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.
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.
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
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
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
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
Buying through ICICI Prudential's official website
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
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 05-11-2020