LIC has introduced new Non-Linked, Non-Participating endowment plan named LIC Amritbaal (Plan 874) on 17-Feb-2024. The policy UIN for LIC Amritbaal is UIN: 512N365V01. The policy is intended for parents who want to accumulate adequate corpus to meet the higher education and other future needs of their children.
Here are the key highlights of the newly launched policy:
- Minimum Age at Entry is 0 years (30 days completed).
- Maximum Age at Entry is 13 years (last birthday).
- Minimum Age at maturity is 18 years (last birthday)
- Maximum Age at maturity is 25 years (last birthday)
- Short Premium payment Term of 5, 6 or 7 years available.
- Minimum Policy Term for Limited Premium Payment-10 years
- Minimum Policy Term for 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 lakh
- Maximum Basic Sum Assured – No Limit
The plan 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.
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.