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LIC Amritbal Bima Yojana: Life Insurance Corporation (LIC) has launched Amritbal policy for children. It is a non-linked, non-participating, individual, savings, life insurance plan that parents can buy in the name of their children. It is designed in such a way that by investing you can create adequate funds for your children's higher education.
Up to what age policy: The minimum age at the time of entry into the policy is 30 days and maximum age is 13 years. The minimum age of maturity is 18 years and maximum age is 25 years. Let us tell you that the minimum policy term for single premium is 5 years and for limited premium payment is 10 years. The maximum policy term for limited and single premium payment is 25 years.
installment method
The policy premium can be monthly, quarterly, half-yearly or annually. In this, the minimum installment amount can be ₹ 5000, ₹ 15000, ₹ 25000 or ₹ 50000 respectively. There will be an option to choose 'Sum Assured on Death' as per the two options available under Single Premium and Limited Premium Payment. The options should be chosen carefully depending on the needs of the child as the premiums and benefits under the plan will be as per the option chosen and will not be subject to any subsequent changes.
limited premium payment
Option 1: Higher of the annual premium or seven times the basic sum assured
Option II: More than 10 times the annual premium or basic sum assured.
Single Premium Payment:
Option III: Single premium or more of 1.25 times the basic sum assured
Option IV: 10 times the single premium
loan on policy
Under Limited Premium Payment, the loan will be available as long as a minimum of two years' premium has been paid. Loan under single premium payment will be available during the policy term three months after the completion of the policy (i.e. three months from the date of policy issue) or any time after expiry.