LIC Amritbaal Policy: The Life Insurance Corporation of India (LIC) has unveiled a novel insurance plan, aptly named “Amritbaal,” specifically designed to safeguard children’s futures. This isn’t just another scheme; it’s a promise of financial security tailored towards the unique needs of growing minds. Amritbaal functions as a dual-edged sword, offering both life insurance coverage and a steady stream of guaranteed savings to equip children for their upcoming milestones.
Also Read: LIC Policy Revival: Step-by-Step Guide To Re-start Lapsed Policy
LIC Amritbaal Plan: Scheme Details
The “non-linked, non-participating, individual, savings, life insurance plan” has been specifically designed to have an adequate corpus to meet the higher education and other needs of children, read a statement from LIC.
LIC Amritbaal: Features and Eligibility
It is available in both offline and online modes starting from February 17. The minimum entry age for a child is 30 days (completed), while the maximum age is 13 years. As part of this policy, the minimum sum assured (SA) is Rs 2 lakh and there is no maximum basic sum assured (subject to underwriting decision).
Accumulation and Benefits
According to the official release, the policy facilitates the accumulation of corpus via guaranteed additions at the rate of Rs 80 per thousand basic sum assured at the end of each policy year from the inception till the end of the policy term.
Premium Options
LIC stated that the minimum and maximum age at maturity shall be 18 years (last birthday) and 25 years (last birthday) respectively, while the minimum policy term for limited premium payment is 10 years and five years for single premium payment.
Settlement Options
For both limited and single premium payments, the maximum policy term is 25 years and if the policy is procured via POSP-LI (point of sales persons — life insurance) /CPSC-SPV (Common Public Service Centers – State Public Vehicle), then the maximum policy term will be 20 years.
On the date of maturity, the sum assured along with guaranteed additions will be payable for in-force policy, LIC stated, adding that the maturity amount can also be received through settlement options in installments over 5, 10 or 15 years.
Death Benefit
Further, the policyholder will be provided with the option to choose “Sum assured on death” as per the two options available under each single premium and limited premium payment.
During the risk cover period, for in-force policy death benefit payable will be “Sum Assured on Death” along with accrued guaranteed additions, it added.
More Information
For other details about the Amritbaal scheme of LIC, interested persons can visit the official website of LIC at licindia.in.
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