ICICI Pru SmartKid Solution

Unit-linked insurance plans allow you to get potentially better returns by working as insurance cum investment plan. This insurance plan uses a portion of the premium to provide insurance coverage, and the rest gets utilized via investments in equity and debt instruments. ICICI Pru SmartKid Solution is a unit-linked insurance plan that enables you to take care of your child's future and secure it.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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It does so by offering better returns on your investments. Moreover, the investment risk is borne by the insurance provider. Despite the volatility of the equity market, rest assured a long-term investment will guarantee returns, and financial uncertainty becomes negligible over time. What's more, you will still receive a lump sum payment in case of liabilities or damage. 

Parameters Details
Policy Tenure Regular Pay- 10 to 25 years
One Pay- 10 years
Limited Pay:
5 Pay & 7 Pay – 10 - 25 years
10 Pay – 11 - 25 years
Premium Paying Term Regular Pay- same as the policy term
One Pay
Limited Pay- 5/7/10 years
Premium Paying Mode Annually, Half-yearly, Monthly
Entry Age Regular/ One Pay- 20-54 years
Limited Pay- 20 years
Maturity Age 30-64 years
Grace Period 15 days for monthly premium payment
30 days for other modes
Sum Assured Regular Pay- seven times the annualized premium
One Pay- 1.25 times the annualized premium or up to ten times it, based on age
Limited Pay- seven times annual premium, or higher of the ten times of the yearly premium and half of the policy term multiplied by yearly premium
Liquidity Available through Partial Withdrawals after five years of insurance contract provided monies are not in DP Fund.

Benefits of ICICI SmartKid Solution

ICICI Pru SmartKid Solution comes packed with the following set of benefits to offer:

  • Death Benefit: There are two forms of a Death Benefit under ICICI Pru SmartKid Solution:

    • On the death of the insured, the death benefit will comprise of two segments:

    • Lump-Sum Benefit: It gets paid out to the claimant to reimburse any immediate expenses.

    • Smart Benefit- it is a benefit that gets deferred for your savings to achieve the goal of securing your child's future in the insured's absence.

    • The Lump-Sum benefit is the amount higher of the Sum Assured and Minimum Death Benefit. In this case, the monies are not in the DP fund (Discontinued Policy Fund.)

    • On the insured's death, while the monies are in the DP fund, the Death Benefit sum payable will be the DP Fund Value. After which, the policy shall terminate.

  • Smart Benefit: After the death of the insured, under this benefit, units as per the premium installment would get allocated if all due premiums are paid.  This benefit is not available for One Pay plans.

  • Maturity Benefit: Once the policy matures; the insured will receive the Fund Value along with the Top-up Fund Value if any.

  • Loyalty Benefits: These are in the form of Wealth Boosters and Loyalty Additions:

    • The company allocates extra units.

    • It will be equal to a percentage of the average of the Fund Values.

  • Switch between Funds: Depending on your risk appetite and investment outlook, you can opt for switching funds.

    • Additional Protection through Riders

    • Change in portfolio strategies opted for, and top-up premiums are also allowed.

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₹1 Crore*
*Standard T & C Apply

People Also Read: ICICI Prudential Nifty Midcap 150 Index Fund

The Premium for ICICI Pru SmartKid Solution

When you buy ICICI Pru SmartKid Solution, you get multiple modes yearly, half-yearly, monthly to pay the ICICI Pru SmartKid Solution Premium. Here are a few things to know about premium payment:

  • Any future premiums will get waived upon the insured's death, and allocations will get settled.

  • Furthermore, premium and any benefit received are eligible for a tax benefit under the prevailing Income Tax Laws.*

*Tax benefit is subject to changes in tax laws.

  • You also get the option of a Top-up premium, which has a minimum amount of Rs. 2000.

  • There is a benefit of Premium redirection in which you can specify the funds and the proportion in which your ICICI Pru SmartKid Solution Premium is to get reinvested.

You can also get a quotation on the premium with the ICICI Pru SmartKid Solution Premium Calculator, and it is available online.

  1. Additional Riders for ICICI Pru SmartKid Solution

    When you ICICI Pru SmartKid Solution, it can get purchased along with the Unit Linked Accidental Death Rider. The benefit under this is as follows:

    Under the rider, one receives additional life cover similar to the base Unit-Linked Insurance Plan based on the sum assured.

  2. Eligibility for ICICI Pru SmartKid Solution

    • Entry age:

      • Regular/ One Pay- Minimum of 20 years, Maximum of 54 years

      • Limited Pay- Minimum of 20 years, Maximum depends on policy and premium payment term.

    • Maturity Age: Minimum of 30 years, and a maximum of 64 years.

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

What are the Documents Required to Buy this Policy?

To purchase the ICICI Pru SmartKid Solution Policy, you will require the following documents:

  • Age Proof: Driving License, Passport, or voter's ID

  • ID Proof: PAN Card

  • Address Proof: Driving License, Passport, or Voter's ID

  • Income Proof: Income Tax returns, salary slips, bank statements.

How to Buy this Plan Online?

Fortunately, it is possible to purchase ICICI Pru SmartKid Solution online by following the given steps:

Step 1: Visit our portal

Step 2: Click on the option "Buy Now."

Step 3: Fill in your details such as gender, DOB, mobile no., and email-ID.

Step 4: Then, authorize ICICI Prudential to contact you through call or WhatsApp.

Step 5: Lastly, click on "Show Returns," and to know more about how the plan works to secure your child's future by removing hindrances, you will find the brochure on the same page.

Exclusions of ICICI Pru SmartKid Solution

According to ICICI Pru SmartKid Solution reviews, there is a suicide clause that one must consider despite it being a comprehensive plan. It states that if one commits suicide within 12 months from the date of policy commencement, only the Fund Value will be payable to the claimant.

ICICI Prudential Child Plans - FAQs

  • Does the Maturity Benefit depend on my ICICI Pru SmartKid solution policy status?

    It gets paid irrespective of the survival of the insured.
  • Is Smart Benefit available with the One Pay option?

    Under the conditions of the insurance plan, units will get allocated that is equivalent to the premium provided the due premiums have gotten settled. However, this benefit is not available for the One Pay option.
  • What are the conditions to apply for the Smart Benefit under ICICI Pru SmartKid Solution Policy?

    Here are the conditions to keep in mind when securing your child's future:
    • The policy cannot get relinquished. Nor are policy alterations allowed. 

    • Loyalty Additions and Wealth Boosters will get allocated to the Fund Value.

  • What is the maximum number of top-ups allowed?

    Maximum top-ups allowed are 99. Furthermore, one cannot pay the Top-up premium at any time other than the last five years of the policy term. 
  • What are the conditions applicable to the settlement option?

    The following conditions are applicable on the Settlement Option:
    • You can opt for yearly, half-yearly or monthly payments for one to five years.

    • During the period, you can withdraw from the entire Fund Value.

    • During the settlement period, investment risk is borne by you.

    • No Loyalty Additions or Wealth Boosters will get added.

  • Is Rider Cover available after Maturity?

    Unfortunately, rider cover shall cease when your ICICI Pru SmartKid Solution policy status gets deemed matured.
  • What is a lock-in period?

    A lock-in period of 5 years is applicable for each Top-up premium for the sole reason of partial withdrawals only.

*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
^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.
~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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