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ICICI Prudential Smart Kid Premier Plan
ICICI Prudential Smart Kid Premier Plan is a savings-cum-insurance plan designed to provide financial protection for your child's future education and other financial needs. The plan allows you to choose from a range of investment options to suit your risk profile and financial goals. Let us learn the details of this ULIP child plan in this article.
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ICICI Prudential Child Insurance Plans
- ICICI Prudential Smart Kid Premier Plan
What is ICICI Prudential Smart Kid Premier Plan?
ICICI Prudential Smart Kid Plan is among the best Unit-Linked Insurance Plans (ULIP) that helps you to save systematically to meet your child's financial goals.
It helps in building a corpus, at the same time provides insurance coverage to safeguard your child's future in case of an unfortunate event.
Key Features of ICICI Smart Kid Premier Plan
Let us learn the key features of the ICICI Smart Kid ULIP plan for child education from the table mentioned below:
| Key Features | Details |
| Life Coverage Options |
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| Entry Age |
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| Maturity Age |
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| Flexibility of Premium Payment | Choose between the different premium payment options:
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| Premium Payment Term (PPT) | The following premium payment terms are available:
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| Premium Limits | The premium limits for various payment options:
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| Policy Term (PT) | 10/ 15/ 20/ 25 years |
| Premium Payment Modes | Monthly/ Semi-Annually/ Annually |
| Sum Assured | Minimum Sum Assured is the higher of:
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| Death Benefits |
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| Maturity Benefits | The following maturity benefits are provided to the policyholder or the nominee (if the Payer Waiver benefit is triggered):
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| Rider Benefits |
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| Tax Benefits |
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Other Important Features
The ICICI Pru provides this Smart Kid child plan along with a few more important features, which are as follows:
| Features | Details |
| Fund Portfolio Strategy Options |
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| Loyalty Addition Benefits |
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| Automatic Transfer Strategy |
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| Flexibility of Sum Assured |
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| Premium Top-Up Facility |
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| Change in Portfolio Strategy (CIPS) Facility |
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| Partial Withdrawal Facility |
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Mutual Funds under Fixed Portfolio Strategy
ICICI Smart Kid Premier Plan offers multiple fund options along with the fund switch option under its Fixed Portfolio Strategy.
You can switch among the following 8 mutual fund plans as per your risk appetite and investment strategy:
| Fund Name | Equity/ Equity Related Assets Allocation | Debt/ Money Market/ Cash Assets Allocation | Profit- Risk Profile |
| Opportunities Fund | 80%- 100% |
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High |
| Multi Cap Growth Fund | 80%- 100% |
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High |
| Blue Chip Fund | 80%- 100% |
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High |
| Multi Cap Balanced Fund |
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40%- 100% | Moderate |
| Income Fund | -- | 100% | Low |
| Money Market Fund | -- |
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Low |
| Return Guarantee Fund | -- | 100% | Low |
| Dynamic P/E Fund | 0-100% (Based on P/E Range) | -- | High |
Charges Applicable
The major charges applicable under the ICICI Smart Kid Premier Plan are listed in the table mentioned below:
| List of Charges | Details |
| Premium Allocation Charge |
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| Fund Management Charge |
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| Policy Administration Charge |
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| Mortality Charge |
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| Fund Switching Charges |
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| Miscellaneous Charges |
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How Does the ICICI Smart Kid Plan Works?
The working of the ICICI Smart Kid ULIP Plan is as follows:
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Select the ideal child education plan by choosing the terms for the following:
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Premium Amount
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Policy Term (PT)
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Sum Assured
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Life Coverage Option
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Premium Payment Option
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Premium Payment Mode
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Fund Portfolio Strategy
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The company deducts premium allocation charges
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The balance sum of the premium is invested in the chosen portfolio strategy
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Fund value and top-up fund value are paid to the policyholder upon maturity
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In absence of the policyholder, the company waives the future premium payments and pays the Sum Assured to the nominee
Benefits of ICICI Smart Kid Premier Plan
Let us learn the major benefits of the ICICI Smart Kid Premier Plan from the list mentioned below:
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Comprehensive Safety Net
ICICI Smart Kid Premier Plan provides holistic life insurance coverage to the policyholder. In the event of the unfortunate demise of the policyholder, the plan pays out the sum assured to the nominee.
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Guaranteed Payouts
This plan offers guaranteed payouts in the form of survival benefits at regular intervals during the policy term. These payouts can be used to meet various financial needs of the child, such as education, marriage, or starting a business.
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Flexibility
The plan offers flexibility in terms of the premium payment frequency, policy term, and sum assured. You can choose a policy term of 10 to 25 years, depending on your child's age and financial goals.
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Tax Benefits
You can avail of tax benefits on the premiums paid and the payouts received under this plan under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
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Bonus Additions
This plan offers bonus additions in the form of reversionary bonuses and terminal bonuses, which enhance the overall value of the policy.
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Accidental Death Benefit
The plan also offers an accidental death benefit rider, which provides additional protection in case of accidental death of the policyholder.
In Closing
ICICI Smart Kid Premier plan is a unit-linked insurance plan that offers life cover, savings, and investment options to secure your child's future financial needs. With a choice of investment funds, loyalty additions, and flexibility in premium payments, it provides an excellent opportunity to invest and plan for your child's future needs.
FAQ's
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What are the tax benefits of ICICI Smart Kid?
ICICI Prudential Smart Kid Plan provides tax benefits on premium payments and maturity amounts under Section 80C and 10(10D) of the Income Tax Act, 1961. -
How can I surrender my ICICI Smart Kid policy?
To surrender your ICICI Smart Kid Plan, follow the steps mentioned below:Step 1: Visit your nearby ICICI Bank branch or contact your ICICI insurance policy advisor
Step 2: Obtain your Policy Surrender Form in offline or online mode
Step 3: duly fill the form with necessary details, like policy number, the policyholder and nominee details, etc.
Step 4: Submit the form along with the substantial documents:
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Original policy document
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KYC documents
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Bank details
Step 5: The insurance company will calculate the surrender value and relay the same to you within a few days
Step 6: Upon your agreement with the surrender value, the computed amount is credited to your registered bank account
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What is the age limit for ICICI Signature Plan?
ICICI Signature plan is a unit-linked insurance plan that offers comprehensive coverage and investment options. The age limit for this plan is as follows:-
Entry Age of the Policyholder: 0- 70 years
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Maturity Age: Up to 80 years
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What is the age limit for ICICI ULIP?
The age criteria of ICICI ULIP Plans vary depending on the specific plan. The major range of age limits is as follows:-
Entry Age:
- Minimum: 0 years
- Maximum: 55-70 years of age (based on the ULIP plan)
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Maturity Age: 70- 80 years.
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†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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