ICICI Prudential Smart Kid

Regular Premium Plan of ICICI Prudential Smart Kid

The ICICI Prudential Smart Kid Regular Premium Plan is a Traditional Participating Endowment plan for the child’s benefit in which the parent’s life is insured. If a parent dies during the insurance term, the Sum Insured is granted to the candidate to cover immediate financial needs, and the insurer waives and pays future premiums so that the Maturation Benefit is paid when it is due. There are now two Maturity Benefit alternatives available. Option 1 involves paying the Sum Assured in three installments, seven, five, and two years before Maturity, and the total portion on Maturity. Option 2 also has a Sum.

The Assured is paid in three installments: seven, five, and two years before Maturity, and the balance on Maturity. Option 2 pays the Sum Assured in installments over the last 5 years of its operations.

ICICI Prudential SmartKid Regular Premium Plan Highlights

Under any conditions, this plan guarantees the Strong and successful according to the choice selected, provided all premiums are paid.

There are two Maturity Benefit Options available:

Option 1: The Maturity Benefit is paid out when a student reaches certain educational milestones.

Option 2: During the last five years of the policy, a portion of the Insurance Cover is paid as Termination Benefit.

There are two additional riders available.

This policy offers Assured Additions of 3.5 percent on the Sum Assured for about the first four years, as well as a Vested Bonus.

The advantages of the ICICI Prudential SmartKid Regular Premium Plan are as follows:

Death Benefit — If the Life Insured, i.e., a parent dies during the policy term, the Sum Agreed is paid out immediately, and the insurer pays the future premiums to keep the policy active and pay the Maturity Benefit.

Survival Compensation – In all cases, this benefit is paid.

Option 1: The Longevity Benefit is paid out when a student reaches certain educational milestones.

  • Twenty percent of the Sum Assured is paid seven years even before the policy matures.
  • 20 percent of the Sum Assured is paid 5 years before even the policy matures
  • 20 percent of the Sum Assured is paid two years before the program matures
  • 20% of the Sum Assured is paid two years before the Policy Matures.

Option 2: During the last 5 years of the policy, the Maturity Benefit is paid every year.

  • 25 percent of the Sum Assured is paid four years before the policy matures.
  • 20 percent of the Sum Assured is paid three years before the policy matures.
  • 20 percent of the Sum Assured is paid two years before the policy matures.
  • A year before the policy expires, 20% of the Sum Assured is paid out.

Expiration Payment – The remaining 30% of the Principal Amount under Option 1 and 20% of the Insurance Cover under Option 2 is paid at maturity, along with Confirmed Additions and Vested Bonus.

Tax Benefits – Section 80C of the Income Tax Act allows you to deduct up to Rs. 1,50,000 in life insurance products from your revenue each year.

ICICI Prudential Smart Kid Regular Premium Plan’s Additional Benefits

Riders – In this policy, there are two riders.

Income Advantage rider- If the mother (Life Assured) dies during the policy’s term, the nominee receives 10% of the Principal Amount for the coming period until the policy’s maturity.

The child receives an extra Sum Assured if the parent (Life Assured) dies in an accident. In the event of service-connected handicap, the kid will receive 10% of the Sum Assured per year for the next ten years.

In this policy, there is only one built-in rider: Benefit rider with Premium Waiver

What if something goes wrong?

  • You stop paying your premiums –

If you stop paying your premiums, your insurance coverage will end and your policy will lapse.

  • You want to cancel the policy –

The policy can only be canceled if the life assured is still alive. After paying premiums for at least three years, the policy will receive a surrender value and a paid up value 5.

Confirmed Surrender Value = 35% of premiums paid minus the first year’s payment

  • You’d like to borrow money against your insurance policy –

This plan does not include a loan.

FAQs-

Q1. What is the best way for me to pay my premiums? What are the different payment options?

Ans – It is vital to pay premiums on time in order to maintain the continuity of your policy benefits. You have 11 options for paying your ICICI Life Insurance premium:

● Internet Banking

Using a credit card

● Billing table
● Debit Card ATM PIN Debit Card from Bank Website
● Confluence of bills
● Infinity
● E-collect
● Debit Card Rupay
● Dropbox in Skypark
● MINC Drop-off Box

You can use the ICICI Prudential e-portal to pay your premiums online.

Step 1: Enter your policy information, including the policy number and the date of birth of the policyholder.

Step 2: To pay the premium, choose your account with a bank, debit/credit card, or NEFT option.

Q2. How do I verify the status of my ICICI Prudential kid plan policy?

Ans – You can check the status of your policy online or set up an SMS or e-mail reminder.
The following is how you can check the status of your ICICI Prudential Life Insurance policy online.

● In your browser, go to the ICICI Prudential Life Insurance website.
● The registration and login section is located on the upper right side of this page.
● Enter your login Details to begin the process of verifying the status of your policy.

Only registered people have access to the portal, so if you haven’t already, you’ll need to do so.

Q3. How do I renew my ICICI Prudential child plan policy?

Ans – All ICICI Prudential child plan customers have the option of renewing their policies online. Following is the procedure:
 
Step 1: Use your Client ID and password to access the website.
 
Step 2: Find the policy that needs to be renewed. Pay Premium Renewal Now is a link that will take you to a payment page where you
 
Step 3: Select a payment method (NEFT, credit/debit card, etc.).
 
Step 4: Verify and validate your payment information before printing your receipt.

Q4. What is the company’s procedure for resolving ICICI Prudential kid plan claims?

Ans –

Step 1: Fill out the claim form completely –
 
● Email: lifeline@iciciprufile[dot]com

● Contact a claim representative by phone or submit an online claim, from a regional office

Step 2: Form Assessment
 
The Claim Care department investigates the claim, and if any documents are missing, the team tells the policyholder right once. The claimant is kept up to date on the procedure via emails and letters from the team.
 
● The third step is to process the claims.
 
● If no investigation is required to verify the claim, the Claims department processes the application within 12 calendar days of receiving all required papers.
 
ICICI Life Insurance distributes cash straight into the beneficiary’s bank account for quick access to claim funds.