ICICI Pru SmartKid Solution

What is ICICI Pru SmartKid Solution?

The ICICI Pru SmartKid Guarantee plan is an investment plan that comprises two main components: ICICI Pru GIFT Pro and the ICICI Pru Non-Linked Waiver of Premium (WoP) Rider. This combination is designed to provide security with continued benefits, including the waiving of future premiums if an unforeseen event occurs.

Features of ICICI Pru SmartKid Solution

The ICICI Pru SmartKid Guarantee plan offers several key features to support a child's educational and financial future:

• Guaranteed Returns: The child plan provides guaranteed income, ensuring financial stability for future goals. Guaranteed benefits are payable provided all due premiums have been paid.

• Life Cover: Life insurance cover is provided throughout the policy term. This benefit is payable upon the death of the Life Assured during the policy term.

• Future Premiums Waived Off: In the event of specific unforeseen circumstances, all future premiums can be waived. This waiver ensures the plan continues with the child's goals intact, even if the premium payer is affected.

• MoneyBack Benefit: Policyholders can choose to receive a MoneyBack Benefit ranging from 0% to 100% of the sum total of all annualised premiums. This benefit is paid as a lump sum amount. The MoneyBack Benefit can be received any year on or after the completion of the policy term, up to the last income year. The Guaranteed Income amount will be adjusted based on the selected MoneyBack Benefit percentage and payout year.

• Flexibility in Income Duration and Type: There is flexibility to select the duration of the guaranteed income to align with a child’s future goals. Policyholders can also choose to receive guaranteed income that either stays level throughout the income duration or increases every year. If the increasing income option is chosen, the guaranteed income will increase at a simple interest rate of 5% per annum. This option must be selected at the inception of the policy and cannot be changed later.

• Tax Benefits: Tax benefits are applicable as per prevailing tax laws.

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Eligibility Criteria for ICICI Pru SmartKid Solution Plan

Note: The specific maximum age at maturity varies depending on the chosen policy term. For example, a 5-year Premium Payment Term corresponds to an 8-10 year Policy Term and a maximum age at maturity of 65 years, while a 12-year Premium Payment Term corresponds to a 12-17 year Policy Term and a maximum age at maturity of 70 years.

Benefits of ICICI Pru SmartKid Solution

The primary benefits offered by the SmartKid Guarantee solution include:

• Guaranteed Income: Provides a consistent stream of income for the child’s future, which can be level or increasing.

• Life Cover Protection: Ensures financial protection for the child's goals throughout the policy term.

• Waiver of Future Premiums: Offers crucial protection by waiving all future premiums upon the occurrence of specified unforeseen events, thus ensuring the plan continues uninterrupted.

• MoneyBack Benefit: Offers flexibility to receive a lump sum amount, adjustable from 0% to 100% of total annualised premiums, at a chosen time post-maturity.

Riders Under ICICI Pru SmartKid Solution

The SmartKid Guarantee plan incorporates the ICICI Pru Non-Linked Waiver of Premium (WoP) Rider. This rider is crucial for ensuring the continuity of the plan even if the policyholder faces certain unforeseen events. The waiver of premium is triggered in case of an unfortunate event and is applicable as per the option chosen. On occurrence of such an event, all future premiums will be waived off and paid by the company.

The WoP rider offers coverage in the form of different benefit options, depending on whether the Life Assured of the rider is the same as or different from the Life Assured of ICICI Pru GIFT Pro:

• If Life Assured of the rider is same as the Life Assured of ICICI Pru GIFT Pro (e.g., child is Life Assured for both):

  • Waiver of premium is offered on the occurrence of Accidental Total & Permanent Disability or diagnosis of covered Critical Illnesses.

• If Life Assured of the rider is different from the Life Assured of ICICI Pru GIFT Pro (e.g., parent is Life Assured under WoP rider):

  • Life option: Covers the earlier occurrence of death or terminal illness of the Life Assured named under the WoP rider.

  • Health option: Covers Accidental Total & Permanent Disability or diagnosis of covered Critical Illnesses of the Life Assured named under the WoP rider.

  • Life and Health option: Covers the first event among death, terminal illness, Accidental Total & Permanent Disability, or diagnosis of a covered Critical Illness for the specified Life Assured under the WoP rider.

Additional Details of ICICI Pru SmartKid Solution

Below are the additional details of the ICICI Pru child insurance plan: 

• Income Options: As mentioned, policyholders have the choice between a Level Income option, where the guaranteed income remains constant, or an Increasing Income option, where the guaranteed income increases at a simple interest rate of 5% per annum. This choice is made at the inception of the policy and cannot be changed later.

• MoneyBack Benefit Flexibility: Beyond choosing the percentage (0-100% of total annualised premiums), policyholders can also select any year on or after the policy's maturity date, up to the last income year, to receive this lump sum benefit. The guaranteed income amount will be adjusted based on this selection.