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LIC Amritbaal: LIC Children's plan.. 7 years is enough.. Rs. 13 lakhs in hand!

Banda Tirupati | March 18, 2024 10:29 AM CST

LIC Amritbaal: The country's largest life insurer Life Insurance Corporation of India launched a new policy last month. Amrit Bal has brought this new policy for those who want to invest in the long term for their children's education and marriage. This policy is a non-linked, non-participating, individual, savings, life insurance policy. If you start investing in this in the name of young children, they will accumulate a large amount of cash when they reach adulthood. Insurance coverage is available. If you invest in this for just 7 years, you will get Rs. 13 lakhs can be received. How is that? What are the benefits of the policy? Let's find out.

LIC has launched this policy for parents keeping in mind children's higher education and marriage. Payless time and get more returns. There is also a single premium option. Also giving a guaranteed addition of a maximum of Rs.80 for every Rs.1000. The policy matures when the child reaches the age of 18-25 years. This can be said to be a huge relief to parents. This policy can also be invested in the name of a child who is 30 days old. The maximum age limit is 13 years. The minimum age of maturity is 18 years while the maximum age is 25 years. Premium Payments 5,6,7 year options can be selected. The policy term is a minimum of 10 years and a maximum of 25 years. Minimum Sum Assured Rs.2 Lakhs. No Maximum Limit.

How about Rs. 13 lakhs in 7 years?

For example, if you invest Rs. Suppose you have taken a policy on a 5 lakh sum assured. Suppose the premium term is 7 years. The policy term is chosen as 20 years. Then you have to pay a premium of Rs.73,625 every year. This premium should be paid for seven years. After that, the policy will continue for 20 years i.e. till your child turns 25. The premium amount you pay is Rs. 5.15 lakhs will be. Guaranteed additions on that will be Rs.8 lakhs. With this, you will receive Rs.13 lakhs at maturity. You can also opt for 5-year premium tenure. But the premium you pay will increase a bit. For complete details of this policy, you can check the LIC official website or LIC agent.