Smart Kid – Child Plan from ICICI Prudential

As a loving and caring parent, you have big dreams for your child and you want to make those dreams come true.

With this objective in mind ICICI Prudential now presents ICICI Pru Smart Kid Regular Premium Plan. Smart Kid is a participating endowment regular premium life insurance plan, with two options to receive guaranteed educational benefits, no matter what the uncertainties in your life.

ICICI Pru Smart Kid – Regular Premium plan comes with a unique Payer Waiver Benefit (PWB). This benefit ensures that in case of death of the parent, the company pays all future premiums on behalf of the parent. This means that the child gets money at important stages of his/her student life and education never suffers due to lack of funds.

Benefit from this ICICI Pru Smart Kid

Guaranteed educational benefits : This plan guarantees educational benefits to your child. It provides you with two options to receive those benefits:

Option 1: Benefits at critical educational milestones Option 2: Avail of benefits in the last 5 years of the policy

E.g. If your child is 5 years old and you want the plan to mature at 22 years of his age (term of the plan becomes 17 years), you have the following two options to receive the benefits under the plan:
Death benefit : In the unfortunate event of death of the parent (life assured) during the term of the policy, the benefits under the policy are as follows:
- The Sum Assured would be paid out immediately
- Future premiums till maturity will be waived off and the premiums would be paid by the Company till maturity of the policy
- The policy benefits continue for your child’s educational and developmental needs as planned by you.
Developmental Allowance : This guarantees a regular income to secure your child’s academic career as well as his all round development (in the unfortunate event of death) of the parent). To avail of this benefit, you have to take the Income Benefit Rider available at a marginal extra cost. An amount equal to 10% of the Rider Sum Assured will be paid annually to your child, till the maturity of the policy.
Additional Rider Benefits : This is an additional benefit which can be availed along with the base plan, by paying a marginal extra cost. The riders offered are:
- Income Benefit Rider
- Accident and Disability Benefit Rider