Hi,
I have read few articles which espouse personalized child plans rather than ULIPS. I came across the ICICI Smart Kid plan.
Monthly, I pay 8000. which amounts 96,000 every year. I pay this premium for 20 years or so.
The sum assured is 42 lac.
In case of death, my dependents get 42 lac. And insurance company would continue to pay the premium in my absence and on maturity my daughter can get 42 lacs again.
Isn’t this attractive. 42 lac as death benefit and another 42 lac at maturity for my dependents? In case of survival on maturity 42 lac is payed out.
And if we opt for Term Insurance + other instruments, the dependents should be knowledgeable enough to know what they need to do with the money to do good investments. Smart kid plan shall pay the sum assured and my dependents can be at peace that the company is continuing the policy.
What is the communities take on this? Please suggest.
Thanks,
Prabhu