LIC introduces new plan ‘LIC’s Amritbaal’

Excelsior Correspondent

JAMMU, Feb 16: LIC of India launched a brand new plan ‘LIC’s Amritbaal’ in a operate held right here as we speak.
The plan was launched by Dr. Vivek Joshi, Secretary, Monetary Providers, Ministry of Finance, GoI.
As per the handout issued by the LIC, the plan might be accessible on the market from Saturday, Feb 17, 2024 and the Distinctive Identification Quantity (UIN) for LIC’s Amritbaal is UIN: 512N365V01
LIC’s Amritbaal is an Particular person, Financial savings, Life Insurance coverage Plan and is particularly designed to have an ample corpus to fulfill the upper schooling and different wants of the kid. It facilitates accumulation of corpus via Assured additions on the price of Rs 80 per thousand fundamental sum assured on the finish of every coverage 12 months from the inception until the tip of Coverage time period supplied coverage is in power.
The minimal Age at Entry is 0 years (30 days accomplished). Most Age at Entry is 13 , years (final birthday) and minimal Age at maturity is eighteen years (final birthday) and Most Age at maturity is 25 years (final birthday).
The opposite options of plan are, quick Premium cost Time period of 5, 6 or 7 years accessible, Minimal Coverage Time period for Restricted Premium Cost-10 years and Single Premium Cost-5 years, most Coverage Time period for Restricted /Single Premium Cost is 25 years and for insurance policies procured via POSP-LI/CPSC-SPV is 20 years. Minimal Sum Assured is Rs. 2,00,000 and no restrict for Most Fundamental Sum Assured (topic to circumstances).
On date of Maturity, Sum Assured on maturity together with Assured additions might be payable for In-force coverage. Maturity Quantity can be acquired via settlement choices in installments over 5, 10 or 15 years.