LIC launches new initiative’ LIC’s Amritbaal’, new insurance policy for kids

According to LIC’s press release, LIC Amritbaal is specifically designed for young children to meet the potential demands for higher education and other needs of the child. The minimum entry age is 30 days age, and the maximum age is 13 years. The policy facilitates the accumulation of corpus through guaranteed additions at the rate of Rs 80 per thousand basic sums 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 details are here:

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The minimum age at maturity is 18 years and the maximum age is 25 years. Short premium payment terms of 5, 6, or 7 years are available. For limited premium payment options, the minimum policy term is 10 years. For a single premium payment, the minimum term is 5 years. The minimum sum assured is Rs 2 lakh and no limit for the maximum basic sum assured. On the date of maturity, the sum assured on maturity along with guaranteed additions will be payable for In-force policy.

The policyholder has the option to choose, ‘Sum assured on death’, as per the two options available under each Single premium and limited premium payment. There is a rebate being offered for opting for a high basic sum assured as well as for proposals completed under the online sales channel.

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In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at entry, risk will commence immediately i.e. from the Date of issuance of policy.

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