LIC New Scheme Amritbaal: Life Insurance Corporation of India (LIC) has launched a new scheme under which the minimum sum insured is Rs 2 lakh and there is no limit on the maximum amount.
With the aim of securing the future of children, Life Insurance Corporation of India (LIC) recently launched its latest plan (LIC New Scheme) Amritbaal. Amritbal is an individual savings life insurance plan specifically designed to meet the higher education and other needs of the child. This plan provides the facility of accumulation of corpus through a guaranteed additional sum at the rate of Rs 80 per thousand of basic sum assured at the end of each policy year from the inception to the end of the policy.
Who can buy Amritbal Scheme
- Any person can buy Amritbaal Policy (Amritbaal Eligibility) for his child, provided his age is at least 30 days. The maximum age for purchasing the policy has been fixed at 13 years. Keeping the future in mind, the maturity age for the scheme has been fixed at minimum 18 years and maximum 25 years.
Minimum sum insured Rs 2 lakh
LIC said that the minimum sum insured is Rs 2 lakh, while no limit has been set for the maximum basic sum insured. However, all this is subject to certain conditions.
LIC policy terms
Sum Assured along with Guaranteed Additional Sum Assured for the current policy will be payable on the date of maturity. The maturity amount can also be obtained through installment settlement options in 5, 10 or 15 years. The policy buyer will have the option to choose the “Sum Assured on Death” as per the two options available under each Single Premium and Limited Premium Payment. The death benefit payable for the in force policy during the risk cover period will be “Sum Assured on Death” along with accrued guaranteed excess.
Meanwhile, LIC’s premium waiver benefit rider is available by paying additional premium subject to eligibility conditions and waiver is available for higher basic sum assured as well as for offers completed under online sales. Additionally, this plan is non-linked and non-participating and loan will be available during the policy term subject to conditions.
