ICICI Prudential Child Plans

4.4 / 5 based on 22 User Reviews
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ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank Ltd. and Prudential Private Limited Company. Prudential Private Limited Company is a leading international financial service group having its headquarters in the United Kingdom. ICICI Prudential Life is one of the first private sector life insurance companies who after receiving approval from the Insurance Regulatory Development Authority of India (IRDAI) have begun its operation in December 2000. Amongst the entire private life insurers in the country, ICICI has enjoyed a dominant position for more than twenty years by offering world-class products and quality consistent services. The range of products offered by ICICI Prudential Life Insurance Company include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

Why Child Plans?

Child Insurance plans have become very important because they specifically provide for one’s child’s future even in one’s absence. The inbuilt premium waiver rider ensures that the plan continues even after the parent’s death and the benefits accrue and when they are payable so that the benefits can be utilized for the purpose for which it was initially planned, i.e. for the child’s future. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary. The policyholder has planned the money back periods to coincide with the child’s educational milestones and would receive the funds when the child reaches 20 years, 22 years and 25 years. The funds will be utilized to take care of the child’s higher education. If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised. Thus, the money will be utilized only for the child’s education which was the actual rationale for buying the plan.

ICICI Prudential Life Child Plans

ICICI Prudential Life Insurance Company offers only one kind of child insurance plan which has an exhaustive list of features and benefits. Let us take a look at this child education plan in detail.

ICICI Pru Smart Kid Assure Plan

A unit linked child plan which offers the following benefits to the customer:

  • It is a unit linked plan which offers two options of investment portfolio strategies which are Life cycle based Portfolio Strategy and Fixed Portfolio Strategy.
  • Under the Lifecycle based portfolio strategy, the premium will be initially distributed between two funds namely Multi Cap Growth Fund and Income Fund based on the age of the policyholder. Multi Cap Growth Fund is a high risk and high return fund with the maximum allocation of premium in the initial years while Income Fund is a low risk low return fund. With the passage of the policy term and increasing of the policyholder’s age, the investment will be redistributed gradually every year with money being transferred form the Multi Cap Growth Fund to the Income Fund to protect it from high volatility. In the later ages, as the policy nears maturity, the bulk of the investment will be in the Income Fund which offers a low risk profile. The distribution and balancing of the allocation is done by the company automatically.
  • Under the Fixed Portfolio Strategy, the company offers a choice of 6 funds and the policyholder will have to choose the fund according to his risk appetite. The funds available under the options are Opportunities Fund, Multi Cap Growth Fund, Blue Chip Fund, Multi Cap Balanced Fund, Income Fund and Money Market Fund.
  • There is a feature of Automatic Transfer Strategy under the Fixed Portfolio strategy under which the policyholder may choose to invest all or a part of his premium in the Money Market Fund and from there a chosen amount may be transferred automatically to the Blue Chip Fund or Multi Cap Growth Fund or Opportunities Fund as per the policyholder’s choice.
  • On maturity of the plan, the available fund value is payable to the policyholder. The policyholder may choose the receive the fund value on maturity in lump sum or keep the proceeds invested with the company for further 5 years under the Settlement Option. During these 5 years, the policyholder can avail the fund value in installments.
  • In case of death of the insured during the tenure of the plan, the basic Sum Assured chosen at the time of buying the plan is paid subject to a minimum of 105% of all premiums paid till the date of death. Moreover, future premiums are waived off under the inbuilt Payer Waiver Benefit and are paid for by the company and the plan runs unaffected. On maturity, the available fund value is again paid to the beneficiary who is the child.
  • There is an option of adding the Income Benefit Rider wherein, in case of death of the insured, 10% of the rider Sum Assured will be paid to the beneficiary every year post death till the maturity of the plan in addition to the death benefit payable as above.
  • Accidental Death and Disability Benefit Rider is also available under the plan which promises additional payment in case the insured suffers an accidental death or disability
  • The plan offers Guaranteed Additions which vary in the range of 120% - 170% of the annual premium. The Guaranteed Additions will be added to the fund value at the end of 15 years.
  • From the 6th year of the policy there will be an additional allocation of premium @ 2%. Thus, from the 6th policy year, 102% of the premiums paid will be allocated to the fund.
  • The Sum Assured can be increased or decreased subject to certain terms and conditions.
  • Additional premiums can be paid through top-ups with a minimum value of Rs.2000
  • Switching between funds is allowed under the Fixed Portfolio Strategy with a minimum value of Rs.2000
  • One free partial withdrawal is allowed every three policy years subject to a maximum of 20% of the available fund value as on the date of withdrawal.
  • A change in portfolio strategy is allowed once every year

Eligibility Details

 

Minimum

Maximum

Entry Age

Policyholder - 20 years

Child – 0 years

Policyholder – 60 years

Child – 15 years

Maturity Age

Policyholder – NA

Child – 18 years

Policyholder – 75 years

Child – 30 years

Policy Term

15 years

25 years

Sum Assured

5 times the annual premium subject to a minimum of Rs.1 lakh

As per the maximum multiples

Annual Premium Amount

Rs.15, 000

No limit

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly, monthly

 

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

How does a child benefit from a child plan?

