LIC Amritbaal Plan: LIC, the largest public sector insurance company, has launched a new policy called Amritbal. The policy has been designed with a focus on supporting children’s higher education. In a statement issued by the company, it was mentioned that the Amritbal Plan is a life insurance policy specifically created to meet the educational needs of children. This child insurance policy will be available for purchase by the general public starting from February 17, 2024. Let us now tell you about the benefits offered by this policy.
According to LIC, the ‘Amritbal’ scheme has been specially designed to cater to the education and other needs of children. The minimum age for entry into this plan is 30 days after birth, while the maximum age is 13 years. The policy’s maturity period ranges from a minimum of 18 years to a maximum of 25 years. For short-term premium payment, options of 5, 6, or 7 years are available, with the maximum premium payment term being 10 years.
Guaranteed Return of ₹80 on ₹1,000
This LIC plan offers a guaranteed return of ₹80 for every ₹1,000 deposited. If you deposit a larger amount, the return will increase accordingly. This ₹80 will be added to the sum assured of your insurance policy. For this to happen, your policy must remain active. For example, if you’ve taken a ₹1 lakh insurance policy in the name of your child, LIC will add ₹8,000 in guaranteed returns to your insurance amount each year. These guaranteed returns will be added at the end of every policy year and will continue until the policy matures.
Minimum Sum Assured of ₹2 Lakh
The minimum sum assured under this policy is ₹2 lakh, with no maximum limit. LIC guarantees to pay the sum assured along with the guaranteed returns on the maturity date. Additionally, the maturity amount can be received through settlement options in instalments over 5, 10, or 15 years. The policyholder can also choose the sum assured on death, according to the available options under the single premium and limited premium payment plans.
How To apply online for the LIC Amritbal Plan:
- Visit the LIC Website: Go to LIC India.
- Select the Amritbal Plan: Under the ‘Buy Policy’ section, find the Amritbal Plan.
- Fill in Details: Enter personal details, coverage amount, and payment information.
- Choose Payment Method: Pay via credit/debit card or net banking.
- Submit Application: Confirm your details and submit the application.
- Receive Confirmation: Get your policy details via email.
For assistance, you can contact LIC customer care or your LIC agent.
Disclaimer: Times Bull will not be responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results