A one-time investment plan is one in which you make a one-time lump sum investment through the policy term. It provides you the benefit of the growth of your money along with a life cover¹. A plan made keeping your child in mind will ensure that your child is financially prepared for all important milestones of his or her life.

Advantages of buying a one-time investment plan for your child

A child insurance plan, such as ICICI Pru Smart Life, with an option of one-time investment` can provide you with the below benefits:

• Growth of money:

  You can invest your money in debt, equity or balanced funds as per your choice. This allows the plan to offer returns that can help beat inflation while keeping your investments safe

• Secure your loved ones:

  These types of plans offer a life cover¹ as well. This ensures your child is financially secure in case of an unfortunate event during the policy term

• Wealth boosters^{^}:

  This helps you grow your money without any additional investments. ICICI Pru Smart Life offers you wealth boosters^{^} which help add to your savings. These wealth boosters provide an additional 1.5% of the average fund value every five years

• Easy access to money:

  At the end of 5 years, you can withdraw a part of your money to meet your requirements, if any. Withdrawing money at any stage does not affect the lump sum amount that your child receives in your absence. This ensures that you have easy access to your money while at the same time allowing the rest of your invested money to grow

• Tax^* benefits:

  Premium paid is allowed as deduction of tax up to ₹ 1.5 lakh per annum under Section 80C^* of the Income Tax Act, 1961. Apart from this, the amount received on maturity will also be tax-free under Section 10(10D)^* of the Income Tax Act, 1961.

Importance of a one-time investment plan for your child

• Child's education:

  A one-time investment plan for your child can offer you returns which can account for inflation as well. This will ensure that you stay financially prepared to take care of your child’s educational needs

• Protection against uncertainties:

  This type of plan provides you the benefit of a life cover¹. This ensures your child is financially protected in case of an unfortunate event

• Important milestones:

  This type of plan provides you the flexibility to make partial withdrawals at important stages of your child’s life. This will ensure you are financially better prepared for your child's key milestones like their higher education and marriage

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