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Kotak Child Future Plan
Kotak Child Future is an endowment benefit assurance plan with a limited premium paying term of 10 years. The policy mandates the age of the child for whom the policy is taken to be between 11 and 15 years only. The policy term under this scheme is thus calculated as 25 years less than the entry age of the child. The policy can be purchased for a minimum sum assured of 2 lakh.
Kotak Child Future clearly scores on its double-death benefit, which is payable over and above the scheme benefits that the child is entitled to during the course of this policy. The policy, thus, ensures that the unfortunate death of the policyholder does not financially handicap the child by providing nearly 325% the amount of sum assured opted for under the scheme while ceasing all future premium obligations.
However, the scheme disappoints on the high-premium cost charged by it that fails to generate any meaningful returns from the scheme if the policyholder were to survive through the policy term.
Additional Features
Being a plan for children, the scheme pays a part of the maturity benefits to the child upon attaining 23 years of age and the balance on attaining 25 years of age. The cumulative benefit arising from the scheme is 125% of the sum assured. However, in the event of the death of the policyholder during the policy term, the scheme will pay an additional amount equivalent to 200% of the sum assured to the child and terminate all future premium-paying obligations. The policy, however, will continue as planned and the child will be entitled to receive the maturity benefits as scheduled.
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