Bangalore, Jan 12: ICICI Prudential Life Insurance has launched ICICI Pru SmartKid 360, a long-term saving product designed to aid customers plan, with certainty, for their child’s future milestones in life.
ICICI Pru SmartKid 360, allows customers to systematically build a savings pool and receive predefined payouts or MoneyBack to coincide with the child’s future milestones such as school education, higher studies or early adulthood goals. The product has been designed to ensure customer can be financially ready to meet such obligations. Effectively enabling them to align availability of funds to meet the child’s evolving needs.
Customers can opt for level payouts, where the same proportion is paid at each selected milestone, or increasing payouts, where a higher proportion is received at later milestones to meet the rising financial needs. For instance, a parent may choose to receive equal payouts across three or four milestones, or lower payouts during early schooling years followed by higher payouts for college and higher education.
Commenting on the launch, Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, said, “ICICI Pru SmartKid 360 has been designed to cater to the parents need to financially secure their child’s future. A key feature of the product is the inbuilt waiver of premium and benefits continuity, which safeguards the child’s future in the event of the life assured’s unfortunate demise. Under this feature, the nominee receives the life cover amount, all future premiums are waived, and the policy benefits continue as opted for, ensuring that the child’s goals remain protected and uninterrupted.
At the end of the policy tenure, the product provides a guaranteed maturity benefit in the form of a lump-sum payout, which can support the child’s transition into adulthood. Thus, by combining disciplined savings with guaranteed maturity benefits and protection the product can help customers to confidently plan a bright future for their child.
In addition to the core benefits, ICICI Pru SmartKid 360 offers optional features such as Family Income Benefit, which provides regular income, supporting the family in case of the life assured’s untimely demise. The Company is committed to developing products which enable customers to achieve their long-term financial goals.
Our customer centricity is evidenced by our industry-leading claims settlement ratio of 99.3% in H1-FY2026, with an average claim settlement turnaround time of 1.1 days for non-investigative claims. Besides, the Company issued approx. 50% of its savings policies on the same day.”
The launch of ICICI Pru SmartKid 360, a non-participating, long-term savings plan is supported by the Company’s digital capabilities, which enable a hassle-free buying process, convenient self-service options and the Company’s quick claims settlement process, reflecting its ability to provide timely and reliable support to customers and their families.
