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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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
  • A comprehensive security net is provided for your child by providing life coverage to you
  • Coverage options for you:
  • Single Life
  • Joint Life
Entry Age
  • Age of Parents
  • Single Life: 20-60 years
  • Joint Life: 20-55 years
  • Age of Child: 0-15 years
Maturity Age
  • Age of Parents
  • Single Life: 70 years
  • Joint Life: 65 years
  • Age of Child: 18-25 years
Flexibility of Premium Payment Choose between the different premium payment options:
  • Regular Pay
  • Limited Pay
Premium Payment Term (PPT) The following premium payment terms are available:
  1. Regular Pay: PPT equal to Policy Term
  2. Limited Pay 5: PPT of 5 years
  3. Limited Pay 7: PPT of 7 years
  4. Limited Pay 10: PPT of 10 years
Premium Limits The premium limits for various payment options:
  1. Regular Pay: Rs. 18,000- Rs. 1 lakh yearly
  2. Limited Pay 5: Rs. 48,000- Rs. 1 lakh yearly
  3. Limited Pay 7: Rs. 36,000- Rs. 1 lakh yearly
  4. Limited Pay 10: Rs. 18,000- Rs. 1 lakh yearly
Policy Term (PT) 10/ 15/ 20/ 25 years
Premium Payment Modes Monthly/ Semi-Annually/ Annually
Sum Assured Minimum Sum Assured is the higher of:
  • 10 × (Total annualised premium), or
  • 0.5 × PT × Total annualised premium
Death Benefits
  1. The higher sum is paid to the nominee child among the values of:
  • Sum Assured or 
  • 105% of total premium payments- partial withdrawal
  1. Payer Premium Waiver Benefits:
  • To the nominee in the event of your death
  • Along with all the maturity benefits
  • Fund units allocation is also secured 
Maturity Benefits The following maturity benefits are provided to the policyholder or the nominee (if the Payer Waiver benefit is triggered):
  • Fund portfolio value
  • Top-up fund value
Rider Benefits
  • Waiver of Premium on Critical Illness Rider
  • The insurance company covers the list of 20 specific critical illnesses
  • Covers only one living under the rider, in case of a Joint Life policy
Tax Benefits
  • Tax deductions on premium payments u/ Section 80C of the IT Act, 1961
  • Tax benefits on interest earned and maturity amount u/Section 10 (10D) of the IT Act, 1961 if the total premiums are within Rs. 2.5 lakhs limit

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
  1. Fixed Portfolio Strategy: Allocates your investments in your desirable funds
  2. Life-Cycle Portfolio Strategy: Create an ideal portfolio depending on your age by investing in balanced equity and debt assets. 
  • Provides safety on your investments in Multi Cap Growth Fund in the last 10 quarters of your policy
  1. Trigger Portfolio Strategy: Protect the capital gains earned from equity assets against any future market fluctuations. 
  • It allows for maintaining a pre-set value of asset allocation.
Loyalty Addition Benefits
  • Additional loyalty benefits are made on due payments of the premium amount
  • Calculated at 2% of the fund value at the end of the 8th policy quarter that precedes the loyalty allocation
  • Starts at the end of the 10th policy year
  • It is paid in the frequency of every 5th policy year from there on
Automatic Transfer Strategy
  • Allows to systematically invest in equity funds free of charge in the Fixed Portfolio Strategy
  • Minimum amount of transfer: Rs. 2,000
Flexibility of Sum Assured
  • Facility available at every policy anniversary of your policy term
  • Allows both increase and decrease of sum assured
Premium Top-Up Facility
  • Invest spare money in extra to the premiums
  • Minimum Top Up: Rs. 2,000
  • 5 years lock-in period on top-up premiums
Change in Portfolio Strategy (CIPS) Facility
  • Allowed free of cost for once in a policy year
  • Carry forward of CIPS facility not allowed
Partial Withdrawal Facility
  • Allowed after the 5-year lock-in period
  • Partial withdrawal b/w Rs. 2,000 to up to 20% of fund value available without any charges
  • Provided on achievement of key educational milestones

