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Child Insurance Plan
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Child Insurance Plan

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ICICI Prudential Smart Kid Plan

ICICI Prudential Smart Kid Plan is a Unit Linked child plan which creates an optimal corpus for the child by providing market-linked returns. Moreover, the plan secures the fund even if the insured dies during the plan term. To enhance the fund, there are two types of guaranteed additions added to the Fund Value.

Key features of the plan

  • There is an inbuilt premium waiver benefit under the plan wherein the insurance company pays the annual premiums towards the Fund Value if the insured dies during the plan tenure.
  • 8 funds are available for investing the allocated premium.
  • Top-ups are allowed to increase the Fund Value.
  • Premiums can be paid either regularly or at once.

How does the plan work?

Step 1 – The policyholder chooses the premium amount, the policy term and the premium payment term.

Step 2 – The policyholder then chooses to invest the allocated premium in any of the available 8 funds. The funds are Maximizer V, Multi Cap Growth Fund, Opportunities Fund, Bluechip Fund, Maximize India Fund, Multi Cap Balanced Fund, Income Fund and Money Market Fund.

Step 3 – The policyholder can make partial withdrawals, premium redirections or switch his investments if required. Top-up can also be made to increase the Fund Value.

Step 4 – In case of death during the plan term, the death benefit is paid. Future premiums are waived and the plan continues till maturity.

Step 5 – If the insured survives the plan tenure, the maturity benefit is paid which is the Fund Value including top-up premium Fund Value. The benefit can be taken in lump sum or in instalments.


Aniket, aged 35 years, buys Smart Kid Plan for his child aged 5 years. The chosen term is 10 years and he pays regular premiums. The premium is Rs.50, 000 and the Sum Assured is Rs.5 lakhs.

Option 1 – Aniket dies during the plan tenure. The plan pays Rs.5 lakhs immediately to the appointee as the child is a minor aged below 18 years. Thereafter, the company pays the annual premiums towards the Fund Value till maturity. Loyalty Additions are added from the end of the 6th year and wealth boosters accrue in 10th year. On maturity, the Fund Value is paid.

Option 2 – if the plan matures and Aniket is alive, the Fund Value and any top-up premium Fund Value is paid. Aniket can choose to receive the maturity benefit in instalments too.

Aniket can make partial withdrawals, switch between funds, invest additional premiums through top-ups and also redirect future premiums to any other fund.

Plan benefits

  • Death benefit – if the insured dies during the term of the plan, higher of the Sum Assured including top-up Sum Assured or 105% of the premiums paid including top-up premiums is paid to the beneficiary (Child). Thereafter, premiums are waived and the insurance company pays the premiums due every year towards the Fund Value. This is called the Smart Benefit. This payment continues till the maturity date.
  • Maturity Benefit – when the plan matures, the available Fund Value including top-up Fund Value is paid to the policyholder. The policyholder can take the maturity benefit in lump sum or in instalments in 5 years through Settlement Option.
  • Loyalty Additions – from the end of the 6th policy year loyalty additions @0.25% of the Fund Value are added every year of the plan.
  • Wealth Boosters – wealth boosters are added to the Fund Value from the 10th policy year and every 5 years thereafter. The rate of the booster is 3.25% of the Fund Value if regular premiums are paid and 1.5% of the Fund Value for single premium plans.
  • Partial withdrawals – the policyholder can make four free partial withdrawals after the first 5 years. The maximum amount of withdrawal allowed is Rs.20% of the Fund Value.
  • Switching – the policyholder can change the choice of funds and reallocate the Fund Value among different funds through switching. Four free switches are allowed every policy year.
  • Premium redirection – If the policyholder wants, he can choose to redirect future premiums to another fund different from the one in which the premium is currently being allocated to.
  • Top-up – additional premiums can be invested in the plan through top-up facility. The minimum top-up is Rs.2000 and it can be done anytime except in the last 5 policy years.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 20 years 54 years
Age at maturity (in completed years) 30 years 64 years
Term of the plan Regular premium – 10, 25 years
Single premium – 10 years
Premium paying options Regular pay or Single Pay
Premium Paying term Equal to plan term or once
Annual premium amount Regular premiums:
Age 20-49 years – Rs.45,000
Age 52-52 years – Rs.1.2 lakhs
Age 53-54 years – Rs.5 lakhs
Single Premium:
Age 20-54 years – Rs.48,000
Age 39-35 years if Sum Assured required is 10 times the premium paid – Rs.1.25 lakhs
No limit
Sum Assured Regular Premium:
If age is below 45 years – higher of 10 times the annual premium or 0.5*term*annual premium
If age is 45 years and above – higher of 7 times the annual premium or 0.25*term*annual premium
Single Premium – 1.25 times the single premium
Single premium:
If age is less than 35 years – 10 times the single premium
If age is 35 years and above – 1.25 times the single premium

What is not covered by the plan?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.