The product is targeted at parents who wish to create a long-term corpus to meet the higher education needs of their children.
The Life Insurance Corporation of India (LIC) has introduced a new policy called Amritbaal. This policy is for parents who want to save money for their children's education for a long time.
Kids can be enrolled in this policy when they are as young as 30 days old, up to when they're 13 years old. The policy matures when the child turns 18 to 25 years old, according to LIC.
This plan aims to gather enough money to cover a child's education and other expenses. It guarantees to add Rs 80 for every thousand rupees of the basic sum assured each year until the policy ends, as long as the policy is active.
The policy allows for shorter premium payment periods of five, six, or seven years. The minimum duration for limited premium policies is 10 years, and for single premium policies, it's five years. The longest you can have the policy is 25 years.
The minimum assured sum is Rs 2 lakh, but there's no maximum limit. LIC ensures that at maturity, the sum assured plus guaranteed additions will be paid. You can choose to receive the maturity amount in installments over five, 10, or 15 years.
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