New Child Plan Includes Optional Family Income Benefit for Extra Security
This company has launched ICICI Pru SmartKid 360; Know about its features: ICICI Prudential Life Insurance has launched a new long-term savings plan called ICICI Pru SmartKid 360. The plan helps parents save for their children’s future needs, including education and marriage.
With this product, parents build a savings fund gradually and receive pre-determined money-back payouts at key stages of their child’s life. This structure helps families manage expenses when they arise.
Customers can choose their preferred payout option:
- Level payouts, where the plan pays the same amount at every milestone, or
- Increasing payouts, where the plan pays smaller amounts in the early years and higher amounts later, such as during college education.
One of the key features of the plan is the in-built waiver of premium. If the insured parent passes away during the policy term, the insurer waives all future premiums, ensures the savings plan continues without interruption, and pays the life cover amount to the nominee.
At policy maturity, families receive a guaranteed lump-sum amount to support the child’s future needs. The plan also offers optional benefits, such as the Family Income Benefit, which provides regular income to the family in case of unforeseen events.
According to Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, the company designed the plan to help parents stay financially prepared and secure their children’s future.
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