Key Points
According to LIC's press release, "LIC Amritbaal is specifically designed to have an adequate corpus to meet the higher education and other needs of the child..
According to LIC's press release, this policy facilitates the accumulation of corpus through 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...
According to LIC's press release, "Maximum Policy Term for Limited /Single Premium Payment is 25 years and for policies procured through POSP-LI/CPSC-SPV is 20 years."Minimum sum assured is Rs 2 lakh and no limit for the maximum basic sum assured..
"Maturity amounts can also be received through settlement options in instalments over 5, 10, or 15 years," said LIC in the press release.The policyholder has the option to choose "Sum assured on death" as per the two options available under each Single premium and limited premium payment.During the risk cover period, for in-force policy death benefit payable will be "Sum Assured on Death" along with accrued Guaranteed additions.LIC's.
According to the product brochure of LIC, "In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier..
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