LIC introduces a new plan named Amritbaal; all you need to know

The minimum age at entry for LIC's Amritbaal plan is set at birth, with a requirement of 30 days completed. On the other end of the spectrum, the maximum age at entry is capped at 13 years.

Looking towards the future, the plan guarantees a minimum age at maturity of 18 years and the maximum age at maturity is set at 25 years. The minimum sum assured is ₹2 lakh and no limit for the maximum basic sum assured, however, subject to conditions, the insurance behemoth said.

On the date of maturity, the sum assured on maturity along with guaranteed additions will be payable for in-force policy. The maturity amount can also be received through settlement options in instalments over 5, 10 or 15 years.

The proposer will have 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.

Further, LIC's premium waiver benefit rider is available by paying an additional premium subject to the eligibility conditions and there is a rebate for a high basic sum assured as well as for proposals completed under online sale.

Furthermore, the plan's non-linked, non-participating nature and loan shall be available during the policy term subject to the conditions.