What is LIC Amrit Baal Plan?
LIC Amrit Baal Plan is a Non-Participating, Non-Linked, Life Insurance plan specifically designed to secure the future of children by offering attractive savings benefits. This savings-oriented plan helps parents accumulate a corpus for their child’s education, marriage, or other future needs. It provides guaranteed additions throughout the policy term and can be purchased for children as young as 30 days old.
This plan is available both online and offline and offers life insurance coverage along with flexible premium payment options.
Key Features
- Guaranteed Additions: ₹80 per ₹1,000 of the Basic Sum Assured for each year throughout the policy term.
- Life Insurance Coverage: Offers protection for your child, ensuring financial security in the event of an untimely death.
- Premium Payment Options: Choose between Single Premium or Limited Premium payment modes.
- Flexible Maturity Age: Maturity age can be chosen between 18 to 25 years, allowing flexibility for different needs like education or marriage.
- Premium Waiver Benefit: Optional rider that waives future premiums in case of the death of the proposer.
- High Sum Assured Rebate: Discounts on premiums are available for higher Sum Assured amounts.
- Loan Facility: Provides liquidity during the policy term via loans.
Why Choose LIC Amrit Baal Plan?
The LIC Amrit Baal Plan is ideal for parents who want to provide a financial safety net for their children while simultaneously building a secure savings fund for their future needs. With guaranteed additions and life coverage, this plan provides dual benefits of savings and protection, ensuring your child’s dreams are not compromised.
The flexibility to choose the policy term and maturity age makes it an adaptable solution tailored to the unique needs of each family.
Plan Details
- Entry Age: Minimum – 30 days; Maximum – 13 years
- Maturity Age: Minimum – 18 years; Maximum – 25 years
- Policy Term: 5 to 25 years
- Sum Assured: Minimum – ₹2,00,000; No upper limit (subject to underwriting)
- Premium Payment Term:
- Single Premium
- Limited Premium: 5, 6, or 7 years
- Loan Availability: After completion of the first policy year (Limited Premium) or 3 months after policy issuance (Single Premium).
Benefits
1. Death Benefit
The death benefit is based on the chosen premium payment option and ensures financial support to the family in case of the policyholder’s death:
- Limited Premium Payment: Two options are available:
- Option I: Higher of 7 times the annual premium or Basic Sum Assured
- Option II: Higher of 10 times the annual premium or Basic Sum Assured
- Single Premium Payment:
- Option III: Higher of 1.25 times the single premium or Basic Sum Assured
- Option IV: 10 times the single premium.
2. Maturity Benefit
Upon surviving the policy term, the Life Assured will receive the Basic Sum Assured along with accumulated Guaranteed Additions at ₹80 per ₹1,000 of the Basic Sum Assured.
3. Guaranteed Additions
These guaranteed additions accumulate every year throughout the policy term, significantly enhancing the maturity benefits.
4. Loan Facility
Policyholders can take loans against the policy after the first year (Limited Premium) or 3 months (Single Premium), ensuring liquidity if needed.
5. Premium Waiver Benefit
If the proposer (parent) passes away during the term, future premiums are waived, ensuring the policy continues without financial burden on the family.
How to Enroll
You can enroll in the LIC Amrit Baal Plan both online and offline. Here are the steps to get started:
- Online: Visit the official LIC website, select the Amrit Baal Plan, and complete the purchase process.
- Offline: You can also contact an LIC agent, visit a nearby LIC branch, or even buy the plan through Corporate Agents, Brokers, or Insurance Marketing Firms.
Documents needed for enrollment:
- Birth certificate of the child
- Proof of identity and address for the proposer
- Bank details for premium payment
FAQs
1. Who is eligible to buy this plan?
Parents or guardians of children aged 30 days to 13 years can purchase the plan.
2. Can I add riders to the policy?
Yes, you can add the Premium Waiver Benefit Rider by paying an additional premium.
3. What happens if I miss a premium payment?
You will have a grace period of 30 days for yearly, half-yearly, and quarterly premiums. The policy will remain in force during this time.
4. Can I surrender the policy?
Yes, the policy can be surrendered after the completion of the first policy year for limited premium payment plans or after 3 months for single premium payment plans.
Conclusion
The LIC Amrit Baal Plan is an excellent savings and insurance option for parents looking to secure their child’s future. It provides guaranteed additions, life coverage, and flexible premium payment options. Whether you aim to build a fund for higher education or marriage, this plan ensures that your child’s dreams are protected, even in uncertain times.
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