MUMBAI: LIC has introduced a new plan called ‘LIC’s Amritbaal’ designed to meet expenses related to a child’s higher education.
Read More: HDFC Mutual Fund launches HDFC NIFTY200 Momentum 30 Index Fund: Check details
The plan is an individual, savings, life insurance plan specifically tailored to accumulate a corpus for meeting the higher education and other needs of the child.
It offers guaranteed additions at the rate of Rs 80 per thousand basic sum assured at the end of each policy year from the inception till the end of the policy term, provided the policy is in force.
The plan has a minimum entry age of 0 years and a maximum entry age of 13 years. The minimum age at maturity is 18 years, while the maximum age at maturity is 25 years.
Read More: SBI In Talks With RBI To Lower CRR Requirement On Green Deposits
Short premium payment terms of 5, 6, or 7 years are available. The minimum policy term for limited premium payment is 10 years and for single premium payment is 5 years.
