The Life Insurance Corporation of India (LIC) has rolled out a new insurance product named ‘Amritbaal’. This announcement, made, introduces a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan specifically tailored for the younger demographic. Here’s a detailed look at what ‘Amritbaal’ offers and how it stands to benefit its policyholders.
‘Amritbaal’ emerges as a strategic financial instrument designed to support the educational and other significant needs of children. Starting from February 17, 2024, this plan will be accessible to potential policyholders, marking a pivotal step in LIC’s offerings catered towards the child segment.
The product boasts several notable features aimed at generating a substantial corpus for the child’s future needs. One of the highlights is the Guaranteed additions, promising an accrual of Rs 80 per thousand of the basic sum assured at the end of each policy year. This benefit is applicable throughout the policy term, provided the policy remains active.
During a post-earnings press meet, LIC Chairman Siddhartha Mohanty highlighted the corporation’s intent to enrich its portfolio with non-participating products tailored for children. ‘Amritbaal’ is a testament to LIC’s commitment towards introducing innovative financial solutions that cater to the evolving needs of its clientele. This plan not only underscores LIC’s focus on the child segment but also its dedication to fostering a secure financial future for the younger generation.
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