Kotak
Child Advantage Plan ; KOTAK MAHINDRA LIFE INSURANCE
"What
is Kotak Child Advantage Plan?"
The Kotak Child Advantage Plan is an
investment plan designed to meet your
child's future financial needs. It's
a plan that gives your child the "azaadi"
to realize his dreams. The plan is a
participating plan with a 15-day free
look period.
"What
are the advantages of this plan?"
On Maturity, you would receive the sum
assured plus the bonus addition. Bonus
addition is the amount in the Accumulation
Account*, in excess of the sum assured.
The balance available in the Accumulation
Account is invested in various financial
instruments (as per IRDA regulations)
so your money works hard to earn more
for your child.
The Automatic Cover Maintenance facility
ensures the policy remains in force
even if you miss premium payments. This
facility is available after the first
three years of the Term.
You can take a loan against this plan,
after the policy has been in force for
at least three years.
You have the option of paying premiums
quarterly, half yearly or yearly.
"What value-adds can you opt
for?" You
may avail of these value adds for a
nominal premium at the time of taking
the plan. The aggregate premium of the
value-adds should not exceed 30% of
the basic policy premium.
Life Guardian Benefit: In case of the
unfortunate death of the premium payer,
this benefit keeps the policy alive
by waiving all future premiums on the
policy.
Accidental Disability Guardian Benefit:
In case the premium payer is permanently
disabled as a result of accident, this
benefit keeps the policy alive by waiving
all future premiums on the policy.
"Are there any Tax Benefits?" Section
80C, 10(10D) of Income Tax Act, 1961
would apply. You are advised to consult
your tax advisor for details.