ICICI Prudential Smart Kid Solution

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ICICI Pru SmartKid Solution Children Education Plan

ICICI Pru SmartKid Solution Children Education Plan is a savings oriented unit-linked insurance plan which is specifically designed to help you secure the educational milestones of your children. The plan provides a choice of 13 fund options and 2 portfolio strategies to help you plan your investment as per your risk appetite and investment style. With its life cover benefit, the plan helps you keep your child financially secured in case you meet an unfortunate event during the policy term.

Moreover, the plan rewards you for staying invested in it by the way of loyalty additions and wealth boosters. The plan also allows you to make partial withdrawals after the completion of a lock-in period of 5 first years. You can further enhance the coverage of the plan by opting for an optional Accidental Death Rider.

Best Features of ICICI Pru SmartKid Solution Children Education Plan

The best features of ICICI Pru SmartKid Solution Children Education Plan are as follows - 

  • Fund Options- The plan provides 13 fund options including a variety of equity-oriented funds, debt-oriented funds, and balanced funds.
  • Portfolio Strategies-  The plan provides 2 investment strategies namely Fixed Portfolio Strategy and LifeCycle based Portfolio Strategy 2 to help you maintain your investment portfolio as per your convenience. 
  • Lock-in Period- Since it is a ULIP, the plan features a lock-in period of the first 5 years.
  • Partial Withdrawals- After the completion of the lock-in period, you can make any number of partial withdrawals in a year provided the total amount does not exceed 20% of the fund value in that year.
  • Top-up Investment- You can invest any additional amount as top-up premiums of the plan subject to a minimum amount of INR 2,000 to increase your investment corpus
  • Premium Redirection- Under the Fixed Portfolio Strategy, you can change the proportion in which your premium gets invested in different funds without any extra charge.
  • Fund Switching Facility- The plan allows you to switch between fund options as many times as you want under Fixed Portfolio Strategy subject to a minimum switch amount of INR 2,000.
  • Guaranteed Additions- The plan provides guaranteed additions in the form of Loyalty Additions, Additional Loyalty Additions, and Wealth Boosters to help you appreciate your savings.
  • Rider Options- The plan provides 1 rider option namely Accidental Death Rider to provide you additional life cover in case of demise of the life assured in an accident. 

Benefits of ICICI Pru SmartKid Solution Children Education Plan 

 

The key benefits provided by ICICI Pru SmartKid Solution Children Education Plan are as follows - 

 

     1.Death Benefit

In case of an unfortunate death of the life assured, an aggregate of the following is paid to the nominee as the death benefit - 

        A.Lump Sum Benefit

The higher of the sum assured and the minimum death benefit equivalent to 105% of the total premiums paid till the date of death is paid out as a lump sum to help the life assured’s family meet urgent financial liabilities.

        B.Smart Benefit

It is a deferred benefit which ensures continuation of your savings without any interruption. Under this benefit, the funds units equivalent to instalment premium are allocated by the Company itself on the subsequent premium due dates. The fund value, including top-up fund value, remains invested in the respective funds and portfolio strategies as on the date of death of the life assured. The company also continues to allocate loyalty additions and wealth boosters to the fund value.

 

     2.Maturity Benefit

On maturity of the policy, the fund value including the top-up fund value is paid out as the maturity benefit irrespective of the survival of the life assured. The maturity benefit can be received either as a lump sum or by way of structured payouts using Settlement Option. 

 

     3.Guaranteed Additions

Extra fund units are allocated in the form of loyalty additions, additional loyalty additions, and wealth boosters in the following manner - 

BenefitBenefit Amount*Benefit Addition Timing
Loyalty Additions0.25%End of every policy year, starting from the end of the 6th policy year
Additional Loyalty Additions

Same as Loyalty Additions

Wealth Boosters

One Pay - 1.50%

Limited Pay / Regular Pay - 3.25%

End of every policy year, starting from the end of the 10th policy year

(*Equivalent to the average of the fund value on the last business day of the last 8 policy quarters.)

