Key Benefits of SmartKid Solution Plan Offered by ICICI Prudential Life Insurance
Updated On Jul 21, 2021
ICICI Prudential SmartKid Solution is a unique unit linked insurance plan that grows your investments and secures the educational milestones of your children. It gives you an option to invest your savings and then use it for child’s education, in parts or one single withdrawal. It offers children with life cover in case of a policyholder's death. Or it offers lump-sum tax free payouts at the end of the term. In short, it is a great plan that works well for people who want to secure the future of their child even when they are not around.
Key Benefits of SmartKid Solution Plan
ICICI Prudential SmartKid Solution Plan comes with the following benefits:
- Comprehensive Protection: The policy offers comprehensive protection that helps you secure your goal. In case of death of life assured, lump sum payment of sum assured is offered to take care of any immediate liabilities on the family. Also, a waiver of all future premiums payable for the policy is given if all the due t=premiums were paid.
- Choice of Portfolio Strategies: You can choose a portfolio strategy of your choice from Fixed Portfolio Strategy or LifeCycle Based Portfolio Strategy 2. The former gives you an option to allocate your savings in your choice of funds from a diverse range of funds. Whereas the latter is a unique and personalised strategy that helps you create an ideal balance between equity and debt, on the basis of your requirements.
- Flexibility And Premium Payment: You can pay the premium once, for a limited period or for the complete policy term.
- Liquidity: Through Partial Withdrawals, you can fund any intermediate financial requirement, any time after completing 5 years.
- Loyalty Benefit: It rewards you with Loyalty Auditions and Wealth Boosters on staying invested with the insurance company for a long term.
- Choice of Protection Level: The plan allows you to choose protection level as per your requirements.
- Tax Benefits: On the premium paid for this policy, you can avail tax benefits as per the prevailing tax laws.
How Does the Policy Work?
Listed below are a few points that help you understand how SmartKid Solution Plan works:
- You get to decide your premium amount, premium payment term, as well as the policy term.
- You can select the sum assured according to your protection requirements.
- You get to choose in which portfolio strategy you wish to invest in, out of the two
- At the time of maturity, you can receive maturity benefits as a lump sum or as a structured payout. This can be done through settlement options in order to meet the financial requirements.
- In the unfortunate event of death of the life assured, the nominee will receive lump sum benefit. The future premiums will be waived off and units will be allocated keeping in consideration future due premiums received according to the premium payment term. The nominee will receive the fund value, which includes top up value, if any, when the policy gets matured.
SmartKid Solution Plan offered by ICICI Prudential Life Insurance is a special policy due to several reasons, some of which were explained in the article. Others include death benefit, smart benefit, maturity benefit, loyalty additions and wealth boosters, top-up and additional protection through riders. So, now is the right time to invest in this policy to be able to avail all the benefits.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.