· Inbuilt waiver of premium and benefits continuity in the event of the life assured’s unfortunate demise
· Provides a lump sum maturity benefit at the end of the policy term
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.
About ICICI Prudential Life Insurance (www.iciciprulife.com)
ICICI Prudential Life Insurance Company Limited is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began its operations in fiscal year 2001 and has consistently been amongst the top private sector life insurance companies in India on Retail Weighted Received Premium (RWRP) basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines digital tools and analytics. This innovative suite aims to enhance the understanding of customers' requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and provide exceptional pre- and post-sale services. By deploying this comprehensive solution, the Company aspires to transform into the most customer-friendly and partnerable insurance provider in the country.
At September 30, 2025, the Company had an AUM of Rs. 3.21 lakh crore and a total in-force sum assured of Rs. 42.16 lakh crore. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
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