Features And Benefits Of ICICI Prudential Life Insurance Smart Kid Solution

A child insurance plan helps you ensure a safe and secure financial future for your child. It makes good use of your earnings over a certain period of time to provide insurance protection for your child. They also guarantee that your child will be financially well-supported even in case of your sudden death and subsequent absence. The ICICI Prudential Life Insurance Smart Kid Solution is such a child insurance plan. 

Benefits of the ICICI Prudential Life Insurance Smart Kid Solution

Take a look at the various features of the ICICI Prudential Life Insurance Smart Kid Solution, a child insurance plan from ICICI Prudential Life Insurance:

Death Benefit

The death benefit under this plan is paid under two types. If there is any amount that is left in the Discontinued Policy Fund (DP Fund) during the death of the policyholder, the death benefit is paid out in lump sum (comprising the Sum Assured and a Minimum Death Benefit) as well as in instalments through the Smart Benefit option. While the former assures that the immediate financial needs that are caused by your death are fulfilled, the latter guarantees that your child's future plans can continue to be financed through your savings.

SmartBenefit

The ICICI Prudential Life Insurance Smart Kid Solution provides the SmartBenefit to its policyholders. If all the premiums are paid off at the time of the death of the policyholder, this benefit provides units that are equivalent to the premium instalments on the next due dates for the premium. For this benefit to be applicable, the plan must not be of the One Pay variant and must be kept active even when the policyholder dies. Under this benefit, Fund Management Charges, Policy Administration Charges are deducted while mortality charges are not. 

Maturity Benefits

The maturity benefits under this plan comprise the Fund Value of the plan and the Top-Up Fund Value if any. The maturity benefit is paid out in lump sum (as the life assured and the policyholder under the child insurance variant is different), regardless of whether the life assured is alive at the date of maturity.

Loyalty Additions and Wealth Boosters

The ICICI Prudential Life Insurance Smart Kid Solution as a certain percentage of Fund Values. The Loyalty Additions are given out at the end of every policy year, starting from the end of the sixth policy year.  Wealth Boosters are provided at the end of every fifth year, starting from the end of the tenth policy year. These benefits are provided if there is any sum present in the DP Fund of the policyholder. 

Features of the ICICI Prudential Life Insurance Smart Kid Solution

The following are some important features of the ICICI Prudential Life Insurance Smart Kid Solution:

• Under this plan, you can switch your investment funds
• There is an option to include the Unit Linked Accidental Death Rider
• You can invest a higher amount than the initial premium through the top-up option
• A partial withdrawal facility is available after five policy years, given there are no DP Funds

Endnotes

As evident, the ICICI Prudential Life Insurance Smart Kid Solution is a comprehensive child insurance plan that has a variety of benefits and features. Make sure to thoroughly consult the plan brochure to further know about all this plan has to offer.

Also Read 

Most Frequently Asked Questions For Child Life Insurance Plans

List Of Child Plans Available In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.