LIC's Amritbaal
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LIC’s Amritbaal (Plan No. 874) is a non-linked, non-participating individual endowment plan designed to secure a child’s future financial needs, such as education and other milestones. Launched on February 17, 2023, this plan offers a blend of life insurance coverage and guaranteed savings.
Key Features
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Entry Age: 30 days to 13 years.currentaffairs.adda247.com+4personalfn.com+4outlookmoney.com+4
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Policy Term: 5 to 25 years, depending on the premium payment option.outlookmoney.com+3etnownews.com+3lifeinsurancecorporation.in+3
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Premium Payment Options:
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Limited Premium Payment: 5, 6, or 7 years.
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Single Premium Payment: One-time payment.outlookmoney.com+2sumassured.in+2etnownews.com+2ourpli.com+2etnownews.com+2licpremium.net+2
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Sum Assured: Minimum ₹2,00,000; no upper limit.licpremium.net+2etnownews.com+2currentaffairs.adda247.com+2
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Maturity Age: 18 to 25 years.lifeinsurancecorporation.in+5currentaffairs.adda247.com+5personalfn.com+5
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Guaranteed Additions: ₹80 per ₹1,000 of the Basic Sum Assured, added annually throughout the policy term, provided the policy is in force. buylicpolicy.com+14etnownews.com+14lifeinsurancecorporation.in+14
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Death Benefit: Higher of 7 or 10 times the annual premium, or the Basic Sum Assured, depending on the chosen option. personalfinanceplan.in+1lifeinsurancecorporation.in+1
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Maturity Benefit: Basic Sum Assured plus accrued Guaranteed Additions.thehindubusinessline.com+7lifeinsurancecorporation.in+7outlookmoney.com+7
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Settlement Option: Receive maturity benefit in installments over 5, 10, or 15 years, instead of a lump sum. outlookmoney.com+2lifeinsurancecorporation.in+2ourpli.com+2
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Optional Rider: Premium Waiver Benefit Rider, ensuring policy continuity in case of the policyholder's disability or death. outlookmoney.com+3etnownews.com+3personalfn.com+3
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Tax Benefits: Premiums qualify for deduction under Section 80C; maturity benefits are tax-free under Section 10(10D) of the Income Tax Act. etnownews.com
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Loan Facility: Available after 2 years for limited premium policies and after 3 months for single premium policies. blog.shoonya.com+8sumassured.in+8licpremium.net+8
🎯 Suitability
Amritbaal is ideal for parents or guardians seeking to build a financial corpus for a child's future needs, such as higher education or marriage. The plan's guaranteed additions and flexible premium options make it a stable investment choice. However, it's essential to evaluate if the returns align with your financial goals and compare them with other investment avenues.currentaffairs.adda247.com+7etnownews.com+7sumassured.in+7