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ICICI Child Education Plan 2022: ICICI Prudential Child Plan

ICICI is a well-renowned bank that has many collaborations or joint ventures between a prudential private limited company and ICICI bank limited.

ICICI Bank has secured its place in the world for the last 20 years and is still counting. The bank has top-quality consistent services that range from term plans, savings, health insurance, motor insurances, other insurances, investments, child plans, and many more.

One such service is called the ICICI child education plan That secures our children’s future by making long-term investments towards their education. It is an insurance-related service. The towering economy has played a crucial role in everyone’s life today.

To secure a child’s future has become the number one criteria or priority for every parent. Let’s have a look at the ICICI child plan. 

Features of ICICI Child Education Plan

Features of any ICICI Child plan vary from Monthly income to fund child’s education on parent’s death to Penalty on Premature Closure. Invested Amount can be Withdrawn after 5-15 years based upon which plan/policy is taken.

ICICI prudential child plan, ICICI Smart Kid Plan, Child Savings Plan, Sukanya Samriddhi Yojana Scheme, Public Provident Fund are some of the policies/child plans to invest in.

  • This insurance can be purchased for your minor child. 
  • It benefits you to make small investments every month. 
  • The payouts are quarterly or annually. 
  • It provides you the facility of investments for a minimum tenure of three years. 
  • The minimum deposit for this ICICI child plan starts from ₹500. 
  • There will be no TDS applicable at the time of investment. 
  • Facility to terminate the insurance due to unforeseen situations 
  • one great feature of a child plan is that you can partially withdraw the invested amount. 
  • Availability of loans to deposit the money against the child plan. 
  • Funds can be deposited into the child’s plan using the parents’ ICICI bank account. 
  • Cheque, cash, or online payment are the options available to fund this insurance. 
  • The rate of interest will be the same at the time of maturity as the move buying the policy. 
  • The nomination facility is also an added feature in the ICICI child plan.

Benefits Of ICICI Child Education Plan

Here is a list of all the benefits provided by the ICICI child plan against securing your child’s future with education insurance. 

1. Lump-sum

Under this ICICI child plan, a child will get the mentioned lump-sum amount even under unfortunate circumstances like the death of the policyholder/Parent. 

2. Partial Withdraws

for your child’s educational milestones; the ICICI child plan makes sure that partial funds are accessible, subject to some terms and conditions. 

3. Tax Benefits

Under section 80C *; the ICICI child plan gives tax benefits

4. Loyalty/Wealth Boosters

Under the ICICI child plan IF the premiums are made at timely intervals, the company adds wealth or loyalty boosters in the policy’s sum. 

Types of ICICI Child Education Plan

There are two types of ICICI child plans for education available with ICICI namely: 

1. Child ULIPS

Child Unit Linked Insurance Plan doubles the sum of the invested amount. This allows the money invested to be divided into two ways where one part of the invested money will be used to secure your child with insurance and the second part of invested money will be put into equity and debt. 

2. Child Savings Plan

Without any market risks, the investment can be done in this multifaceted ICICI child plan. It provides tax benefits, maturity benefits, and all the other benefits that we discussed earlier. 

ICICI Prudential Child Plan

Using ICICI prudential child plan the child is made the primary beneficiary. This means at the time of maturity; the child will get all the benefits received from the insurance to fulfill their dreams or needs. In the case of unfortunate events, the funding will be taken care of by the company itself. 

Steps to be followed to apply for ICICI Prudential child plan policy:

  1. Online- The customer needs to log in to the company’s website. Followed by the selection of the preferred plan that gives maximum coverage and benefits.
  2. Offline- The customer needs to purchase the ICICI Prudential Child Plan with the help of intermediaries.

ICICI Prudential Child Plan – Documents Required

All the KYC documents are to be submitted at the time of application.

