ICICI Prudential Life SmartKid Premier

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SmartKid Premier from ICICI Prudential Life is a unit-linked insurance plan (Ulip) for children with three portfolio strategies.

Portfolio strategy. The first option is fixed portfolio strategy which allocates money in the funds of your choice. Second is life-cycle based portfolio strategy which allocates between debt and equity depending on your age. Third is portfolio strategy which is based on pre-defined asset allocation.

Partial withdrawals. Partial withdrawals are allowed from the sixth policy year up to a maximum of 20 per cent of the fund value. Only one partial withdrawal is allowed in a year.

Death benefit. In case of the death of the life assured before the maturity of the policy, it pays the sum assured. It also offers an in-built option of waiver of premium where all future premiums are waived by the company.

Loyalty addition. Starting from the end of the 10th policy year, after every five years, 2 per cent of the average fund value (on the last day of the 8-policy quarters) is paid into the fund.

Cost. For a 35-year-old male paying annual premiums of Rs 50,000 for 15 years for a sum assured of Rs 10 lakh, the policy will pay Rs 9.23 lakh and Rs 13.06 lakh at an assumed annual growth rate of 6 per cent and 10 per cent, respectively. The net yield comes to 6.85 per cent at an annual assumed growth rate of 10 per cent.

Comparison. For similar plans, such as Bharti AXA Life Bright Star Edge and Max New York Life Shiksha Plus II, the net yield comes to 6.80 per cent and 6.44 per cent, respectively, at an assumed annual growth rate of 10 per cent.

Conclusion. For goal-oriented parents who want to save for their kids, this is a good plan to invest in.

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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