LIC Amritbaal: Life Insurance Corporation of India (LIC) is offering a children’s plan. Launched a year ago in the name of Amritbaal, this policy provides super benefits. If you pay a premium for 7 years, you will receive Rs. 13 lakhs for the future of your child. Let’s find out how.
LIC Amritbaal Plan: It is known that the Life Insurance Corporation of India (LIC) launched a new policy last year to benefit the future of young children. Parents invest for their children’s education and marriage. This policy is being offered for such people in the name of Amritbaal. LIC Amritbaal Plan is a non-linked, non-participating, individual, savings, life insurance policy. Parents and guardians can take this policy in the name of young children. When children reach adulthood, they will receive a large amount of cash in hand. Along with that, they will get insurance coverage. If you pay the premium for just 7 years in this policy, you can get up to Rs. 13 lakh at a time. Let’s find out how, details like policy benefits.
Higher education and marriages cost a lot of money. This is a burden on parents. Keeping these factors in mind, LIC has launched this children’s plan for parents. You can get a higher return in the long run by paying the premium for a limited period. This scheme also has a single premium option. Along with this, a maximum guaranteed addition of Rs. 80 is available for every Rs. 1000 saved. This policy matures when the child is 18 to 25 years old. This gives huge relief to parents in terms of their education and marriage.
Children from 30 days old to a maximum of 13 years old are eligible to take this policy. The minimum age for maturity of this plan is 18 years. The maximum age that can be selected is 25 years. This plan has premium payment options of 5 years, 6 years, and 7 years. The policy term should be at least 10 years. The maximum is up to 25 years. The minimum sum assured in this is Rs. 2 lakh. After that, you can invest as much as you want.
How about Rs. 13 lakh after completing 7 years?
If you take an LIC Amrit Bal policy, you can choose a term of 5,6,7 years. Let’s understand through an example. Suppose you have taken a policy in the name of your 5-year-old child with a sum assured of Rs. 5 lakh. Your premium payment term should be 7 years and the policy maturity term should be 20 years. You will have to pay a premium of Rs. 73,625 every year. You should continue to pay the premium for seven years.
The policy will continue for 20 years. That means your child will turn 25. The premium you paid will be Rs. 5.15 lakh. The total amount of guaranteed additions on it will be Rs. 8 lakhs. With this, you will receive Rs. 13 lakhs in your hand at maturity. In this scheme, you can choose a premium tenure of 5 years. If you reduce the term, the premium you pay will increase. You can know the complete details of this policy through the official website of LIC.