LIC Launches Amritbaal! Secure Your Child's Future With New Insurance Plan Offering Guaranteed Returns! Check Details

Life Insurance Corporation of India (LIC) has unveiled its latest offering, the Amritbaal endowment plan, aimed at securing a child's future education and other needs. This individual savings and life insurance plan are now available both online and offline, effective from February 17, 2024.

Key Features of LIC Amritbaal

• Targeted Savings: Designed to build a substantial corpus to support a child's educational aspirations and other financial requirements.
• Flexible Entry Age: Children as young as 30 days old can be enrolled, up to a maximum age of 13 years.
• Guaranteed Additions: The policy guarantees additions at a rate of Rs 80 per thousand basic sum assured at the end of each policy year, provided the policy remains in force.
• Maturity Terms: The policy matures when the child reaches a minimum age of 18 years and a maximum age of 25 years.
• Premium Payment Options: Short premium payment terms of 5, 6, or 7 years are available, with a minimum policy term of 10 years for limited premium payment options.
• Sum Assured: Minimum sum assured is Rs 2 lakh, with no maximum limit on the basic sum assured.
• Death Benefit: Options for sum assured on death are available, with death benefit payable during the risk cover period.
• Premium Waiver Benefit Rider: Additional premium can be paid for LIC's premium waiver benefit rider, subject to eligibility conditions.

Risk Commencement

• For children below 8 years, the risk coverage begins either 2 years from the policy commencement date or the policy anniversary coinciding with or immediately following the child's 8th birthday, whichever is earlier.
• For children aged 8 years or more at entry, risk coverage commences immediately upon policy issuance.

Rebates and Benefits

Rebates are offered for opting for a high basic sum assured and for proposals completed through online sales channels.

With its focus on securing a child's future education and financial stability, LIC's Amritbaal endowment plan emerges as a comprehensive solution for parents seeking to plan ahead for their children's needs.

click here to view the official notification.

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