ICICI Pru Smart Kid Review
Plan Name: Smart Kid
Insurer: ICICI Pru Life Insurance Company Limited
Category: Traditional Plan
Objective: Financially Securing Child’s Future
ICICI Pru Smart Kid is a traditional plan which pays certain % of Sum Assured at periodic intervals to meet the financial needs of the children.
Major USP of ICICI Pru Smart Kid
Age eligibility of ICICI Pru Smart Kid
Minimum Entry Age: 20 years of Life Assured, 0 years for child
Maximum Entry Age: 60 years of Life Assured, 12 years of child
Minimum Premium: Rs 8,400
Minimum Sum Assured: Rs 100,000
Maximum Sum Assured: Rs 3,000,000
What benefits does ICICI Pru Smart Kid offer?
The accumulated amount is paid to the policyholder.
In the case the life insured passes away during the policy term, Sum Assured would be paid immediately to the nominee and future premiums will be waived and borne by ICICI Pru.
What are the riders available with ICICI Pru Smart Kid?
The riders add extra layer of protection for your child. The riders available with Smart Kid are:
ICICI Pru Income Benefit Rider: If the policyholder passes away, annual payouts are made to the nominee. Amount equal to 10% of rider’s Sum Assured is paid to the nominee till the end of the term
ICICI Pru Accident and Disability Rider: If the policyholder suffers from permanent total disability or dies as a result of accident, additional Sum Assured is paid.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Sum Assured: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured with guaranteed addition and any vested bonuses if any will be paid.
Surrender Value: In case you want to cancel Future Champs after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 35% of all premiums paid barring the first year premium.
Free Look Period: WealthOne plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
What’s Policybazaar opinion on ICICI Pru Smart Kid?
Smart Kid is a traditional plan specifically designed for financially securing child’s future. The payout options can be chosen by customer to get them accordingly. The income benefit rider is excellent rider to increase financial security if something happens to you.
Secure your Child's Future. Choose the best Child Plan.