ICICI Prudential Life Insurance Unveils Smartkid 360 Savings Plan for Children

ICICI Prudential Life Insurance has launched a new long-term savings and protection product, ICICI Pru SmartKid 360.  

The plan has been added to the insurer’s savings portfolio and is focused on meeting future expenses linked to a child’s education and early adulthood. 

Purpose of the Plan 

The product is structured around expenses that arise at different stages of a child’s life. These include school education, higher education and other financial needs as the child grows older. The policy allows parents to accumulate savings over time and receive payouts at pre-decided stages during the policy term. 

Milestone-Linked Payouts 

SmartKid 360 provides guaranteed moneyback payouts at selected milestones. These milestones are chosen at the time of purchase. The payouts are scheduled to match expected expenses, allowing policyholders to plan for known future costs instead of relying solely on a payout at maturity. 

Payout Options 

The plan offers 2 payout structures. Under the level payout option, the same proportion of benefits is paid at each milestone. Under the increasing payout option, lower amounts are paid at earlier stages, followed by higher payouts at later milestones, when education and related expenses are generally higher. 

Policy continuity provisions 

An inbuilt waiver of premium feature is included in the plan. If the life assured dies during the policy term, the nominee receives the life cover amount. All future premiums are waived, and the policy continues. The moneyback payouts and maturity benefit are paid as originally selected. 

Maturity Benefit and Add-Ons 

At the end of the policy term, the plan pays a guaranteed lump-sum maturity amount. This payout can be used to meet expenses linked to the child’s transition into adulthood. The product also offers optional add-ons, including a Family Income Benefit, which provides regular income support to the family in the event of the life assured’s death. 

Read More: ICICI Prudential Life Insurance Q3FY26 Results: Higher Investment Income Fueled ~20% Growth in PAT! 

Conclusion 

SmartKid 360 is a long-term savings plan with fixed milestone-based payouts, life cover during the policy term and a guaranteed maturity benefit at the end of the tenure. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
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