HT Bureau
GUWAHATI, Feb 12: ICICI Prudential Life Insurance has introduced ICICI Pru SmartKid 360, a long-term savings product aimed at helping parents financially secure their children’s future through guaranteed benefits.
The plan offers MoneyBack or pre-decided payouts aligned with key milestones in a child’s life, such as school education, higher studies or early adulthood goals.
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Policyholders can opt for either fixed or increasing payout options based on their financial planning preferences.
Commenting on the launch, Vikas Gupta, chief product officer at ICICI Prudential Life Insurance, said the product has been designed to address parents’ need to ensure financial stability for their children’s aspirations.
In addition to periodic MoneyBack benefits, the plan provides a guaranteed lump-sum maturity benefit at the end of the policy term to support the child’s transition into adulthood.
A key feature of the policy is the inbuilt waiver of premium and continuity of benefits.
In the event of the life assured’s demise, future premiums are waived, the life cover amount is paid to the nominee, and the policy benefits continue, ensuring that the child’s financial goals remain unaffected.
The product also offers optional add-ons such as a Family Income Benefit, which provides a regular income stream to support the family in case of the life assured’s untimely death. The insurer said the new offering is part of its continued focus on long-term financial planning solutions tailored to evolving customer needs.
