LIC Launches a New Insurance Plan ‘LIC Amritbaal Plan 874’ for Children

Current Context: The Life Insurance Corporation of India (LIC) has launched a new insurance plan called 'LIC Amritbaal Plan 874’.

• Here are some key details about this plan:
• It is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan.
• The plan is specifically designed to meet the higher education and other financial needs of your child and provides risk cover on the life of the child during the policy term.
• It facilitates the accumulation of corpus through Guaranteed Addition of Rs. 80 per 1000 Basic Sum Assured throughout the Policy Term.
• The plan offers flexibility in premium payment with options for single premium and limited premium payment.
• The plan also offers a premium waiver rider for child safety.
• The paid premiums are exempted from income tax under section 80C, and the maturity amount is tax-free under section 10 (10D).
• The plan allows you to choose the maturity age from 18 to 25 years for the various needs of your child.
• You can opt for payment of benefit in installments.
• Loan benefits are available with 1% less interest charge if the loan is taken on a girl child’s policy.

Question:

Q.1 What type of insurance plan is ‘LIC Amritbaal Plan 874’?
a. Linked, Participating, Group, Investment, Life Insurance plan
b. Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan
c. Linked, Participating, Individual, Investment, Life Insurance plan
d. Non-Linked, Participating, Group, Savings, Life Insurance plan