LIC Amritbaal Policy 2024: The biggest insurance provider in India, the Life Insurance Corporation of India (LIC), has unveiled a brand-new program specifically designed for kids and the new LIC Policy name is “Amritbaal.” The Amritbaal plan from LIC offers individual savings and life insurance.
The Amritbaal plan is especially made to have a large enough corpus to satisfy the child’s wants for additional education as well as other needs. As long as the policy is in effect, it makes it easier to accumulate corpus by guaranteed additions at the rate of Rs. 80 for every thousand base sum guaranteed at the end of each policy year.
What is LIC Amritbaal Policy?
The decision has been made by the Life Insurance Corporation of India to introduce Amritbaal (Plan No. 874), a new children’s plan, on February 17, 2024. The Amritbaal plan from LIC is a non-linked, non-participating life insurance and savings scheme. The Amritbaal Endowment Plan from LIC offers Guaranteed Additions to meet a range of children’s needs, including higher education.
Amritball from LIC offers the choice of a single premium as a lump sum or a limited premium payment period of five, six, or seven years. 512N365V01 is the special identification number for LIC’s Amritball. The LIC Website offers this plan for sale online as well.
LIC Amritbaal Policy Eligibility
- Payment Options for Premiums: Quarterly, Monthly, Half-Yearly, Annual, and Monthly (NACH and SSS)
- Date of Risk Commencement: If the life guaranteed is less than eight years old, risk will start two years from the policy’s inception date, or from the policy anniversary that falls on or shortly after the eight-year mark. The life insured will be at risk as soon as they turn eight years old.
- Date of Policy Vesting: The policy will automatically come into effect in the life assured’s name on the policy anniversary that falls on, or comes right after, the life assured’s eighteenth birthday.
LIC Amritbaal Policy Features
- The entry minimum is 30 days completed or 0 years.
- The last birthday must be 13 years old to be admitted.
- The last birthday indicates that the minimum age of maturity is eighteen, and the maximum age of maturity is twenty-five.
- There are options for a 5, 6, or 7-year short premium payment term.
- The minimum policy term for single premium payments is five years, and for limited premium payments, it is ten.
- The maximum policy term for plans purchased through POSP-LI/CPSC-SPV is 20 years, and for limited or single premium payment policies, it is 25 years.
- The Maximum Basic Sum Assured has no upper limit and the Minimum Sum Assured is Rs. 2,00,000 (subject to restrictions).
- The guaranteed additions and the sum assured at maturity will be paid for policies that are still in effect on the maturity date. The maturity amount may also be paid in increments over a period of five, ten, or fifteen years through settlement choices.
- According to the two alternatives accessible under each of Single Premium and Limited Premium Payment, the proposer will have the option to select “Sum Assured on Death.”
- The death benefit payable for an in-force policy during the risk cover term will be “Sum Assured on Death” plus any accrued Guaranteed additions.
- Subject to qualifying requirements, LIC’s Premium Waiver Benefit Rider is accessible by paying an additional premium.
- Both the High Basic Sum Assured and the completed proposal under online sale are eligible for a rebate.
- Loan availability is contingent upon policy terms and conditions.
- The Plan, which is non-linked and non-participating, can be bought online at www.licindia.in or offline through agents or other intermediaries.
LIC Amritbaal Policy Maturity Benefit
The “Sum Assured on Maturity,” which is equal to the initial basic amount assured plus any guaranteed additions earned on the active policy, will be paid to policyholders who live to the maturity date. The policy must be active and not be cashed out on the maturity date to qualify.
LIC Amritbaal Policy Death Benefit
Under both the Limited Premium and Single Premium plans, proposers can select “Sum Assured on Death” from two alternatives. The decision must be made by the proposer at the proposal stage and must be made explicit in an addendum. Recall that once you decide, there is no way to reverse the impact of your choice on your payout and premium.
Death Benefit: “Sum Assured on Death” plus accumulated Guaranteed Additions for an in-force policy will be paid upon the death of the Life Assured within the policy term following the date of risk initiation but prior to the designated date of maturity, providing the policy is in effect. Where “Sum Assured on Death” will correspond with the chosen option as indicated in the preceding Table.
The premium paid, less any applicable taxes and rider premiums, will be returned to the proposer in the event that the life assured passes away prior to the start of the risk covered by the policy.
LIC Amritbaal Policy Extra Benefit
With LIC’s Amritbaal Plan, you can get the Premium Waiver Benefit Rider (UIN: 512B204V03). This rider is available to proposers who are between the ages of 18 and 55 (closer to their birthday). But coverage under this rider will end when the proposer turns 70 (earlier birthday). If there are five years left in the premium payment period, the proposer may take this rider at any point from the policy anniversary.
Should the proposer pass away while the policy’s premium-paying term is still in effect, all upcoming premiums will be waived, allowing the insurance to continue as intended.
LIC Amritbaal Policy Free Lock Period
Within 30 days of getting an electronic or physical copy of the policy document, whichever comes first, the policyholder may return the policy to the LIC of India if they are dissatisfied with the “Terms and Conditions” of their insurance. They ought to explain why they object as well.
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