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Knowledge Base Life Insurance Child Plan ICICI Pru Smart Kid Review
Thursday, 21 July 2011 17:42

ICICI Pru Smart Kid Review

Written by  Yashish Dahiya
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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 


Periodic Payouts

Excellent Riders

 

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? 


Maturity Benefit:

The accumulated amount is paid to the policyholder.

 

Death Benefit:

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.

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