ICICI Pru SmartKid Solution Children Education Plan Eligibility

The ICICI Pru SmartKid Solution Children Education Plan comes with the following eligibility conditions - 

Eligibility Criteria 

Regular Pay

One Pay

Limited Pay

Minimum Age at Entry

20 years

20 years

20 years

Maximum Age at Entry

54 years

54 years


 

PPT/PT

10 years

11-15 years

16-20 years

21-25 years

5 years

45

43

41

36

7 years

48

46

43

37

10 years

NA

46

43

37


 

Minimum Age at Maturity

30 years

Maximum Age at Maturity

64 years

Policy Term (PT)

10 years to 25 years

10 years

5 Pay / 7 Pay - 10 years to 25 years 

10 Pay - 11 years to 25 years

Premium Payment Term (PPT)


 

Same as Policy Term

One time

5 / 7 / 10 years

Premium Payment Frequency

Yearly, Half-yearly, and Monthly

One Pay

Yearly, Half-yearly, and Monthly

Minimum Premium Amount 


 

Age at Entry

Minimum Premium

20 - 49 years

INR  45,000 p.a

50 - 52 years

INR 1.2 Lakh p.a

53 - 54 years

INR 5 Lakh p.a


 

Age 29 - 35 years- INR 1.25 Lakh


 

All other cases- INR 48,000

INR 45,000 p.a

Maximum  Premium Amount

No limit

Minimum Sum Assured

7 X Annualised Premium

1.25 X Single Premium

7 X Annualised Premium

Maximum Sum Assured


 

Entry Age

Maximum Sum Assured multiple

20-25 years

30

26-30 years

25

31-35 years




 

15

36-40 years

41-44 years

45-54 years

10


 


 

Entry Age

Maximum Sum Assured 

35 years and below

10 times of Single Premium

Above 35 years

1.25 times of Single Premium


 

Higher of (10 X Annualised Premium) and (0.5 X Policy term X Annualised Premium)

ICICI Pru SmartKid Solution Children Education Plan Fund Options

ICICI Pru SmartKid Solution Children Education Plan provides the following fund options to its investors - 

Fund Name

Asset Class


 

 


 

Equity and Equity                             Debt                                            Money Market 

Related Securities                                                                                    and cash 

 


 

Fund Composition

Risk Rating

Opportunities Fund

80%-100%

0%-20%

0%-20%

High 

Multi Cap Growth Fund

80%-100%

0%-20%

0%-20%

High 

Bluechip Fund

80%-100%

0%-20%

0%-20%

High 

Maximiser V Fund

75%-100%

0%-25%

0%-25%

High 

Value Enhancer Fund

85%-100%

0%-15%

0%-15%

High 

Multi Cap Balanced Fund

0%-60%

20%-70%

0%-50%

Moderate 

Secure Opportunities Fund

-

60%-100%

0%-40%

Low 

Income Fund

-

40%-100%

0%-60%

Low 

Money Market Fund

-

0%-50%

50%-100%

Low 

Maximise India Fund

80%-100%

0%-20%

0%-20%

High 

Active Asset Allocation Balanced Fund

30%-70%

30%-70%

0%-40%

Moderate 

Focus 50 Fund

90%-100%

0%-10%

0%-10%

High 

India Growth Fund

80%-100%

0%-20%

0%-20%

High 

ICICI Pru SmartKid Solution Children Education Plan provides the following 2 investment strategies -

     1.Fixed Portfolio Strategy

Under this option, the life assured can choose to invest in any of the above mentioned fund options in proportions of their choice. The fund options can be switched and the premium can be redirected as per the investor’s convenience. 

     2.LifeCycle Based Portfolio Strategy 2

Under this option, ICICI Prudential Life manages your investment in the fund options in accordance with your different life stages. The key features under this strategy are - 

        A. Age Based Portfolio Management

Under this option, your investment is divided between 2 funds namely Multi Cap Growth Fund and Income Fund on the basis of your age in the following manner -

Age of Policyholder (years)

Multi Cap Growth Fund

Income Fund

20 – 25

80%

20%

26 – 35

75%

25%

36 – 45

65%

35%

46 – 55

55%

45%

56 – 65

45%

55%

         B. Quarterly Rebalancing

The units in the 2 funds are rebalanced on the last day of each policy quarter to achieve the above proportions of the fund value in the Multi Cap Growth Fund and Income Fund. 

        C. Conservative Approach Towards Maturity

Under this feature, investments in the multi cap growth fund are systematically transferred to the income fund in 10 instalments in the last 10 quarters of the policy to protect your investments from short-term market volatilities.

ICICI Pru SmartKid Solution Children Education Plan Review

ICICI Pru SmartKid Solution Children Education Plan is a combination of a savings plan and a ULIP which aims to increase your wealth for the financial needs of your children. Under the plan, you can choose to invest in 13 fund options as per your risk profile with the help of any of the 2 investment strategies. 

One of the striking features of this child plan is its smart benefit which automatically allocates the units equivalent to the remaining instalment premiums following the date of the death of the life assured. ICICI Pru SmartKid Solution Children Education Plan is best suited for individuals looking for an investment solution for planning their child’s education along with the benefits of a life cover.

ICICI Pru SmartKid Solution Children Education Plan FAQs
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