LIC Introduces New Plan For Children; Check Key Features, Eligibility, Maturity And Other Benefits

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.

LIC Amritbaal Plan: Key Features And Eligibility

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. (Also Read: Tax Season Is Here! Know Difference Between Income Tax (ITR) Return And TDS)

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. (Also Read: Samsung Galaxy A34 5G Price Drop In India: You Can Get Rs 3,000 Instant Discount On Flipkart)

LIC Amritbaal Plan: Policy Tenure And Maturity Options

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.

LIC Amritbaal Plan: Additional Benefits

Similar to other savings plans offered by LIC, policyholders can avail loans under the Amritbaal policy, providing additional financial flexibility.

The product is available through LIC’s offline channels, including agents, distributor banks, and directly through the company’s website.