The LIC Amritbaal Plan-874 by the Life Insurance Corporation of India (LIC) is a specialized life insurance policy designed to provide financial security for a child’s future.
This plan is ideal for parents and guardians looking to establish a financial safety net for their child as they grow. It offers a combination of savings and life insurance, allowing you to build a substantial fund to support key life milestones, such as education, marriage, or starting a career.
What is the LIC Amritbaal plan-874 Policy?
The LIC Amritbaal plan-874 Policy is a non-linked, life insurance plan aimed at securing a child’s future. It is an ideal policy for parents who wish to start early and build a financial foundation for their child without breaking the bank.
Key Features of LIC Amritbaal plan-874 Policy
- Life Coverage for Future Security: The policy offers life insurance protection to secure your child’s future in case of any unforeseen circumstances.
- Savings with Maturity Benefits: On completion of the policy term, the policyholder receives the maturity sum, ensuring a financial corpus for future needs.
- Loyalty Additions: This policy includes loyalty additions, which enhance the total payout on maturity, adding extra value.
- Affordable Premiums: The LIC Amritbaal Policy is designed to be budget-friendly, making it accessible for many families.
- Loan Facility: Policyholders can avail themselves of a loan against the policy after it has accrued some value, offering flexibility when needed.
Why Choose LIC Amritbaal plan-874 Policy?
- Future Financial Security: This policy provides financial protection for your child’s future, whether it’s for education, marriage, or other important milestones.
- Dual Benefit of Savings and Protection: LIC Amritbaal combines life coverage with savings, allowing you to grow a financial fund over time.
- Tax Benefits: The policy is eligible for tax deductions, helping you save while you invest in your child’s future.
- Low Premiums: With budget-friendly premium options, this policy ensures that you can build a financial foundation for your child without putting a strain on your finances.
Eligibility for LIC Amritbaal Policy
| Feature | Details |
|---|---|
| Minimum Entry Age | 0 years (newborns) |
| Maximum Entry Age | 12 years |
| Policy Term | Varies based on child’s age |
| Minimum Sum Assured | ₹75,000 |
| Premium Payment Options | Regular (monthly, quarterly, semi-annually, annually) |
Benefits of LIC Amritbaal Policy
The LIC Amritbaal plan-874 Policy provides several valuable benefits that can give parents peace of mind while securing their child’s future. Here are the highlights:
- Death Benefit: In the unfortunate event of the child’s passing, the sum assured will be paid to the family, offering financial support during a difficult time.
- Maturity Benefit: If the child survives the policy term, they will receive the maturity benefit, which includes the sum assured and loyalty additions, ensuring a financial reserve for future needs.
- Loan Facility: A loan can be taken against the policy after a certain period, giving you flexibility to access funds if needed.
- Tax Savings: Premiums paid toward this policy are eligible for tax deductions, adding value to your investment.
How to Apply for LIC Amritbaal plan-874 Policy?
You can apply for the LIC Amritbaal plan-874 Policy by visiting an LIC branch, contacting an LIC agent, or applying online through LIC’s official website. Keep your personal details and documents ready to make the process smooth and hassle-free.
FAQs on LIC Amritbaal plan-874
1. What is the minimum sum assured in LIC Amritbaal Policy?
- The minimum sum assured is ₹75,000, ensuring an essential financial cover for the child’s future.
2. Who can buy the LIC Amritbaal Policy?
- The policy is designed for children, so parents or guardians can buy it for children aged between 0 to 12 years.
3. Is there a loan facility available under LIC Amritbaal Policy?
- Yes, after a certain period, policyholders can take a loan against the policy.
4. Does LIC Amritbaal offer any maturity benefits?
- Yes, if the policyholder survives the term, they receive the sum assured plus any loyalty additions as a maturity benefit.
5. Are the premiums paid for this policy tax-deductible?
- Yes, the premiums qualify for tax deductions under Section 80C of the Income Tax Act.
Conclusion
The LIC Amritbaal plan-874 Policy is an ideal option for parents and guardians who want to plan ahead for their child’s future. With affordable premiums, maturity benefits, and the flexibility to take a loan, this policy ensures both financial protection and savings. Investing in your child’s future is a thoughtful decision, and LIC Amritbaal makes it achievable by combining security with savings.
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