Of Life Insurance In India

Important Life Insurance Terms You Must Know

Life Insurance and Retirement Planning

Insurance Vs Investment - A Guide to Your Financial Goals

Difference Between Insurance and Assurance?

Nominee in insurance - A Complete Guide on nomination in insurance

Important Features of a Term Insurance Plan

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

What is Minimum Life Insurance Policy?

How Often You Must Review Your Life Insurance Policy?

Term Insurance Vs Life insurance: Small Details, Big Differences

Life Insurance vs Mutual Funds

How Much Life Insurance Cover Do I Need?

5 Smart Steps to keep in mind while buying term policies

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Is Life Insurance an Investment?

What Happens If I Stop Paying My Life Insurance Premium?

ULIPs: Suitable for all

Why Do Life Insurance Agents Avoid Selling Term Plans?

Digital Life Certificate for Pensioners Seeking Pension

Everything You Must Know About ULIP Riders

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Is Return-of-Premium (ROP) in Life Insurance Worth It?

Does Family History Affects your Term Life Insurance Rates?

Various Term Insurance Premium Payment Options Available in India

Term Insurance Claim Process

When are Millennials required to take out a life insurance policy?

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

5 Things to Consider Before You Buy Life Insurance

What Is Staggered Payment Option Under Term Insurance Policy?

Terms and Conditions of Term Insurance Plans

What Is Financial Planning?

Difference Between ULIP and Endowment Plan?

Choosing a Life Insurance Beneficiary

In India, should NRIs purchase life insurance?

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

What Is a Whole Life Insurance Plan?

All about Life Insurance Calculators

Why One Must Buy Term Insurance before 25 Years

Is Voluntary Life Insurance the Same as Basic Life Insurance?

Do Your Financial Planning with Life Insurance!

Take 100% Responsibility of Your Family with Term Life Insurance

Why do most Indians choose the wrong way to buy life insurance?

How to Find the Best Term Insurance Plan in Seven Steps

Guide for Buying Online Term Insurance Plans for Senior Citizens

Who Is A Nominee In A Life Insurance Plan?

Is it Worth Buying Disability Rider on Term Insurance?

Health Insurance VS Life Insurance

Why You Should Never Cancel Life Insurance Policy

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

“Life” Insurance or “Death” Insurance?

Life Insurance for Overweight Applicants

How Much Life Insurance Do You Need?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Life Insurance with Money Back vs Without Money Back

Why is Medical Test Important While Buying a Term Insurance?

Why Buying a Term Insurance is Important for all Parents

What are robo-advisors in insurance?

What Should One Expect During the Medical Evaluation for Life Insurance?

Do Life Insurance Premiums Increase Every Year?

How Do Term Insurance Plans Differ for Smokers?

Compare Different Life Insurance Products Offered By Kotak Life

Can You Transfer Life Insurance Policies to Another Company in India?

How to Buy a Life Insurance Plan?

Difference Between Term Insurance and Endowment Plan

Life Insurance vs Health Insurance

5 Ways to ensure faster settlement of claims

Why Your Family Should Know About Your Life Insurance Policy?

5 Reasons Why You Need Life Insurance in College

Important Terminologies of Life Insurance

How to Choose the Right Life Insurance Policy for Your Age?

What is Life Insurance?

Difference Between Money Back and Endowment Policy

How To Use Different Types Of Life Insurance For Retirement Planning?

What is the Difference Between Limited and Regular Pay Insurance Plan?

Is Life Insurance For Millennials Really Needed?

How to Choose a Life Insurance Policy

When Should You Review Term Life Insurance of Yours?

5 Easy Steps to Buying A Policy

All About Backdating in Life Insurance

What Is the Procedure to choose a nomination in life insurance policy?

How to Choose Life Insurance for All Ages?

Life Insurance Beneficiary

6 Things You May Not Know about Life Insurance

Types of Life Insurance Policies in India

Loan Against Life Insurance Policy

What are the Benefits of Endowment Policy?

Always keep your Nominee informed

Life Insurance Policy Closure

Does Life Insurance Cover Terminal Illness?

How to Customize Your Life Insurance Policy with Riders

Why Term Insurance for Women is Important?

What is Human Life value and a Human Life Value Calculator?

6 Different Types of Insurance Policies

All about IRDAI

Best Insurance Plans in India

Sabse Pehle Life Insurance

Term Life Insurance vs. Accidental Death Insurance

How to Buy a Term Life Insurance Online

What Is Insurance Coverage?

Does Life Insurance Policy Cover Covid Death?

Why Life Insurance Is Always a Smart Decision

What is a Single Premium Term Plan and its Tax Benefit?

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

How to Make Death Claims on Life Insurance?

What is Group Insurance?

9 Most Important Things You Must Learn About Paying Life Insurance Premium

10 Most Frequently Asked Questions - FAQs on Term Insurance

Life Insurance for Millennials

5 Reasons Why a Women Should Buy a Life Insurance

How Many Insurances Should I Have?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Life Insurance Vs. Mutual Funds Investment

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

Is It Advisable To Have Multiple Life Insurance Policies?

Is It Time to Review Life Insurance Policy of Yours?

Beware of Phishing & Fraud Insurance Calls

FAQs on Life Insurance

Process of Filing A Claim For Life Insurance

5 Advantages of Life Insurance Going Digital

Staying Insured While Investing

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

Benefits of Term Insurance with Critical Illness Rider

Does Life Insurance Pay for Suicidal Death?

Key Things to Review in Your Life Insurance Policy Document

Types of Insurance You Must Invest in for Secure Future

Life Insurance and Millennials

All about Your Rights and Duties While Buying Life Insurance Policy

Choosing the Right Life Insurance

How Does Life Insurance Work?

Details Required To Be Filled In A Life Insurance Form

Biggest Life Insurance Myths

Why Renewal of Term Insurance Plan is Important

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Choosing Between Short-Term & Long-Term Insurance Plans

What is an Endowment Plan?

NRI Premium Payment Options

Choose the Nominee of a Term Life Insurance Plan Wisely

Term Life Insurance Vs Money Back Life Insurance

Types of Life Insurance Or One Investment, Many Options

7 Superficial Reasons People Avoid Buying Insurance Online

5 Things to Keep in Mind While Buying Life Insurance Policy

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

All About Life Insurance and How It Works?

What Is Insurance Rider and It’s Benefits?

Life Insurance Plans for Women

What is Underinsurance & The Dangers of Being Underinsured

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Why Online Term Insurance Plans Cheap?

Should you buy a Renewable Term Life Policy?

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

Role of IRDAI in the Insurance Sector

First Job? Here’s Some Tips on How to Manage Finances

What Is Social Impact Investing and How Does It Benefit Society?

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Can An Individual Buy Multiple Term Insurance Plans?

How to Calculate Human Life Value(HLV)?

What is the Current Trend in Term Insurance?

4 Benefits of Gifting Life Insurance Cover to Your Spouse

Customer Awareness on Information Security

Voluntary Life Insurance Policy Vs Group Life Insurance

What Is Investment Insurance?

A Term Insurance Guide for Disabled People

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Different Types of Insurance Policies in India

Life Insurance for Overweight Applicants

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

What is Sum Assured in Endowment Policy?

Top 5 Common Life Insurance Myths and Facts

Insurance Changes You Need to Make Post Marriage

Guidelines for Linking Aadhar and PAN to Insurance Policies

Can a Term Plan be the Substitute for a Retirement Plan?

How to Revive the Lapsed Life Insurance Policy?

Why do I Need Life Insurance?

5 Common Life Insurance FAQs and Answers

What is a savings plan?