Investment Plans 758 views June 13, 2020

ICICI Pru Smart Kid Solution Plan

Nowadays it is really difficult for parents to manage their child’s educational expenses in the future. So it becomes mandatory for the parents to start accumulating funds from the beginning and give their children a bright future. Therefore, you must start investing in the ICICI Pru Smart Kid Solution Plan that is specially meant for the children. It gives you a life cover and helps to boost your wealth that can be used for your children. In this insurance plan, your amount of premium is invested into funds and with the help of market profits, your fund value increases. Thus, you will get an extra amount as the benefit over the actually invested amount. Let’s go deep and discuss more about this exclusive plan.

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Exclusive Features of Smart Kid Plan

  1. Flexibility of choosing the amount of Sum Assured.
  2. Option to Pay the Amount of Premium in Single Pay and Regular Pay.
  3. Guaranteed additions in the fund value after a certain span of time.
  4. Get a life cover that will help you to meet the future uncertainties.
  5. Switch between Funds as per the market risks.
  6. Various Investment Strategies to make the best profit out of your investment.
  7. Enjoy tax Benefits under section 80C of the Income Tax Act 1961.

Benefits of Smart Kid Solution

As you know that ICICI Prudential Insurance Company has always amazed its customers with their plans so the benefits of this plan will also amaze you. You must go through all the benefits of this plan.

Death Benefits

The death benefits include two parts and you will have to decide the benefit that you want to take at the time of inception of the policy.

In case of the unfortunate death of the insured, the nominee will receive the highest of the following Sum of money as a lump sum.

  1. Sum Assured Including the Top-up Sum Assured.
  2. Minimum Death Benefit that would be 105% of all the premiums paid including the top-up premiums.

Smart Death Benefit

In this benefit units equivalent to the premium will be allocated by the company at the time of premiums due date if in case the insured dies. There are certain conditions for this benefit.

  1. This benefit is applicable to the Regular Pay ICICI Pru Smart Kid Solution Plans.
  2. All the premiums until the time of death must be paid.
  3. This benefit will be not applicable to the One Pay Option.

Maturity Benefits

At the time maturity of the policy, you are entitled to receive the amount of fund value including the top-up fund values. You can take the amount of maturity as a lump sum or in structured payouts. In structured payouts, you can take the maturity amount on the monthly, half-yearly, and yearly basis.

Loyalty Additions

The company will give you loyalty additions of 0.25% of the fund value from the sixth year. The additions will be made every year but make sure that you have paid all the premiums due for the first five years and then only you will receive 0.25% as loyalty additions from the 6th year.

Wealth Booster

The company will also give a wealth booster of 3.25% for Regular Pay Policies and 1.5% for the Single Pay Policies after the 10th year on every span of 5 years. The percentage will be calculated on the average fund values if you take the policy for 25 years then the wealth booster will be allocated 4 times.

Top-Up Premiums

You can invest the surplus amount as the top-up premium in the same policy. The top-up premium will increase the value of the life cover and the amount of minimum top-up premium is Rs.2000. The top-up premium can be paid anytime excluding the first 5 policy years.

Premium Redirection

The premium redirection option is only available if you have chosen the Fixed Portfolio Strategy. In this option, you can distribute the amount of premiums into various funds at the time of inception of the policy. Once you pay the premium, it will be distributed into funds as you have directed earlier.

Other Details of the ICICI Pru Smart Kid Solution Plan

ParticularsDetails
Minimum Age of Entry20 Years
Maximum Age of Entry54 Years
Minimum Age at Maturity30 Years
Maximum Age at Maturity64 Years
Minimum Policy Term10 Years
Maximum Policy Term25 Years
Policy Term for Single Pay Policies10 Years
Premium Paying TermSame as the Policy term for the Regular Pay Plans
Single-Premium for the Single Pay Option
Minimum Amount of PremiumRs.45000 per annum for Regular Pay
Rs.48000 per annum for Single Pay
Premium Paying FrequencySingle, Monthly, Half-Yearly, and Yearly

How to Buy this Savings Insurance Plan

  1. Open the official Website of ICICI Pru and enter your Email I.D, Mobile Number, Gender, and Date of Birth.
  2. Click on the Option Get Your Quote.
  3. Enter the Premium paying term you wish to choose.
  4. Choose the premium paying frequency whether yearly, half-yearly, or monthly.
  5. Then choose the policy term as per your choice.
  6. Enter the amount of premium you wish to pay.
  7. Decide the Sum Assured as per your child’s future needs.
  8. Re-check all the details and then click to calculate.
  9. Once everything is ok, then click on Buy Now and purchase this plan.

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