Every parent dreams of securing their child’s future. They want to give their child all the resources to achieve his or her goals. LIC’s Amrit Bal Plan is a unique child savings and protection policy designed to turn these dreams into reality.
LIC Amritbaal Plan Maturity Calculator
Policy Year Details
| Policy Year | Age of Policyholder | Paid Premium | Guaranteed Additions | Normal Life Cover |
|---|
Premium Details (Including GST)
| Year | Yearly | Half-yearly | Quarterly | Monthly |
|---|
This plan ensures your child’s financial stability with guaranteed additions, flexible premium options, and comprehensive coverage.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
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Eligibility and Key Features
Who Can Buy This Policy?
- Minimum Age of Entry: 0 years (newborns can be insured).
- Maximum Age of Entry: 12 years.
- Maximum Maturity Age: 23 years.
- Policy Term Options: 13 to 23 years, allowing you to align the policy term with your child’s milestones.
- Premium Payment Term Options:
- Single premium.
- Limited premium for 6 or 10 years.
- Minimum Basic Sum Assured: ₹2,00,000.
- Maximum Basic Sum Assured: No limit, subject to underwriting.
Key Features:
- Guaranteed Additions: ₹75 per ₹1,000 of Basic Sum Assured, added every year until maturity.
- Life Insurance Coverage: Provides financial security to your child in case of the policyholder’s demise.
- Flexibility: Choose between single and limited premium payment options.
- High Sum Assured Rebates: Discounts on premiums for higher coverage amounts.
Premium Details
Modes of Premium Payment:
- Single premium.
- For limited premium options, yearly, half-yearly, quarterly, or monthly (via NACH).
Sample Premium Rates for Basic Sum Assured of ₹2,00,000:
| Age of Entry (Years) | Policy Term (Years) | Single Premium (₹) | Annual Premium (₹) |
|---|---|---|---|
| 0 | 15 | 1,70,000 | 12,345 |
| 20 | 2,30,000 | 8,125 | |
| 23 | 2,80,000 | 6,790 | |
| 5 | 15 | 1,80,000 | 12,789 |
| 20 | 2,40,000 | 8,490 | |
| 23 | 2,90,000 | 7,150 |
High Sum Assured Rebates:
- ₹5,00,000 to ₹9,99,999: 2%.
- ₹10,00,000 to ₹14,99,999: 3%.
- ₹15,00,000 and above: 3.5%.
Benefits of LIC Amritbaal
1. Death Benefit:
- If the policyholder passes away during the policy term:
- Sum Assured on Death: Higher of Basic Sum Assured or 7 times the annual premium.
- Guaranteed Additions accrued until the date of death.
- The guaranteed death benefit is at least 105% of all premiums paid.
2. Maturity Benefit:
- If the policyholder survives till the end of the policy term:
- Sum Assured on Maturity: Equal to Basic Sum Assured.
- Guaranteed Additions accrued throughout the policy term.
3. Guaranteed Additions:
- ₹75 per ₹1,000 of Basic Sum Assured is added every year during the policy term.
- Boosts the maturity or death benefit significantly.
Riders and Additional Options
Enhance your policy’s coverage by adding optional riders:
- Premium Waiver Benefit Rider:
- Waives all future premiums if the proposer passes away.
- Ensures the policy continues without financial strain on the family.
Settlement Options for Maturity or Death Benefits:
- Receive the benefits in instalments over 5, 10, or 15 years instead of a lump sum.
- Minimum installment amounts:
- Monthly: ₹5,000.
- Quarterly: ₹15,000.
- Half-yearly: ₹25,000.
- Yearly: ₹50,000.
Surrender and Loan Provisions
Surrender Value:
- The policy acquires a surrender value after paying premiums for at least two years.
- Guaranteed Surrender Value:
- A percentage of total premiums paid, excluding taxes and rider premiums.
- Accrued Guaranteed Additions are also included.
