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ICICI Prudential Child Plans

Parents always wish to fulfil their children's dreams, be it for their education, or arranging capital for them to realise their dreams. The primary goal of parents when it comes to their children's future is to make sure that they can live comfortably and have a bright future. And, fulfilling these dreams requires savings and investments. In this regard, child plans are important since they insure your child's future even in your absence.

Investing in child plans is the best way to save for your child's future. ICICI Prudential is one such insurance company that has designed plans to help you do just that. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company which is headquartered in the United Kingdom. Whichever plan you choose, the one common thing is that you can pay premiums on a monthly, quarterly, half-yearly, yearly, or single pay and at the time of maturity, you will receive a lump sum amount called maturity benefit.

There are various benefits of investing in ICICI Prudential Child Plans and some of them are:

  • These plans give you a way to save systematically over a long term so that you can achieve your children's financial goals.
  • No matter which plan you choose, you will have enough time to build a decent corpus if you invest wisely.
  • You can choose the maturity date based on your financial resources at the time of investing and the time when you need the corpus.

Types of Child Plans offered by ICICI Prudential

ICICI Prudential offer child plans where the child is the beneficiary, so that all the investment is made for your child's future only. ICICI Prudential offers two types of child plans: ICICI Pru Smart Life and ICICI Pru Future Perfect - Child plan.

ICICI Pru Smart Life

This is a Unit Linked Insurance Plan where you get two investment options, Life Cycle Based Portfolio Strategy and Fixed Portfolio Strategy. In the Life Cycle Based Portfolio Strategy, your premium will be disbursed in the Multi Cap Growth Fund and Income Fund depending on your age. As your age progresses, your savings will be gradually transferred from the multi cap growth fund to the income fund to protect it from volatility. The fixed portfolio strategy offers 11 funds, and you can choose the one that suits your risk appetite.

Here's the eligibility criteria for this investment scheme.

  • The minimum age for the policyholder is 20 years and there's no minimum age for the child. The maximum age for the policyholder is 54 years, and for the child it's 15 years.
  • The minimum maturity age for the policyholder is 30 years. The maximum maturity age is 64 years for the policyholder.
  • The minimum policy term is 10 years and the maximum term is 25 years.
  • The minimum annual premium amount is Rs. 45,000, while there's no maximum amount.

Let's look at some more details of the scheme.

Under this scheme, the policyholder can get the corpus at the time of maturity. And, in the event of the death of the policyholder during the policy term, the family of the policy holder can get the benefit amount. Also, the scheme offers waiver of future premiums in case of death of the policyholder. Units will be allocated as if the future due premiums are being received as per the premium payment term. The Nominee will receive the Fund Value, including Top up Fund value, if any, at the policy maturity date.

ICICI Pru Future Perfect

The plan offers guaranteed return at maturity along with guaranteed additions and bonuses which makes it a low risk investment. You can also avail tax benefits for premiums paid for benefits received. The plan also gives you the flexibility to choose the premium payment option as per your needs. Here's the eligibility criteria for this scheme.

  • You can pay the premium over a period of 5, 7, 10, 15, or 20 years.
  • The policy term for 5 years premium pay is 10 to 15 years, 12 to 17 years for 7 years, 15 to 20 years for 10 years, 20 to 25 years for 15 years, and 25 to 30 years for 20 years.
  • The minimum annual premium for 5 years premium payment term is Rs.40,000, for 7 years premium payment term it's Rs. 18,000, for 10 years it's Rs. 12,000, for 15 years it's Rs. 9,600, and for 20 years it's Rs. 8,400.
  • The minimum basic sum assured is Rs.4,00,000 for 7 years premium payment term it's Rs. 1,80,000 for 10 years it's Rs. 1,20,000 for 15 years it's Rs. 96,000 and for 20 years it's Rs. 84,000.
  • The minimum entry age for the plan starts from 91 days and goes up to 3 years depending upon the premium payment term
  • The maximum entry age for the plan starts from 45 years and goes up to 58 years depending upon the premium payment term

Let's understand how the plan works in more detail.

Under this scheme, you can be sure that your investment is safe with the Safety of Capital protection benefit. You will also get life cover to protect your family in the event of your absence. The plan gives you guaranteed assurances and bonuses from the initial years of the policy. Tax deductions is another benefit you can avail under this scheme.

How to Apply for ICICI Prudential Child Plans

You can buy any ICICI Prudential insurance plan online from the company's website. It won't take more than 10-15 minutes to complete the entire process. Here are the steps to buying a policy online:

  • Step 1: Select the plan that you want to buy.
  • Step 2: Once you've chosen your plan, click Buy Now and calculate your premium.
  • Step 3: 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.
  • Step 4: Review your form once and then make the payment using a credit/debit card or the net banking facilities.

Once all your documents have been evaluated, the policy will be issued to you.

You can even buy a policy through intermediaries like agents, brokers, or banks. This method will give you the benefit of evaluating all your documents before you submit them so that your application process goes smoothly. If the plan you have chosen is not available to buy online, you can purchase it through an intermediary or go to the company's branch to buy it.

FAQs on ICICI Prudential Child Plans

Which is the best Investment Plan of ICICI Prudential Child Plans 2018-19?

There is no best plan in the ICICI Prudential Life. The plan you pick is based on your risk appetite and the future goals of your children. The ICICI Pru Future Perfect plan is risk free and offers assured returns, while the ICICI Pru Smart Life is a high risk and high return plan.

Which is the best ICICI Prudential Child Plans for long term?

The ICICI Pru Future Perfect plan is the better option for people looking for a guarantee when it comes to long-term investment since you can choose the premium payment term and the policy tenure is based upon this choice.

Why should I buy ICICI Prudential Child Plans?

Both the plans offered by ICICI Prudential have numerous benefits such as protection for your family in your absence, tax benefits, option to choose your investment strategy based on your needs, etc.

What should I do if I want to change my premium paying?

It is possible to change the premium payment frequency in your policy, but only if your policy is active and all the premiums have been paid on your policy and the same is allowed under the plan. You need to submit the following documents to change the premium payment frequency of your policy:

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

Why you should opt for ICICI Prudential Child Plans?

The key features of the ICICI Prudential plans include wealth boosters which are offered by the company to add to your savings without more investment. Another feature of these plans is that the longer you invest with the company, the more benefits you get, like Loyalty Additions.

How to pay a premium? What are the modes of payment available?

You can pay the premium in the following ways:

  • Net banking
  • Credit card
  • Bill desk
  • Debit card
  • Bill junction
  • Infinity
  • E-collect
  • RuPay debit card
  • MINC dropbox You can also login to the e-portal and enter your policy details and debit/credit card or net banking information to pay the premium online.

How can I check policy status for ICICI Prudential Child Plans?

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.

What is the policy renewal process for ICICI Prudential Child Plans?

You can log in to the ICICI Prudential website with your Client ID and password and select the policy you want to renew. Choose your payment method and authenticate and confirm your payment details.

What is the company’s process to settle claim for ICICI Prudential Child Plans?

To settle the claim, you need to complete the claim form through one of the following means:

  • E-mail
  • Phone call
  • Online
  • Branch Office Once you submit the form, it will be evaluated and when all the documents have been received and evaluated, your claim will be processed in 12 calendar days.

What is the policy cancellation process for ICICI Prudential Child Plans?

You need to maintain your policy for at least 2-5 years depending upon the plan chosen before you can cancel it. Once the initial lock-in period is complete, you can fill and submit a surrender form at the company's branch office and your cancellation will be processed within 30 days.