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    Question

    What is the unique feature of LIC's 'Amritbaal' plan for

    children?
    A High-risk investment options Correct Answer Incorrect Answer
    B No guaranteed additions Correct Answer Incorrect Answer
    C Non-participating product Correct Answer Incorrect Answer
    D Minimum Sum Assured of Rs. 1,00,000 Correct Answer Incorrect Answer
    E Limited coverage for higher education Correct Answer Incorrect Answer

    Solution

    •     The Life Insurance Corporation of India (LIC) announced the launch of a non-participating product – ‘Amritbaal’. •     The product, designed for children, will be available from February 17, 2024. It is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan. •     The plan is designed to meet the higher education and other needs of the child. •     It facilitates the accumulation of a 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. •     The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured. Learn Along: About LIC •     The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. •  Chairperson : Siddhartha Mohanty        Headquarters: Mumbai

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