{"id":39299,"date":"2025-01-21T06:42:50","date_gmt":"2025-01-21T06:42:50","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/lics-amritbaal-874-a-new-child-plan-by-lic\/"},"modified":"2025-01-21T06:42:50","modified_gmt":"2025-01-21T06:42:50","slug":"lics-amritbaal-874-a-new-child-plan-by-lic","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=39299","title":{"rendered":"LIC’s Amritbaal (874), a new child plan by LIC"},"content":{"rendered":"


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Life Insurance Corporation of India has decided to launch a new children\u2019s plan, Amritbaal (Plan No. 874), starting 17\/02\/2024. LIC\u2019s Amritbaal is a non-linked, non-participating individual savings and life insurance plan. LIC\u2019s Amritbaal is an Endowment Plan that provides Guaranteed Additions to various needs of children like higher education and others.<\/p>\n

LIC\u2019s Amritball has the Option of limited premium payment of 5, 6 or 7 years or, as Lumpsum, a single premium. The unique identification number for LIC\u2019s Amritball is 512N365V01. This plan is also available for sale online through the LIC Website<\/a>.<\/p>\n

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Eligibility Conditions of LIC\u2019s Amritbaal<\/h3>\n
\"Amritbaal\"<\/figure>\n

Mode of Premium Payment:<\/strong> Single, Yearly, Half-Yearly, Quarterly and Monthly (NACH and SSS)<\/p>\n

Date of Commencement of Risk:<\/strong> For the life assured age below eight years, risk will commence after two years from the date of commencement of the policy or from the policy anniversary coinciding or just after attaining the age of 8 years. For the life assured aged above eight years, risk will commence immediately.<\/p>\n

Date of Vesting of the Policy:<\/strong> The Policy will vest automatically in the name of the life assured from the policy anniversary coinciding or coming immediately after the life assured attains the age of 18.<\/p>\n

Maturity Benefit in LIC\u2019s Amritbaal<\/h3>\n

Policyholders who survive until the maturity date will receive the \u201cSum Assured on Maturity<\/strong>\u201c, which is equal to the original basic sum assured plus any guaranteed additions earned on the in-force policy. To be eligible, the policy must still be active and not cashed out when the maturity date arrives.<\/p>\n

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Death Benefit in LIC\u2019s Amritbaal<\/h3>\n

Proposers have the option to choose \u201cSum Assured on Death<\/strong>\u201d from two options available under both Limited Premium and Single Premium plans. The proposer has to decide during the proposal stage and clearly state it in an addendum. Remember, your choice impacts your premium and payout; it can\u2019t be changed once selected.<\/p>\n

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Death Benefit payable on the death of the Life Assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity, provided the policy is in force, shall be \u201cSum Assured on Death<\/strong>\u201d along with accrued Guaranteed Additions for in-force policy. Where \u201cSum Assured on Death\u201d shall be as per the Option selected as detailed in the Table above.<\/p>\n

If the life assured dies before the commencement of the risk in the policy, then the premium paid will be refunded to the proposer, excluding any tax or rider premium.<\/p>\n

Guaranteed Addition in LIC\u2019s Amritbaal<\/h3>\n

LIC\u2019s Amritbaal offers \u201cGuaranteed Additions<\/strong>,\u201d which increase your payout over time. Here\u2019s how they work:<\/p>\n

Earning Additions: Every year, your policy automatically adds Rs. 80 per every Rs. 1,000 of your Sum Assured<\/strong>. This happens from the start of your policy until the end of its term. If the life assured dies during the policy term and the policy is inforce, the proposer\/nominee will receive the whole year\u2019s Guaranteed Addition, even if it hasn\u2019t fully accrued yet. If you decide to cash out your policy early (surrender), you\u2019ll get a portion of the Guaranteed Addition for the current year based on how long you held the policy that year.<\/p>\n

For the reduced paid-up policy, guaranteed addition will accrue with the reduced rate as given below.<\/p>\n

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High Sum Assured Rebate in Amritbaal<\/h3>\n

Proposers who are opting for a higher sum assured will get a reduced premium due to the rebate offered by LIC of India. This rebate is based on age and policy terms of the policy other than the higher sum assured. Rebates shown below are given as a reduction in premium per thousand sum assured.<\/p>\n

Rebate under limited premium payment option under options 1 and 2<\/strong><\/p>\n

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Rebate under Limited Premium Payment (Under Option I & Option II)<\/figcaption><\/figure>\n

Rebate under the Single premium payment option under options 3 and 4<\/strong><\/p>\n

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Rebate under the Single premium payment option under options 3 and 4<\/strong><\/figcaption><\/figure>\n

Optional Benefit Available in LIC\u2019s Amritbaal<\/h3>\n

LIC\u2019s Premium Waiver Benefit Rider (UIN: 512B204V03) is available with LIC\u2019s Amritbaal Plan. Proposers can opt for this rider if they are aged between 18 and 55 years (nearer birthday). However, cover of this rider will cease when the proposer attains the age of 70 (nearer birthday). The proposer can take this rider at any time during the premium payment term from the policy anniversary if the remaining premium payment term is five years.<\/p>\n

In case of the death of the proposer during the premium paying term in the policy is in force, all the future premiums of the policy will be waived, and the policy will continue as it should be.<\/p>\n

Other Important Conditions in the LIC\u2019s Amritbaal<\/h3>\n

Surrender<\/strong>:<\/p>\n

Under Limited Premium Payment (Option I & Option II), the policyholder can surrender the policy at any time during the policy term provided two full years\u2019 premiums have been paid. Under Single Premium Payment (Option III & IV), the policy can be surrendered at any time during the policy term.<\/p>\n

If the life assured surrenders the policy after the lock-in period, then fund value will be paid to the life assured without any deduction. There are no discontinuation charges after the lock-in\u2002period.<\/p>\n

Loan:<\/strong><\/p>\n

Limited Premium Payment (Option I & II):<\/strong> You can take out a loan\u00a0after paying premiums for at least 2 full years<\/strong>.<\/p>\n

Single Premium Payment (Option III & IV):<\/strong> You can borrow\u00a0any time after 3 months<\/strong>\u00a0from when your policy is issued\u00a0OR<\/strong>\u00a0after the\u00a0free-look period<\/strong>\u00a0ends,\u00a0whichever is later<\/strong>.<\/p>\n

Revival:<\/strong><\/p>\n

Policyholders can revive the policy within 5 years of the first unpaid premium by paying all the due premiums.<\/p>\n

Grace Period:<\/strong><\/p>\n

A grace period of 30 days is available for quarterly, half-yearly and yearly premium payment modes. A 15-day grace period will be available for the monthly mode option. If the premium is not paid within this period then the policy will lapse after the grace period.<\/p>\n

ALTERATIONS:<\/strong><\/p>\n

The following alterations can be allowed in the LIC\u2019s Amritbaal during the policy term on request of the proposer\/life assured.<\/p>\n