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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:
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.
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.
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.
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.
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.
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:
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.
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:
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:
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:
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.