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 05-11-2020
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 05-11-2020
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 05-11-2020
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.
