In an effort to secure the future of children across India, the Life Insurance Corporation of India (LIC) has introduced a groundbreaking insurance plan called “Amritbaal”. This new plan is tailored to provide comprehensive financial support for children, ensuring that their educational and other essential needs are met without any compromise.
Designed For Children’s Future
“Amritbaal” is a non-linked, non-participating, individual savings life insurance plan meticulously crafted to build a substantial corpus over time. This corpus is specifically earmarked to cover the expenses associated with higher education and other important milestones in a child’s life journey.
With a minimum sum assured (SA) of ₹2 lakh and no maximum SA (subject to underwriting decision), this plan offers flexibility and reliability to parents planning for their children’s future.
Through Guaranteed Additions
One of the key features of the “Amritbaal” plan is the provision for guaranteed additions, offering peace of mind to policyholders. At the end of each policy year, starting from the inception until the end of the policy term, guaranteed additions are accrued at the rate of ₹80 per thousand basic sum assured, provided the policy remains in force. This ensures steady growth of the corpus, aligning with the long-term financial goals of the child.
Flexible Entry
The “Amritbaal” plan caters to children across various age groups, with the minimum age at entry being 30 days (completed) and the maximum age at entry capped at 13 years (last birthday). Similarly, the minimum age at maturity is 18 years (last birthday), extending up to a maximum of 25 years (last birthday). This flexibility allows parents to initiate the plan early on and tailor it according to their child’s future needs.
Terms
For added convenience, the “Amritbaal” plan offers flexibility in policy terms and premium payment options. The minimum policy term for limited premium payment is 10 years, while for single premium payment, it is 5 years. Additionally, both limited and single premium payment options offer a maximum policy term of 25 years, ensuring ample time for the corpus to mature and fulfill its intended purpose.
Benefits
LIC’s “Amritbaal” plan goes beyond providing financial security; it also offers additional benefits to policyholders. In the unfortunate event of the life assured’s demise during the policy term, the guaranteed additions for the year of death are payable for the full policy year.
Makesuring that the child’s future remains secure. Moreover, premium waiver benefit rider can be opted for under an in-force policy, providing an added layer of protection and financial relief to the policyholder.
Decision
With the launch of the “Amritbaal” insurance plan, LIC reaffirms its commitment to safeguarding the future of India’s children. By offering a blend of financial security, flexibility, and convenience, this plan empowers parents to pave the way for their children’s success and prosperity. As families across the nation embrace this innovative insurance solution, they can rest assured knowing that their child’s dreams and aspirations are well protected.
