In a strategic move to safeguard the future of children, the Life Insurance Corporation of India (LIC) introduced its latest offering on Friday, February 16 – ‘LIC’s Amritbaal.’
The newly launched plan is an individual, savings-oriented life insurance policy meticulously crafted to build a substantial corpus for meeting the higher education and various other needs of a child.
One distinctive feature of the plan is the guaranteed additions at the rate of ₹80 per thousand basic sums assured, accumulating at the end of each policy year from the inception till the end of the policy term, provided the policy remains in force.
The entry age for LIC’s Amritbaal plan starts at birth, with a requirement of completing 30 days. On the other end of the spectrum, the maximum age at entry is capped at 13 years.
Peering into the future, the plan ensures a minimum age at maturity of 18 years and a maximum age at maturity set at 25 years. The minimum sum assured stands at ₹2 lakh, with no maximum limit for the basic sum assured, albeit subject to certain conditions, as mentioned by the insurance behemoth.
Upon maturity, the sum assured along with guaranteed additions will be payable for in-force policies. Additionally, the maturity amount can be received through settlement options in instalments over 5, 10, or 15 years.
Prospective policyholders can opt for ‘Sum Assured on Death’ with two available options under each single premium and limited premium payment. For in-force policies during the risk cover period, the death benefit payable will be ‘Sum Assured on Death’ along with accrued guaranteed additions.
LIC’s premium waiver benefit rider is an added advantage, available by paying an additional premium, subject to eligibility conditions. Moreover, there is a rebate for a high basic sum assured, as well as for proposals completed through online sales.
The plan’s non-linked and non-participating nature ensures flexibility, and a loan can be availed during the policy term, subject to specified conditions.
As ‘Amritbaal’ heralds a new era in life insurance, it stands as a testament to LIC’s commitment to securing the aspirations and dreams of the younger generation.
