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    ICICI Pru Smart Kid Solution

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    ICICI Prudential offers an investment plan that helps its customers secure their child’s career, despite the rising cost of education. This plan helps you avail funds at key educational milestones that can be used to secure your children’s future. The ICICI Prudential Smart Kid Solution provides multiple options for investment for your child as well as a Smart Benefit that enables accumulation of wealth even in your absence. ICICI allows you withdrawal at key educational milestones of your child at any point of time after completion of five policy years.

    Eligibility - Who is the ICICI Pru Smart Kid Solution for?

    Given below are certain eligibility criteria that need to be met when applying for the plan:

    Minimum age at entry 20 years
    Maximum age at entry 54 years
    Minimum age at maturity 30 years
    Maximum age at maturity 64 years
    Premium Payment Term One Pay – Single Pay Regular Pay – Same as Policy Term
    Type of plan Unit Linked Insurance Plan (ULIP)

    Sum Assured and Premium Range - What you Get and What it Costs?

    The table given below the Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Smart Kid Solution.

    Premium Policy Term One Pay – 10 years Regular Pay Option – 10 – 25 years
    Minimum Premium under Regular Pay option Entry Age Minimum Premium
    20 – 49 years Rs.45,000 p.a.
    50 – 52 years Rs.1,20,000 p.a.
    53 – 54 years Rs.5,00,000 p.a.
    Minimum Premium under One Pay option Entry Age Sum Assured Minimum Premium
    20 – 54 years 1.25 X Single Premium Rs.48,000
    20 – 28 years 10 X Single Premium Rs.48,000
    29 – 35 years 10 X Single Premium Rs.1,25,000
    Sum Assured under Regular Pay option Entry Age Minimum Sum Assured Maximum Sum Assured multiple
    Below 45 years 10 X Annual Premium or 0.5 X Policy Term X Annual Premium, whichever is higher As per maximum Sum Assured multiples
      7 X Annual Premium or 0.25 X Policy Term X Annual Premium, whichever is higher
    Sum Assured under One Pay option Entry Age Minimum Sum Assured Maximum Sum Assured multiple
    Below or equal to 35 years 1.25 X Single Premium 10 X Single Premium
    Above 35 years 1.25 X Single Premium 1.25 X Single Premium
    Premium Payment Modes Regular Pay – Annual, Half-yearly, Monthly One Pay - Single

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the ICICI Pru Smart Kid Solution Covers?

    The ICICI Pru Smart Kid Solution offers the following benefits:

    Death Benefit Payable on death of the Life Assured in two parts:
    • Lump Sum Benefit
    • Smart Benefit
    Maturity Benefit Payable on maturity of policy, comprising of the Fund Value including the Top-up Fund Value, if any
    Loyalty Additions Payable as rewards from the sixth policy year onwards in the form of extra units at the end of every policy year
    Wealth Boosters Allocated as extra units at the end of every fifth policy year commencing at the end of the tenth policy year
    Surrender Benefit On completion of five policy years, surrender value is payable as the Fund Value inclusive of Top-up Fund Value
    Tax Benefit Can be availed as per prevailing Income Tax laws

    Benefits in Detail:

    Death Benefit: Death Benefits is payable to the family of the Life Assured in case of his or her death, in two parts –

    • Lump sum benefit, which is higher of Sum Assured (including Top-up Sum Assured) or Minimum Death Benefit. Minimum Death Benefit is calculated as 105% of the total premiums paid, including Top-up premiums.
    • Smart benefit for Regular Pay policies, where units equivalent to the installment premium is allocated by the company on the subsequent premium due dates. However, this benefit can only be availed if all due premiums are paid on time.

    Maturity Benefit: On maturity of policy, ICICI grants the policyholder the Fund Value along with the Top-up Fund Value, if any from the sixth policy year onwards. This benefit is payable irrespective of the survival of the Life Assured until the policy’s maturity. It can be availed either as a lump sum or as a structured payout.

    Loyalty Additions: Under this plan, policyholders get rewarded for paying regular premium payment on time, from the sixth policy year onwards. The company allocates extra units at the end of every policy year, where each unit is equal to 0.25% of the average of the Fund Values.

    Surrender Benefit: If you want to surrender your policy after completion of five years, the surrender value comprises of the Fund Value plus Top-up Fund Value, if any.

