Excelsior Correspondent
JAMMU, Feb 16: LIC of India launched a new plan ‘LIC’s Amritbaal’ in a function held here today.
The plan was launched by Dr. Vivek Joshi, Secretary, Financial Services, Ministry of Finance, GoI.
As per the handout issued by the LIC, the plan will be available for sale from Saturday, Feb 17, 2024 and the Unique Identification Number (UIN) for LIC’s Amritbaal is UIN: 512N365V01
LIC’s Amritbaal is an Individual, Savings, Life Insurance Plan and is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. It facilitates accumulation of corpus through Guaranteed additions at the rate of Rs 80 per thousand basic sum assured at the end of each policy year from the inception till the end of Policy term provided policy is in force.
The minimum Age at Entry is 0 years (30 days completed). Maximum Age at Entry is 13 , years (last birthday) and minimum Age at maturity is 18 years (last birthday) and Maximum Age at maturity is 25 years (last birthday).
The other features of plan are, short Premium payment Term of 5, 6 or 7 years available, Minimum Policy Term for Limited Premium Payment-10 years and Single Premium Payment-5 years, maximum Policy Term for Limited /Single Premium Payment is 25 years and for policies procured through POSP-LI/CPSC-SPV is 20 years. Minimum Sum Assured is Rs. 2,00,000 and no limit for Maximum Basic Sum Assured (subject to conditions).
On date of Maturity, Sum Assured on maturity along with Guaranteed additions will be payable for In-force policy. Maturity Amount can also be received through settlement options in installments over 5, 10 or 15 years.
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