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Whether you have just become a parent or already have a walking-talking toddler, you must be tensed about their effortless future, aren’t you? Of course, the financial crisis can come upon anybody, any time. So, what can you do now that will ensure your child’s unhindered future?
The only way out here is to invest in a Child Insurance Plan. Not sure where to begin? Don’t worry! This post covers in-depth details of ICICI prudential child plan. So, without further ado, read this post ahead and find out if this policy is appropriate for you or not.
ICICI Prudential Smart Kid Plan is a basic, traditional Endowment Plan that covers significant advantages for your child. If the insured person dies during the tenure, the sum assured is paid to the nominee to take care of the financial requirements.
Not just that, but the ICICI child plan also waives off future premiums and pays the maturity benefit, whenever due. As far as maturity benefit is concerned, this plan covers two different options, such as the sum assured in instalments and sum assured in the last 5 years of the policy.
|Entry age of the parent||20 – 60 years|
|Entry age of the child||0 – 12 years|
|Age at maturity of the parent||50 - 70 years|
|Age at maturity of the child||22 - 25 years|
|Policy tenure||10 - 24 years|
|premium amount||Rs. 8400 – unlimited|
|Sum assured||Rs. 1 lakh – Rs. 30 lakhs|
|Frequency of premium payment||Monthly, half-yearly & yearly|
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In case the insured parent passes away during the policy tenure, the sum assured is paid immediately, and the insurer takes over the future premiums to continue with the policy and offer the maturity benefit.
ICICI prudential child care plan pays this survival benefit under all of the circumstances. This benefit comes in two different options that have varying time periods. Survival benefit provides you up to 25% of the sum assured, depending upon the plan you choose.
Once the policy reaches maturity, you get the remaining sum assured along with several vested bonuses and guaranteed additions.
If you are paying the Life Insurance premiums up to Rs. 1,50,000; you get to take a Deduction from the taxable Income, under Section 80C of the income tax Act, each year.
Under this policy, there are 2 riders available, such as:
Upon the insured parent’s death, because of an unfortunate accident, the child gets to have an additional sum assured. However, if the parent faces total and permanent disability, 10% of the total sum assured is paid to the child, for 10 consecutive years.
This rider is useful in case the insured parent dies during the policy’s term. Then, 10% of the total sum assured is paid to the child each year, for the remaining term of the policy.
For service related queries, you can contact
1860 266 7766. If you are an advisor, Call on 1860 266 7766 and select option 7 on the IVR menu.
A: In case you stop paying the premium, your insurance policy cover will stop and Lapse. Thus, you will not be able to get guaranteed benefits and advantages until you clear all the dues.
A: Yes, you can. However, the surrender is only possible if the insured parent is alive. There will be a surrender value and the paid-up value that you will get against your policy. But this can only be availed if you have regularly paid your premiums for up to 3 consecutive years.
A: No, ICICI Prudential Smart Kid Plan doesn’t come with any loans.
A: ICICI allows you a variety of methods to pay the premium, such as net banking, credit Bank, bill desk, Debit Card, Rupay debit card, bank website debit card + ATM pin and more.
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