ICICI Prudential Life Children Plans

This plan specialises in securing a child's future even during a time when the parents might not be around. When a parent has decided to spend his/her hard-earned money on providing the best education for his/her children, how does he/she ensure that the child continues their education during an unfortunate event? With ICICI Pru Smart Life one can easily ensure that one's family continues to receive all the facilities on a long-term basis.

Following are a few reasons why ICICI Pru Smart Life is a reasonable plan to secure your child's future:

1. The plan invests in debt and equity funds on a long-term basis thereby generating higher returns for its investors along with the opportunity to grow one's savings. The combination that ICICI Pru Smart Life offers basically helps investors get through testing times like inflation while still being capable of protecting their investments.
2. The plan offers two strategies/modes that people can choose from. Either they can choose to manage their investments on their own by means of the Fixed Portfolio Strategy wherein the investor can gauge his/her risk appetite and invest in debt and equity funds accordingly. The other strategy known as the Life-Cycle Based Portfolio Strategy essentially involves fund experts (of ICICI Prudential Life) managing investors' investments strategically in order to create a ideal harmony between debt and equity funds. This is also dependent on the age of the investor.
3. ICICI Pru Smart Life is well-known for being able to offer protection to its investors. In case of an unforeseen event, the plan gives a lump sum payout to the family of the investor. This amount is important as it helps the family get through difficult times by minimising the financial burden.
4. To enhance one's existing investments and provide rewards to long-term customers, ICICI Prudential Life offers the component of 'Loyalty Additions' which assists in wealth creation without the investor having to spend anything from his/her pocket.
5. The organisation is also known for adding 'Wealth Boosters' to the savings of investors. This feature does not require any additional investment from the investor's pocket.
6. Depending on the financial requirements of the investor, he/she will be authorised to withdraw a portion of the money from their savings. However, this can be accomplished only once the policy has been in existence for at least six years.
7. With the ICICI Pru Smart Life plan, one can easily lessen their taxable income by making investments upto Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961. The shift of investment from debt to equity and vice versa will also not attract any tax.

ICICI Pru Future Perfect Plan

This plan incorporates the elements of both savings and insurance to provide its investor guaranteed benefits coupled with additional bonus. This plan is considered to be one of the most cost-effective investment options to secure one's child's future. The returns generated under this plan are higher and one can easily secure the future of one's child through financial protection from a life cover.

What are the Plan's Benefits?

The plan offers the following benefits:

1. ICICI Pru Future Perfect offers two guaranteed features under its head - Guaranteed Additions & Guaranteed Maturity Benefit, which not only help in capital growth but also help protect one's investments.
2. There are bonuses (reversionary bonuses, interim bonus, and terminal bonus) offered under ICICI Pru Future Perfect. These bonus amounts help enhance one's investment by helping it grow further.
3. The payment of premiums under this plan along with maturity proceeds is tax free as per sections 80C and 10(10D) of the Income Tax Act, 1961, respectively.
4. The plan offers a loan facility which means any investor will be qualified to get a loan which will be upto 80% of the plan's surrender value.
5. While offering protection to its investors, ICICI Pru Future Perfect also guarantees a lump sum payment to the family of the investor in case of an unforeseen event.

The Claims Procedure:

Claim settlement by ICICI Prudential is done in three simple steps:

1. The investor must first report the claim. This can be accomplished either online or by physically visiting any ICICI Prudential branch.
2. ICICI has a designated team for handling claims. They assess the claims request and inform the investor in case of any discrepancy or any extra document required.
3. Once all the documents are submitted, the claim amount is released by ICICI Prudential Life.

Before investing in any of the plans mentioned above, it is advisable to read the terms and conditions pertaining to the same.