What is the LIC Amritbaal Plan?
LIC Amritbaal 874 plan is a life insurance scheme that helps parents save money for their children’s future. It is not linked to the stock market and does not participate in its profits. This plan provides life insurance cover and helps parents save for important events like education and marriage. With the Amrit Bal Yojana, you can ensure that your children get the financial support they need as they grow up. climb This edition uses easy-to-understand language to convey important information clearly and simply.
What are the key features of the Amritbaal Plan?
- Guaranteed Additions: Accumulate guaranteed additions at ₹80 per thousand of the basic sum assured for each policy year.
- Flexible Premium Payment Options: Choose between single premium and limited premium payment modes.
- Maturity Age: Policies can mature when the child reaches between 18 and 25 years.
- Death Benefit Options: Two options are available for death benefits, ensuring financial support in case of the policyholder’s demise.
- Installment Payment: Option to receive maturity benefits in installments over 5, 10, or 15 years.
What is the eligibility to enroll in the Amritbaal Plan?
- Minimum Entry Age: 30 days (completed).
- Maximum Entry Age: 13 years (last birthday).
- Minimum Sum Assured: ₹2,00,000.
- Maximum Sum Assured: No limit.
What are the premium payment options?
The plan allows for two premium payment options:
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- Single Premium Payment: A one-time payment for the entire policy term.
- Limited Premium Payment: Premiums can be paid annually, half-yearly, quarterly, or monthly (monthly payments through NACH only).
What benefits does the policy offer at maturity?
After maturity, the policyholder receives the sum assured along with guaranteed additions. The maturity amount can also be received in installments if opted for at the time of policy purchase.
Can I take a loan against my LIC Amritbaal 874 policy?
Yes, you can take out a loan against your LIC Amritbaal policy. The maximum loan amount available is up to 90 percent of the surrender value for in-force active policies and up to 80 percent for paid-up policies.
What happens if the policyholder dies?
In the event of the policyholder’s death during the policy term, the death benefit will be paid to the family member, which includes the sum assured and any accrued guaranteed additions.
How can I purchase the LIC Amritbaal Plan?
The Amritbaal plan can be purchased online through the LIC website and offline by visiting LIC branch offices or through licensed agents.
Are there any tax benefits associated with this plan?
Yes, the premiums paid and benefits received under this policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, subject to prevailing tax laws. It is advisable to consult a tax advisor for detailed information.
What documents are required to purchase the Amritbaal Plan?
To purchase the Amritbaal Plan, you typically need:
- Proof of identity (Aadhar card, passport, etc.)
- Proof of age (birth certificate, school certificate, etc.)
- Address proof (utility bill, bank statement, etc.)
- Photograph of the policyholder and the child.
What happens if I miss a premium payment?
If you miss a premium payment, the policy may lapse. However, you can revive it within a specified period by paying the outstanding premiums and any applicable interest. Contact your LIC branch for details on the revival process.
Can I change the sum assured after purchasing the policy?
Once the policy is issued, the sum assured cannot be changed. However, you can opt for a higher sum when purchasing a new policy.
Is there a free look period for the Amritbaal Plan?
Yes, there is a free look period of 15 days from receipt of the policy document. If unsatisfied with the terms and conditions, you can return the policy within this period for a full refund of the premium paid.