LIC unveils 'Amritbaal' to support children's educational funds

LIC's education solution: The Life Insurance Corporation of India (LIC) has recently introduced "Amritbaal," a traditional endowment policy aimed at assisting parents in securing their children's future educational needs.

Amritbaal is designed to cater to the long-term financial requirements of parents who aspire to build a substantial corpus for their children's higher education. With a focus on stability and reliability, this non-linked, non-participating policy offers additions, ensuring a steady accumulation of funds over the policy term.

Children as young as 30 days old can be enroled on the Amritbaal plan, with an upper age limit of 13 years. The maturity age ranges from 18 to 25 years, providing flexibility for parents in planning their children's educational milestones.

Flexible premium and tenure

One of the key features of Amritbaal is its shorter premium payment terms, which span five, six, or seven years. Additionally, the policy tenure varies, with a minimum of 10 years for limited premium pay policies and five years for single premium policies. The maximum policy tenure for both single and limited premium pay policies is set at 25 years.

Under this plan, the minimum sum assured is Rs 2 lakh, with no maximum limit, offering parents the opportunity to tailor coverage according to their financial goals. Upon maturity, the sum assured along with guaranteed additions are payable, providing a secure financial foundation for the child's future endeavours. Furthermore, policyholders have the option to receive the maturity amount through instalment settlements over five, 10, or 15 years.

Amritbaal also provides additional financial flexibility through the option to avail loans under the policy, empowering parents to meet unexpected expenses or emergencies.

Effortless enrolment options

LIC is making Amritbaal available through its extensive offline channels, including agents and distributor banks, as well as directly through its website. This accessibility ensures that parents across India can easily access and benefit from this tailored savings plan for their children's future education.