The child is the beneficiary in a child plan. As a result, all the benefits received from the plan help the child. A child plan is purchased for paying the child’s education costs, marriage, and even to help him or her start a business. Then, if the earning parent dies within the policy period, the child’s finances still remain covered and even without anyone paying the premium, the plan remains active and the sum assured is paid at the decided point of time. Therefore a child plan helps the child in every way possible till he or she becomes financially independent.

How does a parent benefit from a child plan?

The parent is the policyholder in a child plan. As a result he pays the premiums and keeps the plan active. This proves to be extremely beneficial for him because once the premiums are paid, the fund begins to build up and this helps ease the parent’s financial burdens. As we all know, education is one of the costliest sectors today and so paying for a child’s education can be taxing. But the child plan helps you here, as you can opt to receive lump sum amounts of money when you need them most – at the time of your child’s school admission, college admission, etc. You can also set up a fund for your child’s marriage. A child plan helps as you can begin saving early and gradually save enough for the big moments in your child’s life.

How exactly is a child’s future protected with the help of a child plan?

From the points mentioned above, we can clearly see how a child’s future is secured with a child plan. Not only does it assist the parents in paying for the child’s education, marriage, etc, a child plan also ensures the child continues to get a good education even if the parent suddenly dies.

So a child plan not only provides for the expenses of the child’s future educational expenses it also covers for the risk of the parent’s life so that if the parent dies prematurely, the child’s education is not affected.

ICICI Prudential Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

For receiving continuity of your policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods:

  • Net Banking
  • Credit card
  • Bill desk
  • Bank Website Debit Car+ ATM PIN
  • Debit Card
  • Bill junction
  • Infinity
  • E-collect
  • Rupay Debit Card
  • Skypack drop box
  • MINC Drop Box

For paying premium online, you can login to e-portal

Step 1: Enter your policy details – policy number and policyholder’s date of birth

Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium

Step 3: Authenticate and confirm your payment details and receive online confirmation

2. How can I check policy status for ICICI Prudential child plans?

You can check the policy status via online, or opt for SMS and e-mail reminder facility.

You can check ICICI Prudential Life Insurance Policy Status Online as follows.

  • Open ICICI Prudential Life Insurance website in your browser
  • Now you will be directed to a new window. On the top right side of this new page you can see the customer login section
  • Enter user ID and password to navigate to checking the policy status

Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet.

3. What is the policy renewal process for ICICI Prudential child plans?

Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows;

Step 1: Login into the website with your Client ID and password.

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- NEFT, Credit Card/Debit Card

Step 4: Authenticate and confirm your payment details and print out the payment receipt

4. What is the company’s process to settle claim for ICICI Prudential child plans?

Step 1: Complete the claim form through -

Email - lifeline@iciciprufile[dot]com

Phone-Call a claim care

Online claim

From branch office

Step 2: Form Evaluation

The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the policyholder of the same. The team keeps the claimant up-to-date on the process via Emails and Letters.

Step 3: Claims Processing

On receipt of all the essential documents, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made.

For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiary’s bank account.

In case of cashless hospitalization, you need to produce the relevant medical bills and reports, issued by the attending physician.

Upon completion of these documents, submit them to your nearest ICICI branch.

5. What is the policy cancellation process for ICICI Prudential child plans?

You need to keep your policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches, and submit your policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account.

If you signed up for a single premium policy, you can cancel it after the first policy year.

ICICI Prudential Child Plans Reviews

TOTAL REVIEWS (22)
Parinita
Madhuban
October 10, 2016

Insurance

Want to buy child insurance policy, go for icici prudential life insurance. Services are really good which is given by the entire members of the company. Online renewal make easy through online portal service. Policy coverage are good and claiming process is easy.

Rahul
Dimapur
August 24, 2016

Child Insurance Plan

My child has safe future now because i buy him a child insurance plan from icici prudential life insurance. The insurance plan has full coverage and claiming is very simple because of good service given by the executives and staff members.

Manish
Nasik
April 15, 2016

Average

I own icici prudential life child insurance policy plan which is an average one. The service is fast and the policy coverage is approx. 77%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person.

Abhishek
Pilani
April 15, 2016

Perfect

The best child policy plan i bought from icici prudential life insurance and the policy plan is awesome. The policy coverage is 84% and the claims are 41 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.

