LIC Introduces New Plan For Children

By FnF Correspondent | PUBLISHED: 17, Feb 2024, 14:38 pm IST | UPDATED: 17, Feb 2024, 14:38 pm IST

New Delhi: The Life Insurance Corporation of India (LIC) has recently launched "Amritbaal," a traditional endowment policy aimed at parents seeking to secure their children's higher education expenses over the long term. This non-linked, non-participating policy is designed to provide financial stability and support for parents planning for their children's future educational needs.

Amritbaal is open for children between 30 days and 13 years of age at entry, with a maturity age ranging from 18 to 25 years. The policy offers guaranteed additions at the rate of Rs 80 per thousand basic sum assured annually, accumulating a corpus over the policy term.

The premium payment terms are flexible, ranging from five to seven years. The minimum sum assured is Rs 2 lakh, with no maximum limit specified.

For limited premium payment policies, the minimum tenure is 10 years, while single premium policies have a minimum tenure of five years. The maximum policy tenure for both single and limited premium payment policies is 25 years.

Upon maturity, the sum assured along with guaranteed additions will be payable. Policyholders also have the option to receive the maturity amount through installment settlements over five, 10, or 15 years.