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%
    20%
High
Multi Cap Growth Fund 80%- 100%
    20%
High
Blue Chip Fund 80%- 100%
    20% 
High
Multi Cap Balanced Fund
    60%
40%- 100% Moderate
Income Fund -- 100% Low
Money Market Fund --
  • 0-50% (Debt)
  • 50%- 100% (Money market & Cash)
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
  • 1st Policy Year: 2% of the premium is deducted at the time of fund units allocation and life coverage premium payment
  • 2nd Policy Year Onwards: No charges
  • 2% on top-up premium allocation
Fund Management Charge
  • Adjusted daily from the NAV
  • Ranges between 0.75% - 1.35% p.a. depending on the fund scheme
Policy Administration Charge
  • Charged in % of Annual Premium depending on the premium payment option
  • 1st Year to PPT: Levied monthly at 0.47% of Annual Premium
  • Thereafter: Monthly charged at 0.10% of the Annual Premium
Mortality Charge
  • Monthly deducted on the life coverage
Fund Switching Charges
  • Allows 4 free switches in a policy year
  • Rs. 100 per switch from thereon
  • No carry-forward policy on free switches
Miscellaneous Charges
  • Charged on any alterations made in the policy
  • Rs. 250 is charged per alteration
  • Levied in the form of fund units redemption
  • On change of Birth Date/ Address/ Nominee/ Sum Assured/ Premium Payment Mode/ etc.

How Does the ICICI Smart Kid Plan Works?

The working of the ICICI Smart Kid ULIP Plan is as follows:

  • Select the ideal child education plan by choosing the terms for the following:

    • Premium Amount

    • Policy Term (PT)

    • Sum Assured

    • Life Coverage Option

    • Premium Payment Option

    • Premium Payment Mode

    • Fund Portfolio Strategy

  • The company deducts premium allocation charges 

  • The balance sum of the premium is invested in the chosen portfolio strategy

  • Fund value and top-up fund value are paid to the policyholder upon maturity

  • 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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. Bonus Additions 

    This plan offers bonus additions in the form of reversionary bonuses and terminal bonuses, which enhance the overall value of the policy.

  6. 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

  • 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:

    • Original policy document

    • KYC documents

    • 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

  • 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

    • Maturity Age: Up to 80 years

  • 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:
    1. Entry Age: 

      • Minimum: 0 years
      • Maximum: 55-70 years of age (based on the ULIP plan)
    2. Maturity Age: 70- 80 years.

*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
*Tax benefit is subject to changes in tax laws
~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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ICICI Prudential Child Plans Reviews & Ratings

4.4 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Chhaya
Ichalkaranji, March 31, 2021
Happy customer
I am one of the happiest customer of policybazaar as they provided with icici prudential child insurance policy at best prices. It has been a great coverage for me and my child. Great work.
Munendra
Badlapur, March 30, 2021
Great coverage
My child has got a great coverage for his child insurance plan. It was brought from the website of the policybazaar and it was the plan of icici prudential. Such good plan from website of the policybazaar at low premium rates.
Kriti
Katghodi, March 16, 2021
Future planning
I have already started thinking about the future of my child’s future. I want him to get the best education and that is the only reason I bought this icici prudential child insurance plan. Thanks policybazaar.
Virat
Azamgarh, March 09, 2021
Easy premiums
I bought this icici prudential life insurance plan from the policybazaar. It is easy to pay for the premium amount and I always make the payment online. I like policybazaar and icici prudential team.
Parinita
Madhuban, October 10, 2016
Insurance
Want to buy child insurance policy, go for icici prudential life insurance. Services are really good which is given by the entire members of the company. Online renewal make easy through online portal service. Policy coverage are good and claiming process is easy.
Rahul
Dimapur, August 24, 2016
Child Insurance Plan
My child has safe future now because i buy him a child insurance plan from icici prudential life insurance. The insurance plan has full coverage and claiming is very simple because of good service given by the executives and staff members.
Manish
Nasik, April 15, 2016
Average
I own icici prudential life child insurance policy plan which is an average one. The service is fast and the policy coverage is approx. 77%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person.
Abhishek
Pilani, April 15, 2016
Perfect
The best child policy plan i bought from icici prudential life insurance and the policy plan is awesome. The policy coverage is 84% and the claims are 41 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
Hemant
Firozabad, April 15, 2016
Service Is Bit Slow
I had child policy plan for my child through icici prudential life insurance child plan. The policy is nice, Good policy coverage ~89% and claiming amount is Rs.43 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.
Vikrant
Jalpaiguri, April 15, 2016
Satisfactory
I found awesome child policy plan from icici prudential life insurance. The claim is high and the policy coverage is 91%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
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