Investment Plans 326 views June 1, 2020

ICICI Prudential Child Insurance Plans

As we can see that the cost of higher studies is quite high and it really difficult for middle-class individuals to manage the educational expenses of his children in the future. Therefore, it is best to take an insurance plan that not only helps you to accumulate funds for the future but also helps your children when you are not with them. There are many ICICI Prudential Child Insurance Plans that will help you to save extra money for your children. You can use the sum of money for polishing your child’s future and eliminate the stress of financial issues. In the Children Insurance Policies, you have the various options to pay the amount of premiums either monthly or yearly. After the expiry of the policy term, your children will receive the lump sum amount that can be used for fulfilling the necessities.

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Benefits of Child Insurance Plans

You can explore the benefits of this plan and see how it can help your children in the future so that you don’t have to face any kind of uncertainty.

Savings

Child insurance plans initiate a habit of saving among individuals. The individuals can save money for the future and it can be used for their child’s education, health care, starting a new business, and for any other purpose. Once you have lump sum money your children can use it for any purpose and settle their future.

Protection

The life cover in this insurance plan will help to meet the financial issues if in case you are not with them. In other words, it simply means that your children will get the death benefit after you and all your premiums will be waived off after your death so that your child remains unaffected.

The flexibility of Premium Paying Modes

You can pay the premium of the policy as per your preference. There are multiple options for paying the premiums of the ICICI Prudential Child Insurance Plans. You can pay the premium monthly, yearly, and half-yearly. There is also an option to pay the amount of premium only once that is known as Single Pay.

Fulfill Educational Needs

You can save a lot of money for the higher education of your children with the help of the child insurance plan. Nowadays higher education is costly and you’ll need a lot of money to support the talent of your child. Therefore, this policy will keep you financially strong and help you to fulfill the dreams of your children.

Lump-Sum Benefits

In the Child Insurance Plan, you will receive the maturity benefit as lump-sum. The maturity benefit will be paid after the expiry of the

policy term and it will be given to your children if the insured passes away.

Waiver of Premium

In case of the unfortunate death of the policyholder, the children will be not pressurized to pay the remaining amount of premium. The company will pay all the remaining premiums of the policy on behalf of your children so that your children remain unaffected.

Partial Withdrawals

If you need money for your child’s education in the middle of the policy term then you can make partial withdrawals. But the partial withdrawals are only allowed if you paid all the premiums of the policy regularly for 5 years.

Wealth Booster

Under the wealth booster benefit, the company will add some value to your accumulated funds after the 10th policy year. Due to the wealth booster benefit the value of your accumulated funds will increase and you will receive a handsome amount of money at the maturity.

Loyalty Addition

In the Loyalty Addition Benefits, the company will increase the value of your invested money by adding some extra value. The value addition doesn’t need any extra amount of premium to be paid. The company will decide the time span after which it will make the loyalty additions in the Prudential Child Insurance Plans.

Tax Benefits

You can also enjoy tax benefits with the help of this policy. You can show the amount of the premiums you pay in a year at the time of computation of your taxable income and get deductions under Section 80C of the Income Tax Act 1961.

Types of ICICI Prudential Child Insurance Plans

Now you must see the types of Child Insurance Plans offered by ICICI Prudential and go through them to understand their working.

Child ULIP Plans

ULIP is a Unit Linked Insurance Plan in which your invested amount is divided into two parts. In the first part of your investment, the sum of money is kept for the educational purposes of your children and in the second part, the sum of money is invested into the mix of equity funds and debt funds. The market fluctuations will help you to double the invested sum of money as half of the money is at risk of debt and equity funds.

Child Savings Plan

In the Savings Plan, the amount of the premium is not invested in the market risks. The company gives you life cover, maturity benefits, and tax benefits in a single child savings insurance plan. There is no risk of the market risk in this Child Insurance Plan.

Apply for the Child Insurance Plan

You can apply for the Child Insurance Plan by filling the details in the form given above. The company’s representative will give you a call and tell you about all the ICICI Prudential Child Insurance Plans available in the market. You have the choice to decide the best plan for your children and secure their future.

On the other hand, you can visit the nearest branch of ICICI Prudential Life Insurance and take any insurance plan for the future of your children.

About ICICI Prudential Life Insurance Company

The ICICI Prudential Life Insurance Company is a joint venture of ICICI Bank and Prudential Corporation. It was established in the year 2000 and offers a variety of insurance products. You have multiple choices for taking any insurance for your children and secure his future. ICICI Prudential Life Insurance Company has a claim settlement ratio of 98.6% and a solvency ratio of 2.52.

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