- Special Surrender Value: Reviewed annually and is usually higher than the guaranteed value.
Loan Facility:
- Loans can be availed after the policy acquires a surrender value.
- Loan amount:
- Up to 80% of the surrender value for active policies.
- Up to 70% for paid-up policies.
Illustration Table
Here’s an example of how the benefits accumulate for a policyholder:
| Policy Year | Annual Premium (₹) | Guaranteed Additions (₹) | Total Guaranteed Benefits (₹) | Non-Guaranteed Benefits @ 4% (₹) | Non-Guaranteed Benefits @ 8% (₹) |
|---|---|---|---|---|---|
| 1 | 12,345 | 15,000 | 15,000 | 800 | 6,400 |
| 5 | 12,345 | 75,000 | 75,000 | 25,685 | 29,728 |
| 10 | 12,345 | 1,50,000 | 1,50,000 | 56,800 | 65,656 |
| 15 (Maturity) | 12,345 | 2,25,000 | 2,25,000 | 1,00,450 | 1,70,000 |
Exclusions and Limitations
Suicide Clause:
- If the policyholder commits suicide within 12 months:
- 80% of premiums paid will be refunded.
- Higher of 80% of premiums or surrender value after revival.
Waiting Period:
- Benefits for death due to non-accidental causes may be limited during the first 45 days of the policy (if purchased online).
How to Buy LIC Amritbaal
- Contact an LIC agent or visit the nearest branch.
- Fill out the application form and submit the required documents like ID proof, age proof, and income proof.
- Choose the Basic Sum Assured and premium payment mode.
- Pay the first premium to activate the policy.
Claiming Benefits
Death Claims:
- Inform LIC and submit the death certificate, policy document, and nominee’s ID proof.
- Opt for lump-sum or instalment payments.
Maturity Claims:
- Submit the maturity claim form, policy document, and ID proof at the end of the term.
Why Choose LIC Amritbaal?
- Provides a secure financial foundation for your child’s future.
- Guarantees additions every year, increasing overall benefits.
- Flexible premium options tailored to your financial capacity.
- High returns with the trusted backing of LIC.
Conclusion
LIC Amritbaal is more than just a savings policy; it’s a commitment to your child’s dreams. With guaranteed additions, flexible premium terms, and life coverage, this plan ensures your child has the financial support they need to succeed. Start securing your child’s future today with LIC Amritbaal.
Terms Explained
1. Basic Sum Assured: The fixed amount is chosen at the start of the policy, which forms the basis for calculating benefits like maturity and death payouts.
2. Guaranteed Additions: These are yearly additions to the policy value, calculated as ₹75 per ₹1,000 of Basic Sum Assured, boosting the total benefits.
3. Premium Payment Term: The number of years you pay premiums. It’s either a single payment or limited to 6 or 10 years for this policy.
4. Death Benefit: The financial payout to the nominee if the policyholder passes away during the policy term. It includes the higher of the Sum Assured on Death and accrued additions.
5. Maturity Benefit: The amount received at the end of the policy term if the policyholder survives. It includes the Basic Sum Assured and all Guaranteed Additions.
6. Settlement Option: A choice to receive the Maturity or Death Benefit in instalments over 5, 10, or 15 years instead of a lump sum.
7. Surrender Value: The amount the policyholder receives if they decide to terminate the policy before maturity, calculated based on premiums paid and additions accrued.
8. High Sum Assured Rebates: Discounts are offered on premiums for policies with higher coverage amounts, making large investments more cost-effective.
9. Loan Against Policy: The option to borrow funds against the policy’s surrender value, offering liquidity without losing benefits.
10. Riders: Optional add-ons like the Premium Waiver Benefit Rider, which provides additional financial protection if the proposer dies.
11. Waiting Period: A short period after policy issuance during which full benefits may not apply, typically for non-accidental deaths.
12. Revival of Policy: The process of reinstating a lapsed policy by paying overdue premiums with interest.
