ICICI Child Plan
ICICI Child Plan
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ICICI Prudential Child Plans

ICICI Prudential is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. It began its operations in 2001. The company's core philosophy is customer-centricity. It offers a wide range of plans under its umbrella of protection. Talking about child plans, the company offers a wide range of plans to meet the expectations of its customers. All the available options allow insured to make the premium payment on a monthly, quarterly, half-yearly, yearly or single pay basis. At the time of maturity, the plan will provide a lump sum amount (called maturity benefit) to the insured.

Types of Child Plans offered by ICICI Prudential 

ICICI Prudential offers three types of child plans: ICICI Pru Smart Life, ICICI Smart Kid Child Education Plan and ICICI Pru Future Perfect. Let's find out more about them.

1. ICICI Pru Smart Life

It is a Unit Linked Insurance Plan under which you get two investment options, Life Cycle Based Portfolio Strategy and Fixed Portfolio Strategy. The plan allows you to select the level of protection as per your requirements. It offers more features, which are listed below.

Key Features

Comprehensive protection to secure your goal: In case of the unfortunate death of the life assured, the plan offers lump sum payment of the sum assured that will take care of all immediate liabilities. Moreover, it will waive off all the future premiums.

The flexibility of premium payment: Under the same, you have to pay the premium once for a limited period or the entire policy term.

Liquidity: It allows to fund immediate financial needs with the help of partial withdrawal (only after completing 5 policy years).

Loyalty benefits: The plan offers loyalty additions and wealth boosters on staying invested for a long tenure.

Tax benefits: The plan offers tax benefits as per the prevailing tax laws.

Eligibility criteria

Entry age (parent)

20-54 years

Maturity age 

30-64 years

Policy tenure

10-25 years

Annual premium amount

Rs.45,000 to no limit

**Last Updated on 16-10-2020

2. ICICI Pru Future Perfect

The plan provides guaranteed return at maturity along with guaranteed additions and bonuses that make it a low-risk investment. It also offers the flexibility to select the premium payment option as per your requirements. This plan is perfect to fund your child's future needs and your retirement.

Key Features

Savings with guaranteed results: It is a great savings tool that offers guaranteed maturity benefits, accrued guaranteed additions, vested reversionary bonuses, and terminal illness bonuses.

Protection: It provides the required life insurance cover for the entire policy tenure.

Tax benefits: The plan offers tax benefits applied to premiums paid and benefits received as per the prevailing tax laws.

Surrender benefit: The policy will acquire a Guaranteed Surrender Value after payment of all premiums for at least two consecutive years.

Eligibility criteria

Entry age

91 days to 58 years

Policy term

10 years-30 years

Premium payment term

5, 7, 10, 15, or 20 years

Premium paying frequency

Annually, half-yearly, monthly

Maturity age

18-70 years

**Last Updated on 16-10-2020

The values may differ as per the chosen plan option

3. ICICI Smart Kid Solution Child Education Plan

ICICI Smart Kid Solution Child Education Plan is a unit-linked insurance plan that helps to create wealth to achieve the education milestones of your child. You can opt for either of the ones- One Pay option (payment of premium once) or the Regular Pay option (regular payment of premiums throughout the policy term).

Key features

Create wealth: With the same, you get the opportunity to grow your money by making an investment in equity and debt funds over a long tenure to get better returns.

Select investment strategy as per requirements: The plan offers two investment strategies such as Fixed portfolio strategy and lifecycle-based portfolio strategy. The company allows you to manage your funds yourself or you can take the help of an expert for the same.

Secure the future of your loved ones in your absence: The plan offers all-round protection to your child. In case of an unfortunate event (death), your child will receive a lump sum amount for his/her future education.

Loyalty additions: The plan offers loyalty additions for being a loyal customer.

Eligibility criteria

Entry age (parent)

20-54 years

Maturity age 

30-64 years

Policy tenure

10-25 years

Annual premium amount

Rs.45,000 to no limit

**Last Updated on 16-10-2020

How to apply for ICICI Prudential Child Plans?

There are two ways through which you can invest in - via PolicyX.com and the official website of the company. Let's discuss the steps further.

Buying through PolicyX.com

  • Scroll up to 'Free Quotes From Top Companies' given at the top-right corner of this page.
  • Submit basic details such as DOB, annual income, gender, etc.
  • Tap on 'Continue'.
  • Provide your phone number, name, and city.
  • Tap on 'Proceed'.
  • Check the available quotes from the top insurance companies in India.
  • Choose the desired ICICI Child plan and tap on ''Invest' at the right corner of the chosen plan.
  • Click on the tab 'Proceed to Buy'.
  • Enter your 'Email id' and click on the tab 'Submit'.
  • It will take you to the company's official website.
  • Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents on your registered email address.

Buying through ICICI Prudential's official website

  • Visit the official website of ICICI Prudential Life Insurance Company.
  • Click on the tab 'Plans'.
  • Click on the tab 'View all Plans'.
  • Choose the desired Child Plan.
  • Select the plan that you want to buy.
  • Click on the tab 'Buy Now' and calculate your premium.
  • Now you need to complete the application form, which requires you to answer some questions about your personal and professional life and your health details.
  • Review your form once and then make the payment.
  • The company will share the policy documents at the registered email address.

FAQs

ICICI Pru Child plans allow you to change the premium payment frequency. For the same, the policy should be active and you must have paid all the premiums. To change the premium payment frequency, you have to follow the below-mentioned process

  1. Download and fill out the request form.
  2. Submit your bank account details along with a cancelled cheque of the bank account from which you are paying the premiums in the Electronic Transfer Form.

You can check the policy status online by logging into the ICICI Prudential website and entering your policy details. You can even opt for the SMS and e-mail reminder facility to know the status of your policy.

For the same, you have to log in to the ICICI Prudential website with your Client ID and password and select the policy you want to renew. Select the desired payment method to authenticate and confirm your payment details.

Inform the company via call, email or branch visit and submit all the necessary documents. The company will evaluate the same further and process it in 12 working days.

For the same, you have to keep your policy active for 2-5 years depending upon the chosen plan before you can cancel it. Once the initial lock-in period is complete, you can submit a surrender form at the nearest branch and your cancellation will be processed within 30 days.

Last updated on 16-10-2020