ICICI Prudential Child Plan

What is the ICICI Pru Child Plan?

ICICI Pru Child Plan is not a single specific plan but rather a range of child insurance plans offered by ICICI Prudential Life Insurance. These plans are designed to help parents save for their child's future and provide financial protection in case of the parent's death or disability.

Features of ICICI Child Plan

• Waiver of Future Premiums: If the parent passes away, future payments for the plan are waived, ensuring continued coverage for the child.

• Maturity Benefit: When the plan matures, the child receives a lump sum for future needs like education or marriage.

• Investment Options: Plans offer either potential for higher returns or guaranteed returns.

• Premium Payment Options: Choose yearly, half-yearly, or monthly payments to fit your budget.

• Unit-Linking Options: Invest in market-based funds for potentially higher returns, though with inherent risk.

• Flexibility in Fund Selection: You can tailor your investment strategy for the market-linked funds as per your risk appetite.

Benefits of ICICI Child Education Plan

• Death Benefit: If the parent dies, the plan provides a lump sum for the child's financial stability.

• Tax Benefits: Premiums are tax-deductible, and payouts may be tax-free under specific conditions.

• Riders: Add optional benefits like accidental death coverage or critical illness benefits.

• Milestone Benefits: Extra payouts occur at specific stages in the child's life, such as educational milestones or adulthood.

List of ICICI Child Plans in 2024

ICICI Prudential offers a variety of child plans in 2024, each with its own unique features and benefits. Let us learn the details of ICICI Child Education Plans in the following table:

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Details of ICICI Pru Child Plan

1. ICICI Pru Guaranteed Income for Tomorrow (GIFT)

   ICICI Pru Guaranteed Income for Tomorrow (GIFT) is a non-linked, non-participating individual life insurance and investment plan offered by ICICI Prudential Life Insurance. It is a long-term plan that provides guaranteed income for a fixed period or for life, depending on the chosen plan option. It also provides life cover and tax benefits.

   Features of ICICI Guaranteed Income for Tomorrow (GIFT):

   • Guaranteed Income: You get a fixed amount of money either all at once or regularly, regardless of how the market performs.

   • Life Coverage: If you pass away during the policy duration, your chosen beneficiary receives a payout.

   • Tax Benefits: You can reduce your taxes by deducting the premiums under Section 80C. You also get tax benefits on the maturity amount under Section 10(10D). 

   • Policy Options: You can choose between two plans:

     • Income Plan: Pay premiums for a set time and receive guaranteed income for a specific period or for life.

     • Early Income Plan: Start getting income from the second year of the policy.

2. ICICI Pru Signature Plan

   The ICICI Pru Signature Child Plan is a unit-linked insurance plan (ULIP) that provides both life cover and investment options for your child's future.

   Features of ICICI Pru Signature Plan:

   • Wealth Boosters: Wealth Boosters provided every 5 years starting from the 10th policy year.

   • Lifelong Policy Benefits: Policy benefits can be enjoyed until the age of 99 with the Whole Life policy term option.

   • Systematic Withdrawal Plan: Systematic Withdrawal Plan allows you to regularly withdraw money from your policy.

   • Return of Charges at Maturity: Return of Mortality and Policy Administration Charges upon maturity.

   Investment

   Secure

   

   Secure your child’s future with or without you

   Start Investing

   ₹10,000/Month

   & Get

   ₹1 Crore^*

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3. ICICI Pru Smart Kid Plan

   The ICICI Pru Smart Kid Plan is a child savings plan offered by ICICI Prudential Life Insurance. It is a combination of a traditional savings plan and a life insurance policy that provides financial security for your child's future.

   Features of ICICI Pru Smart Kid Plan:

   • In case of the Life Assured's demise:

     • Receive a lump sum payment of Sum Assured to address immediate family liabilities.

     • Enjoy a waiver of all future premiums under the policy, ensuring uninterrupted savings towards your goal.

   • Portfolio Strategy Options:

     • Life Cycle based Portfolio Strategy 2: Tailored balance between equity and debt based on your age.

     • Fixed Portfolio Strategy: Allocate savings in diverse funds of your choice.

   • Premium Payment Flexibility: Pay once, for a limited period, or throughout the policy term.

   • Loyalty Benefits: Earn Loyalty Additions and Wealth Boosters for long-term loyalty.

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Summing It Up

The ICICI Child Plan offers a comprehensive solution for securing a child's future, encompassing savings, insurance, and investment components. With its flexible features and tailored benefits, it stands as a reliable choice for parents seeking financial stability and growth for their children.