Best Child Education Plan
Best Child Education Plan
In ULIPs, the Investment Risk in the Investment Portfolio is Borne by the Policyholder
Being a parent is undoubtedly, a heroic task. Financial planning for a child’s future is an essential and ongoing process. It is crucial to choose smart savings options aimed at providing a secure path for your child. One such saving avenue is a child education plan.
SmartKid with ICICI Pru Smart Life offered under ICICI Pru Smart Life is a child education plan, which is a sustainable savings option. It also provides financial security to your child, in case anything happens to you. Here are some of the plan's benefits that make it a sound saving for your child’s future:
- Premium Waiver Benefit~: As a parent, you would not want to leave your family behind with any financial burden, after your demise. We ensure the same, with this plan. Also, all future premiums are waived off in case of your death, provided all due premiums have been paid. ICICI Prudential Life will continue to allocate units as if the premiums are being paid. Your child can get that money on maturity, which will be a boon at the time of his or her higher studies and marriage.
- Financial Protection: You always wish to rely on an investment that can provide you and your family with a sound financial protection. This plan gives you that sense of security. Your child gets a lump sum amount, at the time of your death (life cover1). So, when you are not around, your child’s education does not get affected.
- Control of Investment: You have complete flexibility on your investment to decide the allocation of your premium. Choose from equity, debt, or balanced funds - to build a strong investment plan. It also gives you the freedom to switch between the available funds, tax-free*.
- Emergency Withdrawal: There can be an emergency case where you may need funds immediately. The child education plan from ICICI Prudential can take care of that by allowing you to withdraw up to 20%** of the fund value on completion of 5 policy years.
- Loyalty Additions^: This child education plan reaps you with the benefit of staying invested in the plan. It rewards you with Loyalty Additions^ and Wealth Boosters^ to boost your savings.
- Tax* Benefit: Enjoy tax* benefits on the premiums you pay under Section 80C and on maturity subject to Section 10(10D) of the Income Tax Act*, 1961.
Why is a child education plan important?
By investing in a savings plan for the child, parents can deal with costly education fees and inflation in prices, or any uncertain event. More importantly, your child will be financially protected at any point of time during his or her education.
It is essential to choose the right child education plan as it gradually develops into a support system for fulfiling your child’s future needs. He or she will continue to be under a security blanket in the present, and even in your absence. After all, a secure future is one of the greatest blessings you can give to your child!
| Points To Remember about Child Education Plan |
|---|
| Life Cover1 + Premium Waiver Benefit~ |
| Invest in Equity, Debt and Balanced Funds |
| Get Loyalty Additions^ and Wealth Boosters^ |
| Tax* Benefit up to `46,800/- on the Premium Paid |
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