LIC’s Amrit Baal Plan is a policy focused on children that combines savings with financial security, even covering your child’s educational needs.
LIC’s Amrit Baal Plan is a policy focused on children that combines savings with financial security, even covering your child’s educational needs. (Pic- X @LICIndiaForever)
New Delhi: LIC’s Amrit Baal scheme offers savings benefits and life insurance with a focus on your child’s educational needs. The policy offers a non-linked, non-participating endowment with options for additions and flexible premium payment.
LIC Amrit Baal plan features
LIC Amrit Baal Plan offers limited and single premium payment options. Limited premium policyholders can pay their premiums over a 5-, 6-, or 7-year period.
Single premium policyholders can make a one-time lump sum payment.
Limited premium sum assured on death choices:
Higher of 7X annualised premium or basic sum assured
Higher of 10X annualised premium or basic sum assured
Single premium policholders sum assured on death choices:
Higher 1.25X single premium or basic sum assured
10X single premium.
Who is eligible for LIC Amrit Baal Plan
LIC Amrit Baal can be purchased for:
Minors aged 0-13 years
It offers a minimum maturity age of 18 years
The maximum maturity age is 25 years
The policy is available for a minimum 5-year term for the single premium option
The maximum is 25 years for limited premium option
The scheme offers a minimum sum assured of Rs 2 lakh. There is no upper cab subject to underwriting policies.
What are the maturity benefits of the LIC Amrit Baal Scheme?
LIC Amrit Baal Scheme offers the following benefits:
If the policyholder survives the policy term they are paid the sum assured and accrued guaranteed additions. Here sum assured on maturity equals the basic sum assured
Death benefit: If the policyholder dies, the sum assured on death and accrued guaranteed additions are offered.
Death benefit includes premium paid and extra for minors whose risk coverage has not yet started
Policyholders will also enjoy the following benefits under this scheme:
Guaranteed additions such as Rs 80 per Rs 1000 basic sum assured annually
Loan facility
Optional rider of premium waiver benefit under limited premium option in which future premiums are waived on the policyholder’s death
Under LIC Amrit Baal Scheme, risk coverage begins after 2 years for those aged below 8 years or immediately for aged 8 years and above.
The policy automatically vests in the life assured at age 18, transferring ownership from the proposer to the insured.
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