ICICI Prudential Smart Kid Premier Plan

Plan highlights

Premium starts

₹250/month

What's covered

• ✓Joint Life Coverage Option: This allows you to secure insurance coverage for both yourself and your spouse within the same policy. Alternatively, a Single Life option is available for coverage of just one parent.
• ✓Payer Waiver Benefit: In the event of a parent's death, the nominee receives a lump-sum payment, and the company takes over payment of all future premiums until the end of the premium-paying term, securing the child's continued education.
• ✓Choice of Funds and Portfolio Strategies : Policyholders can choose from 8 different funds and 3 portfolio strategies to align their investment approach with their individual risk tolerance.
• ✓Flexible Premium Paying Term: Premiums can be paid either throughout the entire policy term or for a limited period.
• ✓Partial Withdrawals: The facility for partial withdrawals allows access to money at key educational milestones for your child.
• ✓Top-ups : Policyholders have the option to invest surplus money over and above their regular premiums as top-ups.
• ✓Tax Benefits: The plan offers tax benefits subject to conditions under Section 80C of the Income Tax Act, 1961 and Section 10(10D) of the Income Tax Act, 1961. Tax laws are subject to amendments.
• ✓Settlement Option: At maturity, the entire Fund Value is paid, or a settlement option can be chosen.
• ✓Fund Switches: Four free switches between funds are permitted every policy year. Subsequent switches are charged at Rs. 100 per switch. Unutilized free switches cannot be carried forward.
• ✓Policy Alterations: Any alterations made to the policy during its term will incur a miscellaneous charge of Rs. 250 per alteration.
• ✓Charge Deduction: All charges, including switch and alteration charges, are deducted through the redemption of units.