To secure the financial requirements of children and adolescents, private insurer Kotak Mahindra Old Mutual Life (Kotak Life Insurance) launched 2 traditional plans for them.
To addresses the future financial requirements of children aged between 0 and 10 years, the Kotak Child Edu Plan was launched and Kotak Child Future Plan aims at catering to the financial needs of adolescents between the ages of 11 and 15 years.
AdvertisementTo support the child's education and skill development, the Child Edu Plan provides defined benefits at 15, 17, 19 and 21 years. Payment of premium continues till the child attains 17 years of age.
Kotak Child Future Plan too provides benefits at 23 and 25 years to financially support the child's life goals. From the date of entry, the plan has a fixed premium payment term of 10 years.
Kotak Child Edu Plan and Kotak Child Future Plan offer enhanced protection in the event of death of life insured (parent, grandparent, etc).
The plans also have optional riders, which provide additional protection in case of death, accidental death and permanent disability.