Financial Security for Your Child with LIC’s Amritbal Plan
Finance News: In a strategic move to safeguard the future of children, the Life Insurance Corporation of India (LIC) introduces its latest offering – ‘LIC’s Amritbal’. This individual savings and life insurance plan are meticulously crafted to cater to the financial needs of a child’s higher education and other crucial milestones.
A Detailed Guide to ‘LIC’s Amritbal’ – Securing Your Child’s Future
LIC’s Amritbaal is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan. The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of your child.
Key Features of ‘LIC’s Amritbal’ Policy
1. Accumulation of Corpus: The LIC’s Amritbal Plan facilitates the accumulation of corpus through a guaranteed additional sum at the rate of ₹80 per thousand of Basic Sum Assured at the end of each policy year, provided the policy is in force.
2. Flexible Age Criteria: With a minimum entry age set at birth (completion of 30 days required) and a maximum entry age capped at 13 years, the LIC plan ensures flexibility for parents.
3. Maturity Guarantee: The LIC’s Amritbal scheme guarantees a minimum age at maturity of 18 years and a maximum age at maturity set at 25 years, providing a clear and defined timeline for financial planning.
4. Sum Assured on Maturity: On the date of maturity, the Sum Assured on Maturity, along with the Guaranteed Additional Sum Assured for the current policy, becomes payable. Options for installment settlement over 5, 10, or 15 years are also available.
5. Death Benefit Options: During the risk cover period, the proposer can choose the “Sum Assured on Death” as per available options under each single premium and limited premium payment.
The death benefit payable for an in-force policy will be the “Sum Assured on Death” along with accrued guaranteed excess.
6. Additional Benefits: LIC’s premium waiver benefit rider, available by paying additional premium subject to eligibility conditions, is waived for higher basic sum assured and offers completed under online sales.
Additionally, loans are available during the policy term, subject to the non-linked, non-participating nature and conditions of the plan.
ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:
| Eligibility and Restrictions | Details |
|---|---|
| Minimum Age at entry | 0 years (30 days completed) |
| Maximum Age at entry | 13 years (last birthday) |
| Minimum Age at maturity | 18 years (last birthday) |
| Maximum Age at maturity | 25 years (last birthday) |
| Minimum Policy Term | Limited Premium Payment: 10 years |
| Single Premium Payment: 5 years | |
| Maximum Policy Term | Limited Premium Payment: 25 years |
| Single Premium Payment: 25 years | |
| Policies through POSP-LI/CPSC-SPV: 20 years | |
| Premium Payment Term | Limited Premium Payment: 5, 6 & 7 years |
| Single Premium Payment: Single Pay |
Conclusion
‘LIC’s Amritbal’ Plan emerges as a comprehensive solution for parents seeking a reliable financial plan for their child’s future. With its flexible entry criteria, guaranteed benefits, and additional features, the plan aligns with the evolving needs of Indian families. Secure your child’s future with LIC’s commitment to financial well-being.
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