LIC Amritbaal-874

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

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 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

Along with the standard benefits of maturity, death and loan, there are some additional benefits in the LIC Amritbaal Plan:

• 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.

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. 

LIC Amritbaal Premium and Maturity Calculator is an online tool that can be used to calculate the premiums of their LIC Amritbaal policy. It can help estimate the premium amount and maturity benefit.

 Limited Premium:

 Single Premium:

What is Not Covered in LIC Amritbaal?

These are a few exclusions in the LIC Amritbaal policy:

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