Siddharth Mohanty(L), Chairman, LIC, Vivek Joshi(R), Secretary, Department of Financial Services, at the launching ceremony of LIC’s Amritbaal
The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of a child
Mumbai:
Life insurance behemoth Life Insurance Corporation, on Friday, launched a new individual, non-linked, non-participating savings plan- Amritbaal- at the hands of Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance.
The plan, specifically designed to have an adequate corpus to meet the higher education and other needs of a child, will be available for sale from tomorrow.
It facilitates 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 Policy term provided policy is in force.
Some of the features of the product are-
-Minimum age at entry is 0 years (30 days completed),
-Maximum age at entry is 13 years (last birthday) and minimum age at maturity is 18 years (last birthday) and maximum age at maturity is 25 years (last birthday).
-Short premium payment term of 5, 6 or 7 years available.
– Minimum policy term for limited premium payment-10 years and single premium payment-5 years
– 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. 2,00,000/- and no limit for maximum basic sum assured (subject to conditions).
– On date of maturity, sum assured on maturity along with guaranteed additions will be payable for In-force policy. Maturity amount can also be received through settlement options in installments over 5, 10 or 15 years.
-The proposer shall have an option to choose “Sum Assured on Death” as per the two options
available under each of Single Premium and Limited Premium Payment.
-During risk cover period, for In-force policy death benefit payable will be “Sum Assured on Death” along with accrued Guaranteed additions.
– LIC’s Premium Waiver Benefit Rider is available by paying additional premium subject to the eligibility conditions.
Meanwhile, the Corporation has received tax refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. The total amount of refund was Rs.25,464.46 Crore. In this regard Income tax Department has released Rs. 21,740.77 crore on Feb 15.