    Add-On Plans – Additional Coverage under the ICICI Pru Smart Kid Solution:

    There are no add-on plans under the ICICI Pru Smart Kid Solution.

    Exclusions - What the ICICI Pru Smart Kid Solution doesn’t cover?

    For more information on exclusions under the plan, read the brochure provided by the company.

    Other Key Features:

    Some of the other main features of the ICICI Pru Smart Kid Solution are:

    Particulars Details
    Partial Withdrawals Up to 20% of the Fund Value can be withdrawn at any time after completion of five policy years
    Investment Options
    • Fixed Portfolio Strategy
    • Lifecycle based Portfolio Strategy

    Tax Benefits – How you can save with the ICICI Pru Smart Kid Solution?

    Under the Smart Kid Solution, policyholders can avail tax benefits as per prevailing tax laws.

    Other Benefits:

    Other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Smart Kid Solution are:

    • Opting for a financial advisor from the company
    • Downloading online brochure of ICICI Pru Smart Kid Solution
    • Making comparison with other plans
    • Requesting for a call back from the company
    • Purchasing the plan online
    • Locating the nearest ICICI Prudential branch

    Why you should Buy the ICICI Pru Smart Kid Solution from ICICI Prudential?

    The ICICI Pru Smart Kid Solution from ICICI Prudential Life is an ideal choice as it enables you to earn potential returns by investing your money in equity and debt funds. You can also choose a desired investment strategy as per your child’s requirements. Wealth boosters under this plan help you magnify your savings further.

    Frequently Asked Questions (FAQs):

    1. At what age can I start the ICICI Pru Smart Kid Solution plan?

      A. You can take up this plan from the age of 20 years. The maximum permissible age of entry is 54 years.

    2. What is the minimum premium under this plan for Regular Pay option?

      A. The minimum premium under this plan is based on your age, if you are between 20 to 49 years, it is Rs.45, 000, if you are between 50 to 52 years, it is Rs.1, 20,000, and if you are between 53 – 54 years, it is Rs.5, 00,000.

    3. How long does the ICICI Pru Smart Kid Solution last for under the Regular Pay option?

      A. You can choose the policy to continue for 10 to 25 years.

    4. Are there any Premium Allocation Charges under the plan?

      A. Yes, ICICI charges towards Premium Allocation under the plan as a percentage of premium. It is charged at 3% of premium for One Pay option and for Regular Pay option:

      Premium Payment Mode Year 1 Year 2 Year 3 Year 4 to 5 Year 6 onwards
      Annual 6% 5% 4% 4% 2%
      Half-yearly/Monthly 4% 4% 3.5% 3% 2%
    5. Is there an allocation charge for Top-up premiums as well, under this plan?

      A. Yes, you will have to pay an allocation charge of 2% for all Top-up Premiums.

    6. How is the Mortality charge calculated under the ICICI Pru Smart Kid Solutions?

      A. Mortality charges are calculated based on the Sum at risk. Sum at Risk comprises of the lump sum benefit and the current value of future premiums.

    7. Is the Discontinuance Charge same for One Pay and Regular Pay option under this plan?

      A. No, the Discontinuance Charges are different for One Pay and Regular Pay options and varies according to the policy year in which it has been discontinued.

    8. What are the funds that can be selected for investment under the Smart Kid Solutions from ICICI Prudential and what are the charges towards each of them?

      A. Given below are the funds and their charges, under the plan:

      Fund Name Fund Management Charge
      Maximiser V 1.35%
      Multi Cap Growth Fund 1.35%
      Maximise India Fund 1.35%
      Multi Cap Balanced Fund 1.35%
      Opportunities Fund 1.35%
      Bluechip Fund 1.35%
      Income Fund 1.35%
      Money Market Fund 0.75%
    9. Can I avail any discount on the premium allocation charge option if I buy the policy directly from the company’s website?

      A. Yes, ICICI offers the following discounts on premium allocation charge if the policy is purchased from their website:

      • Single Pay policies – 0.5%
      • Regular Pay policies – 1% in year 1
    10. What are the tax benefits that I can get by taking up the ICICI Pru Smart Kid Solutions?

      A. If you take up this plan, your taxable income can be reduced by investing close to Rs.1.5 lakh under Section 80C. You can also transfer your money from equity to debt or vice-versa, which is tax-free. The maturity or death benefit received under the policy is also tax free.