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A plan that offers guaranteed income for your future goals.
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Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and life cover.
Insurance and Investment in one plan.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
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The dreams of your children are as precious to you as they are to them. Our unique Child Plan offers to help you plan for your child’s dreams in advance.
Secure future for your children
Power to realize their dreams
Benefits of investments
Peace of mind
A child insurance plan combines insurance with a savings plan and secures your child’s future against financial constraints. As a parent, you want to ensure your child lives in comfort and receives the financial support necessary to reach their full potential in life. And achieving this goal requires careful financial planning.
Child savings plans are useful financial tools that help build an investment corpus. The fund helps meet the expenses for the major milestones in your child’s life. Moreover, in the case of an unfortunate event, your child receives the claim amount. It can cover education expenses and other living costs and enable them to fulfil their aspirations.
A child saving plan is a contract with insurance provider, with you as the policyholder and your child as the nominee.
First, you need to decide the cover amount you want your child to receive in case of an eventuality to enable them to live the life you want for them. Next, you have to determine the duration for which your child might need financial support. Provider will assign a premium amount accordingly. You can make a one-time, lump-sum payment or regular payments for the pre-specified period.
If an unwanted event occurs, insurance company pays the prearranged sum assured to your child. The mode of payment depends on your choice of the policy and payout. While some policies offer regular payouts as an alternative income source for your family, others may offer a lump sum payout.
The best investment plans for children also offer premium waivers in case of an unfortunate incident, whereby insurance company pays all future premiums and hands over the fund value at maturity to your nominee.
In case of survival until the end of the policy term, you will receive a sizeable amount as maturity benefit that can help you fulfil your child’s long-term goals.
1. Sum assured:
This is the sum that your child will receive in case of an unforeseen event. You should select the sum based on the amount they will need to complete their education and live without any financial limitations.
You need to pay this amount, based on the sum assured of you choose , for keeping the insurance in force.
3. Policy term:
It is the duration of financial cover, from the policy start date to the date of maturity. It depends on the time for which your child will need financial support.
4. Premium payment mode:
You can choose to pay the entire premium at one go or pay regular premiums on an annual, half-yearly, quarterly, or monthly basis as per your finances.
5. Maturity amount:
Insurance company pays this amount at the end of the policy term.
6. Premium waiver:
In case of your demise, the policy does not lapse. Insurance company continues to bear the remaining premiums until maturity. Your child receives the maturity value when the policy tenure ends.
7. Partial withdrawal:
If you invest in a unit-linked insurance policy for your child’s future benefits, you can withdraw parts of your fund value after five years.
Children’s savings plan offers a wide range of benefits, listed below:
1. Helps meet your children’s education cost:
Recent studies reveal that general education cost in India has undergone a fourfold hike. Also, professional course expenditures increased by 50% between 2007 and 2018. These numbers indicate that the price of higher education will skyrocket by the time your child attains the age for college admission. Regular investments in a children savings plan can help you amass the necessary funds to provide quality education to your children.
2. Covers the costs of medical treatments for your children:
Healthcare costs in India are increasing at twice the overall retail inflation rate. Hence, it is crucial to plan for unforeseen health complications. And the returns from your child plan policy can take care of the treatment costs, helping you provide adequate medical assistance to your child in health emergencies.
3. Acts as a shield against financial shortfalls even in your absence:
Proceeds from the child plan investment enable your child to complete their education pursue their career goals even if something unwanted happens.
4. Offers liquidity in cash crunches and provides for your child’s immediate needs:
You can raise funds in an emergency by taking loans against your child’s policy or liquidating part of the fund value.
5. Child plans provide tax benefits:
You can avail of deductions up to Rs. 1.5 lakhs from your taxable income under Section 80C of the Income Tax Act, 1961, for the premiums you pay towards your child insurance policy. The returns are also tax-exempt, provided the policy satisfies the regulations under 10(10D).
Different policies have different eligibility requirements. The criteria are based on the following parameters:
Contact us to discuss your exact requirements and decide on the best investment plan for your child, matching your specific needs.
Download application forms from the website and take the help of our expert representatives for a hassle-free application process. You can compare the premium amounts and benefits of different child insurance policies available online on our website to select the best child plan for your needs.
Child life coverage plans provide a predetermined lump-sum payout to the nominee in case of an unfortunate incident with the policyholder. In child plans, usually, the parent is the policyholder, and the child is the beneficiary. The claim amount can cover the child’s financial needs in the absence of the parent.
Hence, you should but child insurance to provide your child with the best in life even in adverse situations.
These insurance cum savings plans help you create the funds for your child’s higher education through systematic investments over time. With rising costs of education, ensuring quality schooling for your child needs robust financial planning. Education insurance plans offer lump-sum payments on maturity to cover your child’s tuition fees and other education-related expenses. Also, in case of an eventuality, the claim amounts ensure that your child’s learning continues unhindered, helping them pursue their career goals.
Anyone who wants to build a corpus for future financial goals like paying for children’s education, marriage, helping them buy a car or property, or fund their travel goals, can invest in such insurance plans. Child investment plans also provide tax benefits under Section 80C and can be used as tax-savings tools.
Hence, you should start investing in child insurance early on. It will ensure your child receives the maturity benefits in time for their financial needs and safeguards them against economic distress in contingencies.
Hence, such plans are essential to ensure that your child receives the education they deserve and to secure a bright future for them.
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