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.
Here are the summarised details of LIC Amritbaal
- 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 maturity along with guaranteed additions will be payable for In- force policy. “Maturity amounts can also be received through settlement options in instalments over 5, 10, or 15 years,” said LIC in the press release.
- The policyholder has the option to choose “Sum assured on death” as per the two options available under each Single premium and limited premium payment.
- During the risk cover period, for in-force policy death benefit payable will be “Sum Assured on Death” along with accrued Guaranteed additions.
- LIC’s premium waiver benefit rider is available by paying an additional premium subject to the eligibility conditions
According to LIC’s press release there is a rebate being offered for opting for a high basic sum assured as well as for proposals completed under online sales channels.
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When will the risk commence if the age of the child is below 8 years?
According to the product brochure of LIC, “In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at entry, risk will commence immediately i.e. from the Date of issuance of policy.”Earlier on January 20, 2024, LIC launched an annuity plan- LIC Jeevan Dhara II which is an individual, savings, deferred annuity plan.
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