Your child, you would always wish to provide him the best education you could ever give him. right from a young age you built up your plans for him and along with that you have to also financially invest for his future studies. Each milestone that your child achieves brings rising costs for you. The highest being probably the post graduation where the tuition fee for a MBA course in a reputed institution is 4 lakhs. it could even rise thanks to the inflation rates. There could be a increase of 5 to 15% per year. To add the hostel, boarding expenses, books clothes and more.
In Households where there is just one working parent, a child's education can be at stake in the unfortunate event of that parents death. You need a plan that protects your family and child's education in such circumstances.
ICICI prudential brings you two education Insurance plans for children
Smart kid New Unit Linked Regular Premium
Smart kid regular premium.
These plans are designed to comprehensively meet your child's educational expenses through the term. With an education insurance policy from ICICI prudential :-
You can get funds to meet the expenses of your child's education at important stages
The sum assured is paid out in the unfortunate event of death of the parent. ICICI prudential pays future premiums and the policy benefits continue
In this case an annual allowance would also be paid to the child (beneficiary) through an optional benefit rider.
Smart kid new unit linked regular premium
is a unit linked insurance policy under which you can choose an annual premium of Rs 10,000 or more.
The minimum sum assured would depend on the term and annual premium but must be at least 1 lakh
You can invest your premiums in any of the 4 market linked funds, maximiser, balancer, protector, preserver depending on your risk profile.
Partial withdrawls can be made to fund key educational milestones.
Smart kid regular premium
is a traditional policy under which you as a parent can choose the sum assured and the term.
The sum assured would be paid out immediately in the unfortunate event of death
further the policy benefits would continue with the company contributing future premiums till maturity
At key educational milestones your child(beneficiary) would receive payouts as a certain percentage of the sum assured.