Wondering How To Secure Your Child's Future? Here Are The Details About LIC Amritbaal Endowment Plan

The Life Insurance Corporation of India (LIC) has unveiled its latest offering for children - the Amritbaal endowment plan. Aimed at providing a robust savings and life insurance solution, the plan is set to cater to the evolving needs of parents looking to secure their child's future financially.

Launched on February 17, 2024, both offline and online, the Amritbaal plan comes with a plethora of features designed to ensure a secure future for children. With a minimum entry age of just 30 days and a maximum age limit of 13 years, parents can start planning for their child's future from an early stage.

LIC's press release highlights that the Amritbaal plan is meticulously crafted to build a substantial corpus to fulfil the higher education and other needs of the child. The plan offers guaranteed additions at the rate of Rs 80 per thousand basic sums assured at the end of each policy year, provided the policy remains in force.

Here's a quick rundown of the key features of the LIC Amritbaal plan:
Flexible Maturity Age: The plan offers flexibility with a minimum maturity age of 18 years and a maximum of 25 years, ensuring that the benefits can be utilized at the most opportune time for the child's future endeavours.

Multiple Premium Payment Terms: Policyholders can opt for short premium payment terms of 5, 6, or 7 years, with the minimum policy term for limited premium payment options being 10 years and 5 years for single premium payment.

Sum Assured and Maturity Benefits: With a minimum sum assured of Rs 2 lakh and no maximum limit on the basic sum assured, the plan ensures financial security for the child's future. Maturity amounts, along with guaranteed additions, can be received in a lump sum or through instalment options over 5, 10, or 15 years.

Death Benefit Options: Policyholders have the flexibility to choose the sum assured on death from two available options, catering to their specific needs and preferences.

Premium Waiver Benefit Rider: LIC offers a premium waiver benefit rider, providing additional peace of mind to policyholders by waiving off premiums under certain eligibility conditions.

Furthermore, the plan offers rebates for opting for a higher basic sum assured and completing proposals through online sales channels, making it even more appealing to prospective policyholders.

One notable aspect of the plan is the commencement of risk cover, particularly for children below 8 years of age. As per the product brochure, if the child's age at entry is less than 8 years, the risk cover will commence either 2 years from the date of policy commencement or the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For children aged 8 years or more at entry, risk cover commences immediately from the date of policy issuance.

The launch of the Amritbaal endowment plan follows closely on the back of LIC's introduction of the LIC Jeevan Dhara II annuity plan earlier this year on January 20, 2024. With these offerings, LIC continues to reaffirm its commitment to providing comprehensive financial solutions to its customers.

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