LIC launches Amritbaal endowment policy for children's higher education needs

The Life Insurance Corporation of India (LIC) has introduced a new offering, Amritbaal, a traditional endowment policy aimed at providing a robust financial foundation for children's higher education needs.

Target Audience

This product is specifically designed for parents seeking to secure their children's long-term educational aspirations.

Minimum and Maximum Age Limits

Children can be enrolled in the plan from as young as 30 days old, up to the age of 13.

The policy matures when the child reaches a minimum age of 18 years, extending to a maximum of 25 years.

Accumulation of Corpus

Amritbaal facilitates the accumulation of funds through guaranteed additions, set at Rs 80 per thousand basic sum assured annually.

This accumulation occurs at the end of each policy year, from the inception until the end of the policy term, provided the policy remains active.

Premium Payment Terms

The policy offers shorter premium payment terms, ranging from five to seven years, providing flexibility to policyholders.

Policy Tenure

For limited premium payment policies, the minimum tenure stands at 10 years, while for single premium policies, it is set at five years.

The maximum tenure for both single and limited premium pay policies extends to 25 years.

Sum Assured:

The minimum sum assured under Amritbaal is Rs 2 lakh, with no maximum cap specified.

Maturity Benefits

Upon maturity, the sum assured along with guaranteed additions becomes payable.

Policyholders also have the option to receive the maturity amount through settlement options, which can be spread over five, 10, or 15 years.

Accessibility:

LIC is offering Amritbaal through its offline channels, including agents or distributor banks, as well as directly through its website.

Additional Benefits

Similar to other savings plans provided by LIC, policyholders can avail themselves of loans under this policy.

Amritbaal represents LIC's commitment to offering comprehensive financial solutions that cater to the diverse needs of its customers, particularly in securing the educational future of their children.