Hemant
Firozabad
April 15, 2016

Service Is Bit Slow

I had child policy plan for my child through icici prudential life insurance child plan. The policy is nice, Good policy coverage ~89% and claiming amount is Rs.43 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.

Vikrant
Jalpaiguri
April 15, 2016

Satisfactory

I found awesome child policy plan from icici prudential life insurance. The claim is high and the policy coverage is 91%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.

Jayant
Chittoor
April 15, 2016

Fair Deal

I purchase child policy plan by icici prudential life insurance. Policy coverage is 91% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I'm happy with my policy plan.

Tapish
Bareilly
April 15, 2016

Good

I buy a child policy plan for my child from icici prudential life insurance. Policy coverage is high 88% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also. Like the policy.

Swetang
Delhi
February 25, 2016

Nice Policy.

I have icici prudential child insurance plan. Policy coverage is good but the premium is low. Service provided is bit slow and claims are Rs.15 lakhs. In the end just wanted to say satisfactory policy plan.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Kiran
Mumbai
February 25, 2016

Low policy coverage.

My child policy plan is not super policy but an average one. ICICI prudential life insurance provide wide range of policies. My policy coverage is low i.e., 50-60%. Service is nice and work is done in short period of time. Claims are Rs.19 lakhs.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Chiranjeev
Noida
February 23, 2016

slow service.

I recently buy policy for my child. Policy coverage of the plan is little bit low ~70%. Claims are nice ~Rs.19 lakhs but the premiums are also high. The worst part is services, very slow service provided by the executives.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Sampath
Bengaluru
February 23, 2016

Good policy.

I have child insurance plan which is gifted by my dad on my birthday. I have ICICI prudential child insurance plan, I read the term and conditions, it really nice and good benefits too. Best part is service is the best and 24X7. I like the policy plan.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Siddhesh
Thane
February 22, 2016

Nice Child Policy...

I buy child insurance plan from icici prudential life insurance. Policy coverage is good and the service is very quick with daily updates. Claims are high ~Rs.20 lakhs. The investment is low ~Rs.4999. Nice policy plan.
Plan Name: Wealth Builder II
Agent Code: BPW00313

Prakash
Ahmedabad
February 19, 2016

Great Child Policy Plan.

I have icici prudential child insurance policy plan. Policy coverage is high and policy premium is low. Claim is around 15 lakhs and the policy mature in ten years. Services are fast and claims are sanction in 48 working hours.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Umesh
Muktsar
February 19, 2016

above average policy.

I buy child plans from icici prudential life insurance. The policy really works for me. Now i'm tension free for my child. Policy coverage, claims are high and the premium is low. Service is fast and on time.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Kalyan
Bengaluru
February 19, 2016

Good Child Plan.

I secure my child future by taking child policy plan. The policy is very good and policy coverage is high with low premiums. Claims is Rs.20 L and the investment amount is Rs.4999. Service is fast just improve your internet services.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Pratap
Pune
February 19, 2016

Awesome Child Plan.

I purchase child policy plan which protect my child future. Best investment according to me which save taxes as a positive point. Policy coverage and claims are really high with low premiums. Service is fast and good behaviour from the staff. Nice policy i.e., icici prudential life insurance.
Plan Name: Smart Life
Agent Code: BPW00313

Mahaveer
Bengaluru
February 18, 2016

Perfect Child Policy Plan.

I have icici prudential child policy plan. The investment is less and the returns are high. Best investment plan For my child. Policy coverage is 90% and claims are around Rs.15 lakh. Services are good with daily updates. Happy with the policy plan.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Saanvi
Kochi
February 17, 2016

Awesome

I found awesome child plan form icici prudential life insurance. The claim is high and the policy coverage is 80-90%. Service you provided is fast and very quick. Daily updates are mail and texted to me.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Nisha
Delhi
February 17, 2016

Great Policy.

I have policy for my children from ICICI prudential life insurance child plans. The plan has low premiums and high returns. The policy coverage is high and the claim is Rs.20 Lakhs. Service is also nice with good and on time availability.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Parag
Mumbai
February 17, 2016

slow sevice...

I had policy for my child, icici prudential life insurance child plan. The policy is nice, Good policy coverage and claim amount is Rs.20 lakh after 15 years. But the service is really very slow, please improve it.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313

Narthan
Bengaluru
February 02, 2016

"Best for Family"

I bought health insurance for my child from ICICI Prudential Life Insurance. The Plan is so good and the services is also great. Now I'm tension free for further upcoming problems for my child. The coverage is so far good that can easily accessible from anywhere in the city. Really very happy to have this policy for my lovely child.
Plan Name: Buy Smart Kid Solution with ICICI Pru Smart Life
Agent Code: BPW00313