The ICICI prudential has launched the Smart Kid New Unit Linked premium plans for the safety and protection of the investor’s child’s future. This plan includes a rider which is known as Income Benefit Rider or IBR which provides the child with 10% of the assured sum every year till the date of maturity. In case before the maturity something happens to the parents the child will get the complete assured sum and the plan to continue. During the maturity date the child will also get the fund value of the plan.
The main aim of this plan is to take care of the child’s future is the earning parents depart suddenly. The child will continue to get the yearly benefits to continue the studies and the livelihood. At the time of maturity the child will receive the full fund value to take care of future needs like business, marriage etc. the plan is a source of all round protection to the child.
The main features of Smart Kid New Unit-linked Single Premium plan are:
• The minimum premium to be invested is Rs 10000/- per annum.
• The minimum assured sum is 5 times of the annual premium which is subject to Rs 1 lakh.
• When the child reaches the key educational milestones he/she receives regular payouts for the continuation of the studies, irrespective of the circumstances.
• If anything happens to the parents of the child the child will receive sum assured without delay and the child will continue to receive the policy benefits.
• The premiums paid are eligible for the tax whereas the death benefits or the maturity are eligible for tax exemptions.