agencies
NEW DELHI, Feb 16: LIC of India has unveiled its latest offering, LIC's Amritbaal, with the esteemed Dr. Vivek Joshi, Secretary of Financial Services, Ministry of Finance, GOI, inaugurating the launch. This comprehensive plan will be available for purchase starting from February 17, 2024. The plan, identified with the Unique Identification Number (UIN) 512N365V01, is designed as an individual savings life insurance plan, specifically tailored to cater to the financial needs of a child's higher education and other requirements.
Key Features of LIC's Amritbaal: Adequate Corpus Accumulation: The plan facilitates the accumulation of a corpus through guaranteed additions at the rate of Rs 80 per thousand of the basic sum assured at the end of each policy year, provided the policy remains in force. Flexible Entry and Maturity Age: Minimum entry age is 0 years (completed 30 days), and the maximum entry age is 13 years (last birthday). Minimum maturity age is 18 years (last birthday), and the maximum maturity age is 25 years (last birthday).
Short Premium Payment Terms: Options available for premium payment terms of 5, 6, or 7 years.
Policy Terms: Minimum policy term for limited premium payment is 10 years and single premium payment is 5 years. Maximum policy term is 25 years for limited/single premium payment and 20 years for policies procured through POSP-LI/CPSC-SPV.
Sum Assured: Minimum sum assured is Rs. 2,00,000/- with no limit for maximum basic sum assured (subject to conditions). Maturity Benefits: Sum assured on maturity along with guaranteed additions will be payable for in-force policies. Maturity amount can also be received through settlement options in installments over 5, 10, or 15 years.
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