Amritbaal Plan Features: LIC’s new plan has been introduced especially focusing on children. By investing under this plan you get guaranteed returns. You can invest in this till the age of 13 years.
LIC Amritbaal Plan: LIC, the largest public sector insurance company, has launched a new policy Amritbaal. The company has launched the policy keeping in mind the higher education of children. In a statement issued by the insurance company, it was said that this life insurance plan, Amritbal Plan, has been specially designed keeping in mind to meet the educational needs of the child. Common people can buy this child insurance policy from 17 February 2024 only. Let us tell you about the benefits available in the policy-
Focused plan on children’s education
According to LIC, ‘Amritbal’ scheme has been specially designed keeping in mind the education and other needs of children. The minimum limit to enter this plan is 30 days after birth and the maximum age limit is 13 years. The maturity period of the policy is minimum 18 years and maximum 25 years. Short term premium payment terms of 5, 6 or 7 years are available for the policy. At the same time, the maximum premium payment turn is 10 years.
Guaranteed return of Rs 80 on Rs 1000
This plan of LIC gives a guaranteed return of Rs 80 on Rs 1000. If you deposit more amount then it will keep increasing in this multiple. This return of Rs 80 will continue to be added to the sum assured of the insurance policy. But for this it is necessary that your policy continues. In simple language, you have got an insurance of Rs 1 lakh in the name of the child. In this, a guaranteed amount of Rs 8000 will be added to your insurance amount by LIC. This guaranteed return will be added at the end of every policy year. This will continue till the maturity of the policy.
Minimum sum assured of Rs 2 lakh
The minimum sum assured under this policy is Rs 2 lakh and there is no maximum limit. LIC is bound to pay the sum assured on maturity along with guaranteed returns on the date of maturity. It was informed by LIC that the maturity amount can also be obtained through installment settlement options in 5, 10 or 15 years. The policyholder has the option to choose the sum assured on death as per the two options available under Single Premium and Limited Premium Payment.
