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Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

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Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

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Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Adding A Child to Your Life Insurance Policy?

Adding A Child to Your Life Insurance Policy?
  • 25th Oct 2021 |
  • 534

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


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

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


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