It is a Unit Linked insurance plan that covers both the parents under the same plan.
Why ICICI Prudential Smart Kid Premier Plan Calculator?
Policyholders can invest in fixed, lifecycle portfolio and trigger portfolio as per their wish. The plan offers several benefits like flexible premium payment terms, partial withdrawal facility at crucial educational milestones of the kid, etc. Policyholders can also avail top-ups to increase the investment amount above the basic premium.
To make it easy to comprehend various premiums, the insurer provides the ICICI Prudential Smart Kid Premier Plan Calculator facility, using, which one can easily calculate the premiums in advance.
Why Should You Use Term Insurance Premium Calculator?
The term insurance premium calculator is an excellent online tool for ascertaining the estimated cost of a term insurance plan. It helps interested individuals calculate the premiums by simply entering some basic details, which will otherwise consume a lot of time.
The premium cost of a term insurance plan is based on several factors like age, income, medical history of the policyholder, smoking habits, sum assured amount, etc.
Premium rates vary from one individual to another, depending on the information they entered in the premium calculator. By using the online premium calculator, one can instantly calculate the premium and adjust the plan as per their requisites or budget.
Benefits of Using a Term Insurance Premium Calculator
The following are the benefits of using the term insurance premium calculator:
- The premium calculators are always synced with the latest information regarding the policy one is interested in. Therefore, it provides an accurate estimate of the premiums.
- One can weigh up the premium rates of different plans by using the term insurance calculator.
- The premium calculators have minimalist designs so everyone can access them easily.
- The premium plan calculator helps individuals find out the estimated premium they require to pay if they opt for that particular plan. By doing so, one can see if that plan matches their budget or they need to make any change in the term plan.
How to Use ICICI Prudential Smart Kid Premier Plan Calculator?
The insurer has made the ICICI Prudential Smart Kid Premier Plan Calculator easy to operate. One can follow the steps mentioned below to calculate the premium quickly:
- Open the official website of the insurer.
- Search for ICICI Prudential Smart Kid Premier Plan Calculator
- Enter the basic information like gender, tobacco consumption habit, date of birth, annual income, contact details, etc.
- Select the premium payment term; the options to choose from are Regular Pay, Limited pay 5, Limited Pay 7, and Limited Pay 10.
- Now, one needs to select the policy term. The options available are 10, 15, 20, and 25 years.
- Mention the entry age of the parents. The minimum age of parents should be 20 years, 60 years if one parent is being covered, and 55 years if both parents are covered.
- Enter the entry age of the kid. The age should be between 0 and 15 years as per the policy rules.
- Select the mode of premium payment among annual, semi-annual, and monthly.
- Enter the amount of premium one wants to pay. The maximum premium allowed in a year is Rs 1, 00,000.
- Select the fund where one wants to invest their money. The funds available are Opportunities Fund, Multi-Cap Balanced Fund, Bluechip Fund, Multi-Cap Growth Fund, Money Market Fund, Income Fund, Return Guarantee Fund, and Dynamic P/E Fund.
- Write down the percentage of premium one wants to invest in the above-mentioned funds.
After entering all the information, the ICICI Prudential Smart Kid Premier Plan Calculator will show the approximate final amount one will receive at maturity.
Advantages of Using ICICI Prudential Smart Kid Premier Plan Calculator
With the insurer's ICICI Prudential Smart Kid Premier Plan Calculator, one can ascertain all the required information conveniently with a few simple steps. Here is a list of all the advantages of using a term plan calculator:
- One can access the calculator on the official website of the insurer without getting into any hassle.
- It is free of cost and can be used without any restrictions on several usages.
- The calculator shows the result in real-time. It means one does not need to wait for the desired results.
- The plan offers eight different funds and three different portfolios to invest in, with the option of allocating the percentage of premium in each fund. This can further complicate the calculation. But with the plan calculator, one can easily calculate the maturity amount by entering the asked details.
- One can know in advance how much amount they will need to invest to obtain a sufficient maturity benefit. With this, they can check the affordability of the plan and perform budget planning.
- The plan calculator results are based on the current rates and information entered by the individual.
- One can always change the details entered until they find the exact maturity amount they are looking for.
- The calculator is constantly updated with the latest changes in the rate and other variables that affect the maturity and premium amount.
Information Required to Use ICICI Prudential Smart Kid Premier Plan Calculator
There is some prerequisite information required if one wishes to use the insurer's plan calculator. Here is the list of details one should have with them while using the plan calculator:
Personal details related to the person who is purchasing the plan. This includes gender, tobacco consumption habit, date of birth, annual income, contact details, etc.
This consists of the policy term, premium payment frequency, premium payment term, and maximum premium allowed in a year.
One should be aware of how much maturity amount they are looking for. Then, they can choose the funds where they want their money to get invested.
A1. The plan offers two choices: Single Life Option and Joint Life Option. Under the Single Life Option, only one parent will be covered, and the kid will be the nominee, while under the Joint Life Option, both parents will get covered, and the nominee will be the kid. In case of the demise of either parent, the nominee will receive the benefits.
A2. There are some additional charges like Premium allocation charges (2% of premium in 1st year and Nil from 2nd year, while all the top-up will be charged 2%); Fund management charge (vary from one fund to another); Policy administration charges; Mortality charges; Switching charges, etc.
A3. If policyholders have invested all their money in Fixed Portfolio Strategy, they can switch between eight available funds. The minimum amount to be switched is Rs 2000.
A4. Yes, suppose the policyholders are not happy with the terms and conditions of the plan. In that case, they can return the policy to the insurer for cancellation within 15 days from the date of issuance and 30 days if your policy is bought through distance marketing mode. The insurer will refund the premium paid after deducting the cost incurred.
A5. Yes, policyholders can join their spouse to the policy if they get married during the term plan. They can also remove their spouse from the plan in case of legal separation. The change in coverage will be as per the policy documents and after providing satisfactory evidence to the insurer.
A6. In such a case, the policy will be continued, and the policyholder can name another nominee. Another nominee can be their child or the child of another individual. There will be no alteration in policy benefits.
A7. Yes, the insurer allows a grace period for the payment of the premium. It is 15 days for the monthly mode of premium payment and 30 days for other premium payment modes.
A8. If either of the people insured, whether sane or insane, committed suicide within one year from the date of policy commencement, the insurer will return only the fund value and top-up amount, if any. After the payment, the policy will be terminated.
A9. Yes, one can avail of the tax benefits as per the prevailing tax laws and are subject to changes in tax laws.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.