ICICI is a very popular bank in India with many collaborations between a prudential private limited company and ICICI bank. The Bank provides services like term plans, savings, healthcare insurance, motor insurance, investments, child plants, etc. from the last 20 years, ICICI is ruling the banking sector in the world and still continuing.
One of the most popular services of ICICI bank is the ICICI child education plan which safeguards our children’s future with long-term investments for their education. Let us have a look at the ICICI child education plan in detail.
Why Do We Need ICICI Child Education Plan?
A child education plan provides money at the end of the policy tenure to the child for their higher education even in the absence of any parent. As you know, education these days has become a business for all institutions.
- These policies help you from inflation while providing you the facilities of paying the premium by investing.
- ICICI child plan is a unique feature where the premium could be waived off after the death of any parent is provided.
- For example, the policyholder applies an ICICI child plan for their 5-year-old daughter. If under some unfortunate circumstances, the policyholder dies; then the company will keep on making all the future premiums to keep the policy running. ICICI child plan will make sure that your child gets the insurance money as promised.
- It is more important now that we secure our kid’s future with the ICICI child plan.
Tips to Consider While Buying ICICI Child Education Plans
Here is a list of tips to consider while buying an ICICI child plan against securing your child’s future with education insurance.
- Early start: It is always better to start early which gives the benefit of growing your money over the long term.
- Lump-sum: The child will get the mentioned lump-sum money even under unfortunate circumstances like the death of the policyholder/Parent.
- Partial Withdraws: For your child’s educational milestones; the ICICI child plan makes sure that partial funds are accessible, which are subjected to some terms and conditions.
- Tax Benefits: Under section 80C, the ICICI child plan gives tax benefits.
- Loyalty/Wealth Boosters: If the premiums are made at timely intervals, the company adds wealth or loyalty boosters to the policy’s sum.
| Read More – Why Is Term Insurance Important at Every Life Stage?
Types of ICICI Child Education Plans
There are 2 kinds of plans.
- Child ULIPS
- Child Saving Plans
1. Child ULIPS
The Child ULIP – Unit Linked Insurance plans double the amount you have invested and the money is divided in 2 ways. One part is used to secure the child’s future and another part is invested into equity and debt.
2. Child Saving Plans
Child saving plans do not have any market risk and are multifaceted plans. It provides benefits like tax benefits, etc.
ICICI Prudential Smart Kid Solution Specialty
There are different features of any ICICI Child plan that varies from monthly income scheme. To fund a child’s education on a parent’s death with a penalty on premature closure, ICICI Child Plan works diligently. One can easily withdraw the invested money after 5-15 years depending upon which plan/policy one has opted for. 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 that a parent or a guardian can invest into.
- Facility of investing funds for a minimum tenure of three years is provided,
- The minimum deposit starts from ₹500 for ICICI child plan services,
- No TDS is applicable at the time of investment at all,
- Due to unforeseen situations, One can opt for the facility to terminate the insurance,
- One can partially withdraw the invested amount or funds,
- Loan facility to deposit money against the child plan is also available,
- The insurance plan bought is for minor children,
- One can easily opt for investing small investments every month,
- Quarterly or annually payouts with this plan,
- Using a parent’s ICICI bank account, funds are deposited into the child’s plan,
- To fund the insurance plan, facilities like cheque, cash, or online payment are available,
- The rate of interest of the policy is the same as that of the time one purchased it,
- In the ICICI child plan, the nomination facility is also available.
Features of ICICI Smart Kid Plan
Here is a list of icici smart kid plans.
- All-round protection: Smart Kid Plan ICICI gives your child educational protection/all-around protection.
- Lump-sum amount: Your child gets the lump sum amount at the time of maturity of the policy.
- 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.
ICICI Smart Kid Plan – Documents Required
All the KYC documents are needed to be submitted at the time of application.
- ID Card
- Address Proof
- Aadhaar Card
- PAN Card
- Recent Photograph
Eligibility Criteria for ICICI Smart Kid Plan
|Entry Age||You can start this plan from the age of 20 years. The maximum age of entry is 54 years.|
|Maturity Age||22 years of child and 50 years for parent|
|Policy Term||10 years minimum and 24 years maximum|
|Premium Payment Term||Equal to policy|
|Sum Assured||1 laks minimum, 30 lakhs maximum|
|Annual Premium Amount||Equal to policy|
|Maximum Premium||8400 p.a. minimum to a maximum of no limit|
|Premium Payment Frequency.||Yearly, Half-yearly, or Monthly|
ICICI Smart Kid Plan Calculator
ICICI smart kid plan calculator can be accessed for free on the official website of the policy issuer bank. One is able to see the results in real-time using the calculator. One can easily find out the estimated cost of the term insurance using ICICI smart kid plan calculator / icici prudential child plan calculator. It is a widely used calculator. This tool gives a sense of relief to the parents in the world who worry for their child and their education. Depending on different factors like medical history, age, income, etc. the premium rates would be different for different people.
ICICI Prudential Child Plan
The child is made the primary beneficiary in this plan policy. A child gets all benefits at the time of maturity of the child plan. Children will not have to suffer at all to fulfill their dreams or needs. The funding will be taken care of by the company itself in case of any unfortunate events. One can apply for ICICI Prudential child plan policy using below listed steps:
- Online Website- Any customer interested in buying a child plan needs to log in to the company’s website, followed by the selection of the preferred plan that gives maximum coverage and benefits to the parent or the child, or both.
- Offline By Visiting Bank or Insurance Company- Any customer interested in buying a child’s plan needs to purchase the ICICI Prudential Child Plan with the help of intermediaries in a bank or an insurance company.
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|
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. Can We Buy Child Insurance Plans Online?
Ans. By visiting the official website of ICICI, one can purchase a child insurance plan without any hassle. Just select the desired policy, enter all the necessary information like age, premium, etc. and then click on the “buy now” option.
Q3. Please Explain the Different Modes of Paying the Premiums Online?
A3. Net banking, credit card, debit card, E collect, MINC dropbox, Infinity, bill junction, Rupay debit card, Skypark dropbox, Bank Website Debit Card ATM PIN, are the different modes to pay premiums online.
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. Explain Why We Need ICICI Smart Kid Plan Calculator?
Ans. ICICI smart kid plan calculator is used to determine the premium of a child plan in real-time. Hence, it is important to use it to pay premiums on time.
Q7. How Does the ICICI Smart Kid Policy Work?
Ans. Icici Smart Kid policy works as a safeguard for protecting your child’s future.
Q8. How Can I Surrender My ICICI Smart Kid Policy?
Ans. To surrender icici smart kid policy take forms like surrender form, policy, signed photo ID, cancel check from the account that has been added with the policy.
Q9. What is the Surrender Value of the ICICI Smart Kid Policy?
Ans. When the person is sure he’s alive, only then you can surrender the value of the icici smart kid policy If the premiums have been paid for three consecutive years.
Q10. Is ICICI Child Plan a One-Time Investment Plan?
Ans. One has to make premiums or pay EMIs for the child plan.