ICICI Prudential Smart Kid Solution ULIP Plan and Policy
ICICI Prudential Smart Kid Solution ULIP Plan and Policy - As a parent, you want to make sure your children get the best possible education to pursue the career of their choice even if you are not around. Presenting ICICI Prudential Smart Kid Solution with ICICI Pru Smart Life – a Unit Linked Insurance Plan, which grows your investments and helps you secure the educational milestones of your children.
For this solution, you have to purchase ICICI Pru Smart Life (UIN: 105L145V01), keeping yourself as the Life Assured* and your child as the nominee.
A unit linked child plan which offers the following benefits to the customer:
- It is a unit linked plan which offers two options of investment portfolio strategies which are Life cycle based Portfolio Strategy and Fixed Portfolio Strategy.
- Under the Lifecycle based portfolio strategy, the premium will be initially distributed between two funds namely Multi Cap Growth Fund and Income Fund based on the age of the policyholder. Multi Cap Growth Fund is a high risk and high return fund with the maximum allocation of premium in the initial years while Income Fund is a low risk low return fund. With the passage of the policy term and increasing of the policyholder’s age, the investment will be redistributed gradually every year with money being transferred form the Multi Cap Growth Fund to the Income Fund to protect it from high volatility. In the later ages, as the policy nears maturity, the bulk of the investment will be in the Income Fund which offers a low risk profile. The distribution and balancing of the allocation is done by the company automatically.
- Under the Fixed Portfolio Strategy, the company offers a choice of 6 funds and the policyholder will have to choose the fund according to his risk appetite. The funds available under the options are Opportunities Fund, Multi Cap Growth Fund, Blue Chip Fund, Multi Cap Balanced Fund, Income Fund and Money Market Fund.
- There is a feature of Automatic Transfer Strategy under the Fixed Portfolio strategy under which the policyholder may choose to invest all or a part of his premium in the Money Market Fund and from there a chosen amount may be transferred automatically to the Blue Chip Fund or Multi Cap Growth Fund or Opportunities Fund as per the policyholder’s choice.
- On maturity of the plan, the available fund value is payable to the policyholder. The policyholder may choose the receive the fund value on maturity in lump sum or keep the proceeds invested with the company for further 5 years under the Settlement Option. During these 5 years, the policyholder can avail the fund value in installments.
- In case of death of the insured during the tenure of the plan, the basic Sum Assured chosen at the time of buying the plan is paid subject to a minimum of 105% of all premiums paid till the date of death. Moreover, future premiums are waived off under the inbuilt Payer Waiver Benefit and are paid for by the company and the plan runs unaffected. On maturity, the available fund value is again paid to the beneficiary who is the child.
- There is an option of adding the Income Benefit Rider wherein, in case of death of the insured, 10% of the rider Sum Assured will be paid to the beneficiary every year post death till the maturity of the plan in addition to the death benefit payable as above.
- Accidental Death and Disability Benefit Rider is also available under the plan which promises additional payment in case the insured suffers an accidental death or disability
- The plan offers Guaranteed Additions which vary in the range of 120% - 170% of the annual premium. The Guaranteed Additions will be added to the fund value at the end of 15 years.
- From the 6th year of the policy there will be an additional allocation of premium @ 2%. Thus, from the 6th policy year, 102% of the premiums paid will be allocated to the fund.
- The Sum Assured can be increased or decreased subject to certain terms and conditions.
- Additional premiums can be paid through top-ups with a minimum value of Rs.2000
- Switching between funds is allowed under the Fixed Portfolio Strategy with a minimum value of Rs.2000
- One free partial withdrawal is allowed every three policy years subject to a maximum of 20% of the available fund value as on the date of withdrawal.
- A change in portfolio strategy is allowed once every year
Eligibility Details
Minimum |
Maximum |
|
Entry Age |
Policyholder - 20 years Child – 0 years |
Policyholder – 60 years Child – 15 years |
Maturity Age |
Policyholder – NA Child – 18 years |
Policyholder – 75 years Child – 30 years |
Policy Term |
15 years |
25 years |
Sum Assured |
5 times the annual premium subject to a minimum of Rs.1 lakh |
As per the maximum multiples |
Annual Premium Amount |
Rs.15, 000 |
No limit |
Premium Payment Term |
Equal to policy term |
|
Premium Payment Frequency |
Yearly, half-yearly, monthly |
|
Applying for a Child Plan from the company:
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Future Generali India Term Protection Life Insurance Plans and Policy |
|
|---|---|
| ICICI Prudential Saving Plans |
|---|
| ICICI Prudential Cash Advantage |
| ICICI Prudential Saving Suraksha |
| ICICI Prudential Assured |
| ICICI Prudential Future Perfect |
| ICICI Prudential Retirement Plans |
|---|
| ICICI Prudential Easy Retirement |
| ICICI Prudential Immediate Annuity Retirement |
| ICICI Prudential Group Insurance Plans |
|---|
| ICICI Prudential Rural Insurance Plans |
| ICICI Prudential SarvJana Suraksha Rural |
| ICICI Prudential Anmol Bachat Rural |