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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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Securing your child’s future is the main concern you face as a parent. Given the exponential increase in the cost of living and financial requirements with time, you are deeply vested in finding the right solution for securing your children’s financial needs.
ULIP child plan is a financial tool that can help you eliminate this woe. When you opt for a ULIP for child plan, you ensure that they benefit from both life insurance and the financial market. This will help you keep up with market inflation and, at the same time, will support them in fulfilling their dreams of education or other important requirements in the future.
Also, since so many financial tools are available in the market, choosing the right one for your child’s future is quite tricky. Moreover, as you are not aware of the future and the kind of financial requirements that might occur to fulfil their needs, it is important to make the right choice that can serve your child’s future goals in their most crucial time.
This article will highlight how to identify the best ULIP plan for children? And we will also highlight the benefits of the ULIP child plan and why you should opt for the child ULIP plans.
ULIP child plan is a financial tool that can support your child in case of any unfortunate event and ensure that their basic needs are served before they are old enough to take responsibility. By investing in an ULIP plan for your child’s future, you can provide for their cost of living, including education and some other basic needs.
Your child is entitled to receive either a lump sum or regular payments based on the ULIP policy terms and guidelines. This is a major reason why a parent should do their research before choosing the best ULIP child plan in India.
Choosing the best ULIP plan for your child can be tricky. So you must decide very wisely after considering all the factors that might impact the future and thus invest accordingly. Various types of ULIP plans are available in the market that have some major to minor differences in their policy guidelines and offerings. More or less, most of them give you a vivid portfolio of funds to choose from. Still, you also have to check their performance in the past and consider other factors like additional charges and the cost of switching the funds, among many other factors.
As stated above, picking the best ULIP plan for a child in India from a pack of multiple ULIP plans for children can be tough for parents. However, some of the top features you must look for while picking up a ULIP for child are:
As a parent, you should go through deep research and read the ULIP policy guidelines carefully before opting for a policy from an insurer and check all the costs and benefits involved. The features mentioned earlier are the must-haves in child ULIP plans to be considered the best ULIP child plan in India.
- A Consumer Education Initiative series by Kotak Life
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