Kotak Head start Child Assure Plan
As a responsible parent, you must provide the best for your children without compromising your nobility. In this day and age of growing expenditures and general growth, you need consider more than just saving your hard-earned money. You would, hence, do well to put admirably in monetary instruments which guarantee that your kids’ schooling isn’t endangered in that frame of mind of your appalling passing. You can choose one of the well-known Kotak Life kid plans in India – the Kotak Head start Child Assure Plan, a unit-linked insurance plan (ULIP). By picking this arrangement, you can construct a corpus to subsidize for your kids’ costs without stresses.
Features of Kotak Head start Child Assure Plan?
Security and Investment in One Plan: This unit-connected protection plan offers the remarkable mix of insurance through a life coverage cover and abundance creation through interest in assets in a solitary item
Triple Benefit: A triple advantage guarantees the monetary security of the youngster when the existence safeguarded parent passes on during the arrangement term. It lessens the monetary weight on the family including the youngster. The triple advantage comprises of the accompanying:
- Quick installment of the Basic Sum Assured
- Premium Waiver – All future charges are deferred off and added to the Fund Value
- Continuation of strategy and installment of the Fund Value at strategy development
Abundance Creation for Child’s Future Needs: This plan aids the production of abundance through interest in assets for when the youngster grows up. It helps in making reserves accessible for the kid’s advanced education, marriage and so on and guarantees that the youngster can understand his/her fantasies.
Decision of 7 Investment Funds: The plan offers 7 assets to suit the gamble taking limit of a wide range of financial backers. Interest in these assets helps in building a corpus for what’s in store. Each asset has a one-of-a-kind speculation goal and chance return profile in light of the portion in values, obligation and currency market instruments. Assets with a forceful profile have a high value openness, while those with a protected or moderate profile put resources into obligation and have no openness to values.
- Exemplary Opportunities Fund
- Bleeding edge Equity Fund
- Adjusted Fund
- Dynamic Bond Fund
- Dynamic Floating Rate Fund
- Dynamic Gilt Fund
- Currency Market Fund
Adaptable Withdrawals: Since the monetary prerequisites of the kid change every once in a while, this plan permits admittance to assets after fulfillment of 5 strategy years via halfway withdrawals
Adaptable Premium Payment Period: The arrangement permits installment of insurance charge for the whole contract term (Regular Pay) or for a restricted period (Limited Pay).
Exchanging: The arrangement permits exchanging between speculation assets to change ventures as per the predominant economic situations.
Premium Redirection: The future premium allotment can be changed in view of the necessities and venture goals of the policyholder.
Benefits of Kotak Head start Child Assure Plan?
Demise Benefit: in case of the dying of the existence protected during the residency of the arrangement, gave all expenses have been paid, the Death Benefit is paid to the chosen one.
Demise Benefit is higher of the accompanying:
- Fundamental Sum Assured
- 105% of the all-out expenses paid
The future expenses are postponed off and added to the Fund Value. The strategy proceeds and the Fund Value is paid at development.
Development Benefit: The full Fund Value is paid as Maturity Benefit on strategy development
Tax breaks: Tax advantages can be profited under Section 80C and Section 10(10D) of the Income Tax Act, 1961
What are the inclusions of Kotak Head start Child Assure Plan?
- The policyholder might switch between the seven unit-connected assets anytime of time during the arrangement term.
- Policyholders might select to change the portion of future expenses with the Premium Redirection office.
- The policyholder can decide to get the development benefit as a prompt single amount payout or through pre-chosen portions by means of yearly, half-yearly or quarterly modes for a time of as long as five years after the development date. The policyholder may likewise get the development benefit as a section singular amount sum and the rest by means of portions.
What are the policy details Kotak Head start Child Assure Plan?
Grace Period: The arrangement allows policyholders thirty days to pay all due charges. This time span is diminished to 15 days if there should arise an occurrence of expenses being paid by means of month-to-month mode. The strategy will secure a “Ceased” status on the off chance that installment isn’t made inside the pertinent time span.
Strategy Termination or Surrender Benefit: If the approach is given up before the consummation of 5 years, then, at that point, the insurance cover stops, and the Fund Value will be moved to the Discontinued Contract Fund. Continues from this will be payable solely after the fifth approach commemoration. In the event of the demise of the Life Assured during this period, just the collected asset worth will be payable to the candidate. Subsequent to finishing five approach years, in the event that it is given up, there is no Surrender/Discontinuance Charges, the Fund Value is paid to the policyholder, and the strategy will end right away. On the off chance that the strategy isn’t reestablished inside the restoration period, the arrangement is ended. End of the arrangement additionally happens on installment of the Maturity benefit or the Death Benefit.
Free Look Period: Policyholders have a restricted free look time of 15 days from the date of getting strategy records to survey the arrangement. In the event that the policyholder doesn’t wish to go on with the approach, then the person can drop the arrangement. The client will get the Fund Value in addition to the unallocated premium less a proportionate charge for the gamble borne by the organization, including as any additional costs, for example, towards a clinical assessment or stamp obligation charges.
What are the additional features of Kotak Head start Child Assure Plan?
The recovery of a passed or suspended strategy is conceivable in the event that the policyholder presents a solicitation for restoration inside a time span of a long time from the date of the primary neglected premium and pays generally due premium.
Different charges apply to this arrangement. They are as per the following:
- Premium Allocation Charge, which is deducted from the Premium paid by the client. The equilibrium is put resources into the speculations picked by the policyholder
- Strategy Administration Charge is deducted toward the beginning of every month.
- Reserve Management Charges are deducted everyday while ascertaining the NAV of the assets.
- Toward the start of every month, Mortality Charges are deducted by the dropping of units from the asset esteem.
- Exchanging Charge – There is a restriction of four free switches permitted in a solitary strategy year. Hence each switch is charged at Rs. 500 for every switch.
- Halfway Withdrawal Charge is Rs.500 per withdrawal.
- Different Charges – for strategy adjustment and change in Basic Sum Assured Rs. 500 is charged, while Rs. 100 is charged for premium redirection.
- A Discountenance Charge is collected on strategies that are ceased before the finish of the lock-in time of the initial five years.
How to Apply for Kotak Head start Child Assure Plan?
- Visit the official site and select your plan of action.
- Fill in the fields and information as referenced in the form.
- Post assurance, you ought to fill the suggestion form.
- Post affirmation and payment of premium, the plan will be sent on to you.
1. How can I check policy status for Kotak Head start Child Assure Plan?
How can I check policy status for Kotak Head start Child Assure Plan?
2. What is the policy cancellation process for Kotak Head start Child Assure Plan?
You can apply for cancellation in person at your local branch or online using your insurance documents and a completed surrender form. Following successful counter acceptance, the insurance will be cancelled and refunds will be provided to your bank account immediately
3. How to pay a premium? What are the modes of payment available?
Kotak particularly provides two options of premium instalment:
• Payment by cash (or check)
• Online Transactions
The policyholder can pay for the web-based instalment method using:
• Debit and credit cards
• Internet banking