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Life Insurance Corporation of India (LIC) has introduced a new insurance scheme. The name of this plan is LIC's Amritbal. This plan has also been named 'Plan 874', which has been specially designed for children. That means, in a way, this is a child insurance policy. People can buy this policy from today i.e. 17 February 2024. Let us know about the benefits of this policy.
Through these savings and life insurance plans, adequate amount of money can be deposited for children's higher education. Apart from this, it can also fulfill other needs of children. In this plan, you will get a guaranteed return of Rs 80 on every sum assured of Rs 1000. This return of Rs 80 will be added to the sum insured by the insurance policy. For example, if you have taken an insurance of Rs 1 lakh in the name of your child, LIC will add Rs 8000 to the sum insured. This guaranteed return will be added every year at the end of the policy year. It will remain linked to your policy for the period for which you have taken the policy.
Children between 30 days to 13 years are eligible
You can take this policy for children between 30 days to 13 years. Its maturity period will be minimum 18 years and maximum 25 years. Short-term premium payment terms of 5, 6, or 7 years are available for this policy. The maximum premium payment term is 10 years. You can also choose the single premium payment option. Under this you will have to take insurance of at least Rs 2 lakh. If you want, you can take maturity settlement in 5th, 10th or 15th year like Money Money-Back Plan.
These facilities will also be available
Those who invest in this policy will get sum-assured and guaranteed benefits on maturity. 'Sum Assured on Death' option is also available to policy buyers. Additionally, if you pay a little extra premium, you can avail the premium return rider against expenses.