  • ID card
  • Address Proof
  • Aadhaar card
  • PAN card
  • recent photograph

Eligibility Criteria For ICICI Prudential Child Plan

Entry Age Policyholder – 20 years min and 54 years max, Child – 0 years min and 15 years max
Maturity Age Policyholder – 30 years min and 60years max, child- 18 years min and 30 years max
Policy Term 10-25 years
Premium Payment Term Regular, Single, Limited Pay (5/7/10 years)
Sum Assured As per policy
Annual Premium Amount 15k min to no limit max
Maximum Premium No limit
Premium Payment Frequency Yearly, half-yearly, monthly

What is ICICI Smart Kid Plan?

Smart Kid ICICI Premier is the ULIP (UNIT LINKED INSURANCE PLAN) in which your child gets educational milestone benefits with the help of their parents. The premium amount decided for the smart kid plan ICICI has to be given by the parent under all circumstances. In Smart Kid Plan ICICI; irrespective of whether the parent is alive or dead; the fund value has to be paid.

Features of ICICI Smart Kid Plan

1. All-round protection

Smart Kid Plan ICICI gives your child educational protection/all-around protection.

2. Lump-sum amount

Your child gets the lump sum amount at the time of maturity of the policy under this ICICI Smart kid plan.

3. Premium waiver benefits

By looking for premium waiver benefits in smart kid plan ICICI any parent can start early further investment of their child’s future education. 

Smart Kid Plan ICICI – Documents Required

All the KYC documents are to be submitted at the time of application for smart kid plan ICICI – 

  • ID card
  • Address Proof
  • Aadhaar card
  • PAN card
  • recent photograph

Eligibility Criteria for ICICI Smart Kid Plan

 The eligibility criteria of the ICICI smart kid plan is: 

Entry Age The minimum age required for the ICICI Smart Kid plan is 20 years. 54 years is the maximum age for entry.
Maturity Age The maturity age of the ICICI Smart Kid plan is 22 years for children and 50 years for parents.
Policy Term The Policy term for the ICICI Smart Kid plan is 10 years minimum and 24 years maximum.
Premium Payment Term Equal to policy
Sum Assured Sum Assured under ICICI Smart Kid plan is Rs. 1laks minimum and Rs. 30 lakhs maximum.
Annual Premium Amount Equal to policy
Maximum Premium The Max. The premium of the ICICI Smart Kid plan is Rs. 8400 p.a. minimum to a maximum of no limit
Premium Payment Frequency Yearly, Half-yearly, or Monthly

ICICI Smart Kid Plan Calculator

To assert the estimated cost of the term insurance; ICICI smart kid plan calculator/ICICI prudential child plan calculator is used widely. Which gives appropriate results. as every parent in the world worries for their child and their education; this tool gives a sense of relief to them. ICICI smart kid plan calculator gives an estimated cost of the premium amounts for the term insurance plan. It considers different factors like medical history, age, income, etc. For every individual, the premium rates of the ICICI Smart Kid plan would be different, depending upon the details added at the time of using this calculator.  

ICICI Child Education Plan – FAQs 

Q1. What is a Child Education Plan? 

Ans. An insurance plan that secures your child’s future is known as a child education plan. 

Q2. How Can We Buy Child Insurance Plans Online? 

Ans. To purchase a child insurance plan; visit the official website of ICICI, select the desired policy, enter all the necessary information like age, premium, etc… Click on the buy now option. 

Q3. What are the Different Modes of Paying the Premiums Online? 

Ans. Using the e-portal of ICICI Prudential you can pay online premiums with the help of these modes: net banking, credit card, debit card, E collect, MINC dropbox, Infinity, bill junction, Rupay debit card, Skypark dropbox, Bank Website Debit Card ATM PIN. 

Q4. What do you mean by Smart Kid Plan ICICI /ICICI Prudential Child Plan? 

Ans. Smart Kid Plan ICICI/ ICICI prudential child plan is a ULIP (UNIT LINKED INSURANCE PLAN. 

Q5. What is an ICICI Prudential Child Plan? 

Ans. It is an insurance policy for children. 

Q6. How do I use the ICICI Smart Kid Plan Calculator? 

Ans. ICICI smart kid plan calculator is used to determine the premium to pay in advance. 

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FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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