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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 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.
A unit linked child plan which offers the following benefits to the customer:
|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|
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
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.
|Read more: Sukanya Samriddhi Yojana|
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
You can check ICICI Prudential Life Insurance Policy Status Online as follows.
Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet.
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
Email - lifeline@iciciprufile[dot]com
Phone-Call a claim care
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.
If you signed up for a single premium policy, you can cancel it after the first policy year.