ICICI Prudential Smart Kid Premier

Recommendations :No

Name of the policy :
ICICI Prudential Smart Kid Premier

A brief desciption :

ICICI Prudential Smart Kid Premier is a attractive child ULIP plan insuring the life of parent and providing a guaranteed maturity benefit to cater to the child's education and future needs. Moreover in case of unfortunate demise of the parent Sum assured is paid immediately and future premiums are waived off. However the cover provided under this plan is highly inadequate and the price paid to acquire such cover is also enormous so it is better to go for an inexpensive term plan and invest the extra money elsewhere.

Started date :
24/2/2011

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
Min- Higher of (10 X AP) and (0.5 X PT X AP) Max- According to maximum Sum Assured multiple.

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
20-60 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Min- 18,000 Max- 1 lakh

Mortality Charges :
Mortality Charge will be deducted at each monthly anniversary by cancellation of units. Sample mortality charges per annum per thousand of sum at risk for a healthy male life is shown below: For Age 20- Rs 1.44, For Age 30- Rs 1.59, For Age 40- Rs 2.91, F

Unique features :
It is a child ULIP plan providing guaranteed maturity benefit wherin in case of unfortunate demise of the parent Sum assured is immediately paid and future premiums are waived off. It also provides the benefit of joint life coverage and Sum assured can be increased or decreased as per the requirement of the insured. There is a choice of 8 investment options and 3 investment strategies.


Fund Management Charge :1.35% for Opportunities Fund, Multi Cap Growth Fund, Bluechip Fund, Multi Cap Balanced Fund, Income Fund, and Dynamic P/E Fund; 1.25% for Return Guarantee Fund; 0.75% for Money Market Fund
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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