LIC’s Amrit Bal Scheme is designed to help parents save money for their children’s future needs, such as education, marriage, and other important expenses.
This non-linked life insurance policy provides guaranteed returns along with life insurance coverage, ensuring both financial security and savings for your child.
Key Features of the Amrit Bal Scheme
Eligibility: You can take this policy for children between 30 days and 13 years old. The policy’s maturity age ranges from 18 to 25 years.
Premium Payment Terms: The policy offers short-term premium options of 5, 6, or 7 years, with a maximum premium payment term of 10 years.
Alternatively, you can choose a single premium payment option with a minimum insurance cover of Rs 2 lakh.
Maturity Options: You can opt for a money-back plan with maturity settlements at the 5th, 10th, or 15th year.
Guaranteed Returns and How They Work
With this plan, you will receive a guaranteed return of Rs 80 for every Rs 1000 sum insured.
For example, if you choose a sum insured of Rs 1 lakh, LIC will add Rs 8,000 to your policy every year. These returns will be added at the end of each policy year for the duration of the policy.
How to Buy the Policy
You can purchase the Amrit Bal policy both online and offline. The minimum sum assured is Rs 2,00,000, with no upper limit.
You can choose from monthly, quarterly, half-yearly, or yearly premium payment options based on your convenience.
Additionally, the scheme offers a waiver benefit rider under both single premium and limited premium options.
Benefits of the Amrit Bal Scheme
1) Guaranteed bonuses and sum assured at maturity.
2) Sum Assured on Death” option for policyholders.
3) Premium return rider available for extra coverage at a small additional cost.
4) Loan facility available under the scheme.
This scheme provides a secure way to plan for your child’s future, ensuring both financial growth and protection.
