LIC Amritbaal children plan 874 launched; know details about this new insurance policy for kids
Life Insurance Corporation of India (LIC) has launched a new endowment plan — Amritbaal, an individual, savings, life insurance plan. The plan is available both offline and online starting from Saturday, February 17, 2024, the insurer said in a press release.
According to LIC's press release, «LIC Amritbaal is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. The minimum entry age is 30 days age, and the maximum age is 13 years.
LIC Amritbaal endowment policy launched: All you need to know
According to LIC's press release, this policy facilitates the accumulation of corpus through 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 provided the policy is in force.
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Here are the summarised details of LIC Amritbaal
Investors looking for twin engines of quality and growth.
- Minimum age at maturity is 18 years (last birthday) and Maximum Age at maturity is 25 years (last birthday)
- Short premium payment terms of 5, 6, or 7 years are available. For limited premium payment options the minimum policy term is 10 years. For single premium payment, the minimum term is 5 years. According to LIC's press release, «Maximum Policy Term for Limited /Single Premium Payment is 25 years and for policies procured through POSP-LI/CPSC-SPV is 20 years.»
- Minimum sum assured is Rs 2 lakh and no limit for the maximum basic sum assured. On the date of maturity, the sum assured on
