 "LIC, Life Insurance Corp")
The Life Insurance Corporation of India (LIC) on Friday announced the launch of a non-participating product – ‘Amritbaal’.
The product, designed for children, will be available from February 17, 2024. It is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan.
The plan is designed to meet the higher education and other needs of the child. It facilitates the accumulation of a 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 the Policy term, provided the policy is in force.
The minimum entry age is 30 days, with the maximum being 13 years. The age of maturity has to be between 18 years to 25 years at the last age of birthday.
The Minimum Policy Term for Limited Premium Payment is 10 years, and for Single Premium Payment, it is 5 years, whereas the Maximum Policy Term for Limited/Single Premium Payment is 25 years, and for policies procured through POSP-LI/CPSC-SPV, it is 20 years.
The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured.
Recently, during the post-earnings press meet, LIC Chairman Siddhartha Mohanty said that LIC plans to launch a non-participating product in the child segment.
