LIC Amritbaal is a Non-Par, Non-Linked, Individual Savings Plan designed to secure your child’s future. With features like Guaranteed Additions, flexible premium payment options, and the ability to customize benefits, it’s an excellent choice for parents looking to plan their children’s education and life goals.

Key Features of LIC Amritbaal

1. Guaranteed Additions: ₹80 per ₹1,000 of Basic Sum Assured, accrued throughout the policy term.
2. Flexibility:
   • Choose Single Premium or Limited Premium Payment options.
   • Select maturity age from 18 to 25 years.
3. Customizable Coverage: Option to choose life insurance coverage based on your child’s needs.
4. Liquidity: Loan facility available to address financial emergencies.
5. Premium Waiver Benefit Rider: Protects the plan in case of the proposer’s untimely demise.

Eligibility Criteria

• Entry Age:
  • Minimum: 30 days (completed)
  • Maximum: 13 years (last birthday)
• Maturity Age: 18 to 25 years (last birthday)
• Policy Term:
  • Single Premium: 5 to 25 years
  • Limited Premium: 10 to 25 years
• Sum Assured:
  • Minimum: ₹2,00,000
  • Maximum: No limit (subject to underwriting approval)

Benefits of LIC Amritbaal

1. Death Benefit

In case of the policyholder’s demise during the policy term:

• Single Premium Option:
  • Option III: Higher of 1.25 times the Single Premium or Basic Sum Assured.
  • Option IV: 10 times the Single Premium.
• Limited Premium Option:
  • Option I: Higher of 7 times the Annualized Premium or Basic Sum Assured.
  • Option II: Higher of 10 times the Annualized Premium or Basic Sum Assured.

The death benefit includes accrued Guaranteed Additions.

2. Maturity Benefit

At the end of the policy term, the Basic Sum Assured along with accrued Guaranteed Additions is paid to the policyholder.

3. Guaranteed Additions

• Accrued at ₹80 per ₹1,000 of Basic Sum Assured annually.
• Fully added at the end of the policy term or in the event of the policyholder’s death.

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Premium Payment Options

1. Single Premium: One-time payment.
2. Limited Premium: Payable for 5, 6, or 7 years.

Optional Rider

• Premium Waiver Benefit Rider: Waives future premiums in case of the proposer’s death, ensuring the policy continues without interruption.

Settlement Options

1. For Maturity Benefit:

1. Receive payouts in installments over 5, 10, or 15 years.
2. Minimum installment amounts:
   • ₹5,000 (monthly)
   • ₹50,000 (yearly)
3. For Death Benefit:
4. Nominee can opt to receive the death benefit in installments over 5, 10, or 15 years.

Loan Facility

• Loans available after:
  • Single Premium: 3 months from policy issuance or end of the free-look period.
  • Limited Premium: After 1 year of full premium payment.
• Loan Limit: Up to 90% of the surrender value for in-force policies.

FAQs

1. What is the minimum Basic Sum Assured under LIC Amritbaal?
The minimum Basic Sum Assured is ₹2,00,000.

2. Can I take a loan against LIC Amritbaal policy?
Yes, loans are available based on the surrender value of the policy.

3. Is there a tax benefit in LIC Amritbaal Plan?
Yes, premiums paid and benefits received may qualify for tax benefits under prevailing laws.

4. What happens if I miss a premium payment in LIC Amritbaal?
A grace period of 30 days (15 days for monthly payments) is provided. If the policy lapses, it can be revived within 5 years.

5. Are Guaranteed Additions applicable to paid-up policies in LIC Amritbaal?
Yes, but at a reduced rate based on the premium payment term and years paid.

Conclusion

LIC Amritbaal is a robust plan tailored for parents who want to secure their child’s future with guaranteed returns and comprehensive life coverage. Its flexibility and benefits make it a valuable investment for long-term financial planning.

Official Link-LIC Amritbaal

Disclaimer-For more details, visit the LIC website or contact your nearest LIC branch.