The biggest insurance provider in the public sector, LIC, has introduced the Amritbaal policy. The policy was introduced by the corporation with consideration for children’s future education. The Amritbal Plan, a life insurance policy, was specifically created with the child’s educational needs in mind, according to a statement released by the insurance firm. This child insurance policy will only be available to the general public starting on February 17, 2024.
Concentrated strategy for kids’ education
As per LIC, the ‘Amritbal’ scheme has been specifically crafted with consideration for the educational demands and additional requirements of children. Thirty days after birth is the minimum age limit to join this plan, and there is no maximum age limit is 13 years. The maturity period of the policy is a minimum of 18 years and a maximum of 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.
Features and specifications
Return of Rs. 80 on Rs. 1000 assured: This LIC plan offers a guaranteed return of Rs. 80 on Rs. 1000. More money deposited will result in an ongoing increase in this multiple. The insurance policy’s insured amount will continue to be increased by this refund of Rs 80. However, your policy must be continued for this to happen. To put it plainly, you have a Rs. 1 lakh insurance policy in your child’s name. In this case, LIC will add a guaranteed sum of Rs 8000 to the insurance amount. Every year after the insurance, this assured return will be added. This will go on until the policy reaches its maturity.
A minimum of Rs. 2 lakhs is guaranteed.
There is no upper restriction and a minimum assured amount of Rs 2 Lakhs under this policy. On the maturity date, LIC is required to provide the guaranteed returns in addition to the amount promised. LIC informed us that installment settlement choices are another way to get the maturity amount in 5, 10, or 15 years. The policyholder can select between the two alternatives offered under Single Premium and Limited Premium Payment to determine the amount assured upon death.
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