LIC Amritbaal

LIC Amritbaal is a newly launched plan specially designed to secure your child's higher education and other needs. In this plan, the benefits payable on death or outliving the policy term are guaranteed and fixed. The plan is available both online and offline.

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58.9 Million
Registered Consumer
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26.4 Million
Policies Sold

LIC Amritbaal- An Overview

LIC's Amritbaal Children Plan 874 is a child insurance policy designed to secure a sufficient corpus for a child's higher education and future needs. With a minimum entry age of 30 days and a maximum of 13 years, the policy offers guaranteed additions at Rs 80 per thousand, a basic sum assured annually. The plan provides flexibility with short premium payment terms of 5, 6, or 7 years and options for limited or single premium payments. 

LIC Amritbaal- Key Features

  • Guaranteed Addition: Rs 80 per thousand Basic Sum Assured throughout the policy term, ensuring a consistent accumulation of funds.

  • Customizable Life Insurance Coverage: Option to select life insurance coverage for your child based on individual needs and requirements.

  • Flexible Premium Options: Choose between Single Premium and Limited Premium Payment options, providing financial flexibility.

  • Variable Maturity Age: Select the maturity age from 18 to 25 years, catering to diverse financial needs for your child's future.

  • Loan Facility: Address liquidity needs by providing a loan facility offering a financial safety net when required.

  • Rider: The plan allows you to select Premium Waiver Benefit on additional premium payments. 

Eligibility Criteria of LIC Amritbaal

Parameters Minimum Maximum
Entry Age 0 years (30 days completed) 13 years
Maturity Age 18 years 20 years
Policy Term Limited Premium Payment: 10years
Single Premium Payment: 5years
Limited Premium Payment: 25 years
Single Premium Payment: 25 years
In case of policies procured through POSP-LI/CPSC-SPV: 20 years
Premium Payment Term Limited Premium Payment: 5, 6 & 7 years
Single Premium Payment: Single Pay

Benefits of LIC Amritbaal

Below mentioned are the benefits offered by LIC Amritbaal:

  • Death Benefit Options:

     Under the plan offered by the LIC, policyholders can choose the death benefits from the available options. The plan provides the two options available under each of Single Premium and Limited Premium payment 

    Premium Payment Option Sum Assured on Death
    Limited Premium Payment. Option I It offers the higher of 7 times Annualized Premium or Basic Sum Assured.
    Option II It provides the higher of 10 times Annualized Premium or Basic Sum Assured.
    Single Premium Payment Option III It provides a higher of 1.25 times Single Premium or Basic Sum Assured
    Option IV 10 times of Single Premium
  • Maturity Benefit:

     Upon surviving the policy term, the Life Assured receives the "Sum Assured on Maturity" along with accrued Guaranteed Additions, providing financial security for the child's future needs.

  • Guaranteed Additions:

     The policyholder will receive Guaranteed Additions at the rate of Rs 80 per thousand Basic Sum Assured annually throughout the policy term, enhancing the accumulated corpus. 

  • Loan Facility:

     The plan includes a loan facility to address liquidity needs, offering a financial safety net when required.

Optional Benefits of LIC Amritbaal

  • Death Benefit in Instalments Option:

     An additional option to receive Death Benefit in instalments over 5, 10, or 15 years instead of a lump sum amount, providing flexibility in utilizing the claim proceeds.

  • Premium Waiver Benefit Rider:

     The Premium Waiver Benefit Rider is available by paying an additional premium, ensuring continuity of the policy in the event of the proposer's death and waiving subsequent premiums.

  • High Sum Assured Rebate:

     Policyholders enjoy an attractive rebate on a high sum assured, making the plan more appealing and financially rewarding.

Sample Premium Illustration of LIC Amritbaal

Here are examples of the estimated premiums for a Basic Sum Assured of Rs 5 Lakh, covering individuals who are 5 years old and opting for a policy term of 20 years. These examples showcase both Limited Premium (paying premiums for a specific period) and Single Premium (paying the entire premium at once) payment options. 

 Limited Premium:

Premium Paying Term (in Years)  Annual Premium (in Rs)
Option I Option II
5 99,625 1,00,100
6 84,275 84,625 
7 73,625 73,900

 Single Premium:

Premium Paying Term (in Years)  Single Premium (in Rs)
Option III Option IV
Single Pay 3,89,225 4,12,600

What is Not Covered in LIC Amritbaal?

Policy Type Suicide Clause Conditions
Limited Premium Payment (Option I & Option II) If the Life Assured commits suicide within 12 months from the commencement of the risk
  • Nominee/Beneficiary entitled to 80% of total premiums paid (excluding taxes, extra premium, and rider premium) if the policy is in force.
  • Not applicable if the age at entry of the Life Assured is below 8 years.
Limited Premium Payment (Option I & Option II) If the Life Assured commits suicide within 12 months from the date of revival
  • Nominee/Beneficiary entitled to a higher of 80% of total premiums paid or surrender value as of the date of death. 
  • Not applicable if the age of the Life Assured is below 8 years at the time of revival. - Not applicable for policies lapsed without acquiring paid-up value.
Single Premium Payment (Option III & Option IV) If the Life Assured commits suicide within 12 months from the commencement of the risk
  • Nominee/Beneficiary entitled to 80% of Single Premium paid (excluding taxes, extra premium, and rider premium).
  • Not applicable if the age at entry of the Life Assured is below 8 years.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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