LIC of India has introduced a new plan called "LIC’s Amritbaal Plan 874”.

Banking & Finance

LIC of India has introduced a new plan called "LIC’s Amritbaal Plan 874”. This plan, launched by Dr Vivek Joshi, Secretary of Financial Services, Ministry of Finance, GOI, will be available for purchase starting from 17 February 2024. LIC’s Amritbaal is a savings-oriented life insurance plan tailored to meet the educational and other needs of a child. It offers guaranteed additions of Rs 80 per thousand basic sums assured annually, provided the policy remains in force. The plan allows entry from birth (30 days completed) up to 13 years of age, with maturity ranging from 18 to 25 years. Premium payment terms of 5, 6, or 7 years are available. The minimum policy terms vary based on premium payment type, ranging from five to 10 years. The maximum policy term is 25 years, except for policies obtained through specific channels, which have a maximum term of 20 years. The minimum sum assured is Rs 2 lakh with no maximum limit (conditions apply). At maturity, the sum assured along with guaranteed additions is payable. Settlement options are available for receiving the maturity amount over 5, 10, or 15 years.


     

     

     

 

     


Life Insurance Corporation (LIC)

Founded- September 1956
Chairperson- Siddhartha Mohanty
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