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ICICI Prudential Smart Kid Solution
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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, this life insurance 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 -
- 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.
- 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 -
| Benefit | Benefit Amount* | Benefit Addition Timing |
|---|---|---|
| Loyalty Additions | 0.25% | 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 | Risk | ||
| Equity and Equity Money Market | Related Securities and cash | Debt | ||
| Fund Composition | ||||
| 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 -
- 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% |
- 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.
- 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 plan 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
1. Can I change the portfolio strategy in between the policy term?
Yes, you can change your portfolio strategy once every policy year without any additional charges.
2. Is there any benefit payable in case the life assured commits a suicide during the policy term?
In case of death of the life assured due to suicide within 12 months from the date of commencement of the policy or its revival, only the fund value, including top-up fund value, shall be paid to the nominee on the date of intimation of death.