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 insurance, other insurances, investments, child plans, and many more.
One such service is called the ICICI child education plan Which secures our children’s future by making long-term investments in their education. It is an insurance-related service. The towering economy has played a crucial role in everyone’s life today.
Secure a child’s future has become the number one criterion or priority for every parent. Let’s have a look at the ICICI child plan.
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.
Features of ICICI Child Education Plan
Features of any ICICI Child plan vary from Monthly income to funding the child’s education on the parent’s death to the Penalty for 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 Invested Amount can be Withdrawn after 5-15 years based upon which plan/policy is taken.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, and 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 with 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 to buy 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.
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 to the policy’s sum.
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:
- 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.
- 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 the 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 the smart kid plan ICICI any parent can start early further investment in 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 the 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 are:
|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||The sum Assured under the 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. This 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, and 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.