To secure your children’s future, the Life Insurance Corporation of India (LIC) introduces a groundbreaking Non-Linked, Non-Participating endowment plan – LIC Amritbaal (Plan 874), set to launch on February 17, 2024. This unique plan is tailored to assist parents in building a substantial corpus to meet their children’s educational and future needs. Buy this Plan Online

Key Features of LIC Amritbaal Plan:

1. Flexible-Premium Payment Options:

LIC Amritbaal plan offers a range of premium payment options, including single, yearly, half-yearly, quarterly, and monthly modes. This flexibility ensures that parents can choose a payment schedule that aligns with their financial preferences.

2. Eligibility Conditions:

Minimum Age at Entry: 30 days completed.
Maximum Age at Entry: 13 years (last birthday).
Minimum Age at Maturity: 18 years (last birthday).
Maximum Age at Maturity: 25 years (last birthday).

3. Premium Payment Terms:

Short Premium Payment Term of 5, 6, or 7 years is available, catering to various financial plans of the policyholder.

4. Maturity and Death Benefits:

Maturity benefits include the “Sum Assured on Maturity” along with guaranteed additions, providing financial security to policyholders.

In the unfortunate event of the life assured’s death, the nominee receives the “Sum Assured on Death” along with accrued guaranteed additions.

5. Guaranteed Additions:

LIC Amritbaal plan ensures growing payouts over time through guaranteed additions. Every year, the policy automatically adds Rs. 80 for every Rs. 1,000 of the sum assured.

6. High Sum Assured Rebate:

Proposers opting for a higher sum assured benefit from a reduced premium, thanks to the rebate offered by LIC of India.

7. Optional Premium Waiver Benefit Rider:

LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03) is available, offering additional protection for proposers aged between 18 and 55 years.

8. Surrender, Loan, Revival, and Alterations:

Policyholders can surrender or take a loan after specific premium payment periods.

Revival of the policy is possible within 5 years of the first unpaid premium.

Certain alterations are allowed during the policy term, providing flexibility to the policyholder.

9. Nomination and Assignment:

Policyholders can nominate and assign the policy as per the Insurance Act of 1938.

10. Backdating, Suicide Clause, and Free Look Period:

Backdating is allowed within the same financial year.

A suicide clause ensures the Unit Fund value is paid in case of suicide within 12 months.

A 30-day free look period allows policyholders to return the policy if dissatisfied.

LIC of India launched a new product LIC’s Amritbaal at the hands of Dr. Vivek Joshi, Secretary, Financial Services, Ministry of Finance, GOI along with Shri Siddhartha Mohanty, Chairperson and other Senior officials of LIC of India

LIC’s Amritbaal plan (874) emerges as a comprehensive solution for parents seeking a secure financial future for their children. With its flexible options, guaranteed additions, and additional benefits, this plan stands out as a reliable choice. If you would like to explore further or clarify any doubts, please reach out to an authorized LIC agent or visit the nearest LIC office. Remember, securing your child’s future is an investment in their dreams.