ICICI Prudential Smart Kid Premier

 

 

 

ICICI Prudential Smart Kid Premier is a unit linked insurance plan (ULIP) for the benefit of a child, where the parent is the Life Insured. This is a Non-Traditional Plan without Bonus facility. This plan does not cover the life of a child but it is meant for the security of the child’s future even if anything happens to the parent.

 

In this plan if the Life Insured, i.e. the parent dies within the policy tenure, the nominee, i.e. the child would receive the Sum Assured in a lump sum to address the immediate needs of the family. The future premiums would also be paid by the company such that the Fund Value would also be paid out on maturity of the policy. Thus, the Fund Value is paid out on the policy maturity irrespective of whether the parent is alive or not. This plan can also cover both the parents.

 

This policy has 8 investment fund opportunity and 3 Portfolio Strategies available along with 1 rider.

 

 

 

• Benefit of Joint Life coverage.
• Double Death Benefit ULIP – sum assured on death and fund value on maturity to nominee and also waiver of future premiums.
• Sum Assured can be increased or decreased anytime during the policy term.
• Choice of 8 Investment Funds and 3 Portfolio Strategies and Limited Pay Option.
• There is 1 rider available

 

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Death Benefit – In case of death of the Life Insured i.e. the parent, the nominee, i.e. the child would get Sum Assured in a Lump Sum for immediate expenses. The future premiums would be waived off and the Insurer would pay the same on behalf of the deceased Life Insured such that the Fund Value is paid on maturity for the fulfilment of the child’s future requirements.

 

Maturity Benefit – On maturity, the Fund Value is paid as Maturity Benefit irrespective of whether the Life Insured is alive or not.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	Higher of (10 X AP) and (0.5 X PT X AP)	According to maximum Sum Assured multiple.
Policy Term (in years)	10	25
Premium Payment Term (in years)	5	Equal to Policy Term
Entry Age of Parent (in years)	20	60 for Single Life 55 for Joint Life
Age at Maturity of Parent (in years)	-	70
Entry Age of Child (in years)	0	15
Age at Maturity of Child (in years)	18	25
Regular Pay premium (in Rs.)	18,000 p.a.	1,00,000 p.a.
Limited Pay premium (in Rs.)	48,000 p.a. for 5-Pay 36,000 p.a. for 7-Pay 18,000 p.a. for 10-Pay	1,00,000 p.a.
Payment modes	Yearly / Half-Yearly / Monthly

 

 

 

Premium = Rs.50,000

Age = 30 years

Policy Term = 10 years and 15 years

Premium Paying Term = Regular Pay

Sum Assured = Rs 5,00,000

Total Investment = Rs. 50,000 x 10 years = Rs. 5,00,000 and Rs 50,000 x 15 years = Rs 7,50,000

Choice of Portfolio= Fixed

Coverage= Single Life

 

 

 

 

Riders – There is 1 rider available in this policy

·         Waiver of Premium on Critical Illness Rider- All future premiums payable under the base policy will be paid by the company in case of diagnosis of any of the 20 specified Critical Illnesses.

 

Investment Fund Options

 

There are 8 Investment Funds available

1. Opportunities Fund
2. Multi Cap Growth Fund
3. Bluechip Fund
4. Multi Cap Balanced Fund
5. Income Fund
6. Money Market Fund
7. Return Guarantee Fund
8. Dynamic P/E Fund

 

And 3 Portfolio Strategies available

1. Fixed Portfolio Strategy
2. Life Cycle Based Portfolio Strategy
3. Trigger Portfolio Strategy

 

Top-up - The minimum and maximum amount for Top-up is Rs 2,000 and sum assured automatically increases either by 125% or 500% of the top up premium amount. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years.

 

Switching - This option is available only under Fixed Portfolio Strategy. The minimum amount that you can switch is Rs 2,000.

 

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. Only one Partial Withdrawal is allowed in each policy year upto a maximum of 20% of the existing Fund Value. The minimum amount for Partial Withdrawal is Rs 2,000.

                                             

 

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is no loan available under this plan.