LIC launched a new children’s policy. LIC Amritbaal is an Insurance plan for children. This product’s key feature is Attractive Guaranteed Addition throughout the policy term. In this policy maturity age is between 18 to 25 years. Policyholders can take a Single premium policy or a Limited premium payment option. LIC Amritbaal plan is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan.
LIC Amritbaal Plan details
| Minimum Entry Age | 0 years (30 days completed) |
| Maximum Entry Age | 13 years (last birthday) |
| Minimum Maturity Age | 18 years (last birthday) |
| Maximum Maturity Age | 25 years (last birthday) |
| Minimum Policy Term | Limited Premium Payment: 10 years Single Premium Payment: 5 years |
| Maximum Policy Term | Limited Premium Payment: 25 years Single Premium Payment: 25 years |
| Premium Payment Term | Limited Premium Payment: 5, 6 and 7 years Single Premium Payment: Single Pay |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No limit |
| Basic Sum Assured Multiles | Basic Sum Assured Range Basic Sum Assured Multiple (Rs.) From ₹2,00,000 to ₹25,000 ₹24,00,000 Above ₹24,00,000 ₹50,000 |
| Maturity Benefit | Basic Sum Assured + Guaranteed Additions @ ₹80 |
| Death Benefit | Limited Premium payment Option 1: Higher of 7 times of Annualized Premium or Basic Sum Assured Option 2: Higher of 10 times of Annualized Premium or Basic Sum Assured and Single Premium payment Option 3: Higher of 1.25 times of Single Premium or Basic Sum Assured Option 4: 10 times of Single Premium |
| Guaranteed Additions for In-force policy | ₹.80 per thousand Basic Sum Assured |
| Available Riders | Premium Waiver Benefit |
| Mode of Premium Payment | Yearly Half Yearly Quarterly Monthly (SSS and NACH only) Single Premium |
| Grace Period | 15 days for monthly mode and 30 days for other modes |
| Paid up, Surrender, Policy Loan | Available after payment of premium of 2 full years. |
| Revivals | Within 5 years of FUP. |
| Back Dating | Allowed with lean Month’s benefits. |
| Proposal Form | Form No. 360 along with Addendum and Annexure – 7(a) and 7(b) Form No. 300 with Annexure – 7(c) if Premium Waiver Benefit is opted |
| Cooling off | 30 Days from the date of receipt of the Policy in Physical/Electronic mode, whichever is earlier. |
| Tax Benefits | On Basic Premiums: u/s 80C Maturity: Tax-Free u/s 10(10D) under Basic Sum Assured is 10 times of Annualised Premium and Taxable under Basic Sum Assured 7 times of Annualised Premium. Death Benefit: Tax-Free |
LIC Amritbaal Plan Premium Chart
