LIC launches Amritbaal: The Government-run life insurance company Life Insurance Corporation of India (LIC) has introduced yet another new policy for children. A new policy called ‘Amritbaal’ (Plan No.874) has been introduced for those who wish to save under long-term investments for their children. It could be for their higher education or for their marriage when they turn major. This is a non-linked, non-participating, individual, savings, life insurance plan. This scheme is available effective from February 17 2024.
Important Features of LIC Amritbaal Scheme
LIC has brought this policy for parents who focus on higher studies of their children or for some special needs when they turn adults.
A key feature of this policy is its shortest policy premium period. It has also got an option for One time payment as lumpsum. Moreover, an attractive guaranteed addition (Rs. 80 per thousand rupees) is offered on this scheme.
The premium term also comes with insurance coverage. The policy matures between the age of 18-25 years it is generally when the child needs more money for higher education. This will make it possible to raise funds for the higher education of children. Riders can also be added.
Complete details of LIC Amritbaal
- This policy meant for children can also be taken in the name of the child for 30 days. Maximum age limit is 13 years. The minimum age of maturity is 18 years while the maximum age has been fixed by LIC as 25 years.
- Minimum premium payment period is 5 years. 6, 7 years options can also be selected. The policy term is at least 10 years. A maximum of 25 years can be selected.
- It also has the option of paying a single premium. If this option is chosen.. the minimum policy term will be 5 years. A maximum policy term of 25 years can also be chosen.
- The minimum sum assured is fixed at Rs.2 lakh. There is no limit on the maximum amount. You can choose the amount of your choice based on your ability to pay, keeping in mind the educational requirements.
- Sum Assured will be added at the rate of Rs.80 per thousand rupees annually for as long as the policy is valid.
- Death benefits are also provided to the nominee if something untoward happens to the policyholder during the policy payout period. Along with Sum Assured on Death, the amount accumulated till then is paid under Guaranteed Additions.
- Riders can also be added to this policy. If the premium benefit rider is selected, if something untoward happens to the proposer, LIC will pay the amount for the rest of the term.
- If the policy is taken on children under 8 years of age, the insurance cover will start after 2 years of policy expiry or after the child reaches 8 years of age (whichever is earlier). LIC said that if it is taken for people above 8 years of age, they will provide risk coverage from the date of issue of the policy.
- Loan facility is also available under this policy. This plan can be purchased online and offline. There is flexibility to pay premium monthly, quarterly, half yearly and annually.
For complete details of the scheme refer to LIC sales brochure or you can contact the LIC office. Click here for brochure.
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