Srinagar, Feb 16: LIC of India unveiled its latest offering, LIC’s Amritbaal, a tailored savings and life insurance plan aimed at securing a child’s future education and other needs. Launched by Dr. Vivek Joshi, Secretary of Financial Services, Ministry of Finance, GOI, the plan is set to hit the market on February 17, 2024.
LIC’s Amritbaal, with a Unique Identification Number (UIN) of 512N365V01, is designed as an individual, savings-oriented life insurance policy. It features guaranteed additions at a rate of Rs 80 per thousand basic sum assured annually, ensuring the gradual accumulation of a substantial corpus throughout the policy term, provided the policy remains active.
The plan offers flexible entry and maturity age ranges, allowing individuals to enroll their children from as early as 30 days old up to 13 years, with maturity ranging from 18 to 25 years. Policyholders can opt for premium payment terms of 5, 6, or 7 years, with policy terms ranging from 10 to 25 years.
With a minimum sum assured of Rs. 2,00,000 and no maximum limit (subject to conditions), LIC’s Amritbaal provides financial security in the form of a maturity payout comprising the sum assured and accrued guaranteed additions. Moreover, beneficiaries have the option to receive the maturity amount in installments over 5, 10, or 15 years.
The plan also includes benefits such as premium waiver in case of death, loan availability during the policy term, and rebates for high basic sum assured and online sale proposals. LIC’s Amritbaal is a non-linked, non-participating plan aimed at addressing the evolving needs of families and securing their children’s future.
