Life Insurance Corporation of India (LIC) has introduced a new life insurance scheme called ‘Amritbal’ to provide funds for children’s higher education and other needs.
Life Insurance Corporation of India (LIC) has introduced a new life insurance scheme called ‘Amritbal’ to provide funds for children’s higher education and other needs. The scheme became available offline and online from Saturday (17).
In this scheme, investment can be started in favor of children up to the age of minimum 30 days and maximum 13 years. Refunds are credited at the rate of Rs.80 per thousand at the end of each policy year. The minimum age of the child is 18 years and the maximum age is 25 years at the time of expiry of the policy. Five, six or seven year premium payment options are available.
The minimum term for limited premium payment option is 10 years, while for lump sum premium the minimum term is five years. Maximum policy term is 25 years if lump sum premium is paid. The minimum sum assured is two lakh rupees and there is no limit for the maximum amount.
There is an option to withdraw the maturity amount in installments of five, ten and 15 years. This policy also has loan facility. LIC has said that investments can also be made through agents in this scheme.
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