LIC Amritbaal is a newly launched plan 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.
Read moreLIC'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.
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.
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 |
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.
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 for an additional premium. It ensures continuity of the policy in the event of the proposer's death and waives subsequent premiums.
High Sum Assured Rebate:
Policyholders enjoy an attractive rebate on a high sum assured, making the plan more appealing and financially rewarding.
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 |
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 |
|
Limited Premium Payment (Option I & Option II) | If the Life Assured commits suicide within 12 months from the date of revival |
|
Single Premium Payment (Option III & Option IV) | If the Life Assured commits suicide within 12 months from the commencement of the risk |
|
LIC Resources
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*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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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