New Delhi:
Life Insurance Corporation of India (LIC) has unveiled a new insurance plan tailored specifically for children, aptly named LIC’s Amritbaal, also known as Plan 874.
This child insurance policy aims to provide financial security and support for your child’s future endeavors.
Available for purchase starting from February 17, 2024, LIC’s Amritbaal offers a host of benefits designed to safeguard your child’s interests.
Guaranteed Returns for a Brighter Future
LIC’s Amritbaal serves as a comprehensive savings and life insurance plan, enabling you to build a substantial fund for your child’s education and other essential needs.
With a guaranteed return of Rs 80 on every Rs 1000 sum assured, your child’s insurance policy receives a significant boost.
For instance, if you opt for an insurance amount of Rs 1 lakh, LIC will augment it by Rs 8000 annually, enhancing the overall coverage of the policy.
This guaranteed return is credited at the end of each policy year, ensuring consistent growth throughout the policy duration.
Eligibility and Policy Details
Children aged between 30 days to 13 years are eligible to enroll in LIC’s Amritbaal.
The policy matures at a minimum of 18 years and a maximum of 25 years, providing ample time to secure your child’s future.
Flexible premium payment terms of 5, 6, or 7 years are available, with a maximum premium payment term of 10 years.
Alternatively, you can opt for a single premium payment option, requiring a minimum insurance amount of Rs 2 lakh.
Maturity settlement options, including money back plans in the 5th, 10th,
or 15th year, offer additional flexibility to policyholders.
Additional Benefits and Options
In addition to sum-assured and guaranteed benefits upon maturity, LIC’s Amritbaal provides policyholders with the option of ‘Sum Assured on Death,’ ensuring financial protection in unforeseen circumstances.
Moreover, for a nominal additional premium, policyholders can opt for a premium return rider, offering reimbursement against expenses.
Secure Your Child’s Future Today
LIC’s Amritbaal stands as a testament to LIC’s commitment to securing the future of every child in India.
With guaranteed returns and comprehensive insurance coverage, this plan offers peace of mind and financial stability for your child’s journey ahead.
