LIC’s Amrit Bal Scheme is a program specifically created to ensure children’s future. This program allows parents to set aside a substantial sum for their children, which can be utilizes in the future for education, marriage, and other significant obligations.
What is LIC Amrit Bal?
Amrit Bal is a life insurance policy that is non-linked. This plan will provide your child with guaranteed returns along with coverage. This policy can be obtained for a child aged 30 days up to 13 years. The age range for its maturity should be a minimum of 18 years and a maximum of 25 years. The brief premium payment duration for this policy is 5, 6, or 7 years. The longest premium payment term is 10 years. You can also select the option for a single premium payment. In this case, you must secure insurance worth at least Rs 2 lakh.
If you wish, you can opt for a maturity settlement similar to a money-back plan in the 5th, 10th, or 15th year. In this scheme, you will receive a guaranteed return of Rs 80 for every Rs 1000 insured amount. This return of Rs 80 will be included in the total sum insured of the policy. For instance, if you have insured an amount of Rs 1 lakh for your child, LIC will increase the sum insured by Rs 8000. This assured return will be included each year at the conclusion of the policy year. It will be included in your policy for the duration that you have obtained it. If you wish to purchase this policy for your child, there are choices for both online and offline.
The minimum sum assured is Rs 2,00,000, while there is no limit for the maximum. You will get the option of monthly, quarterly, half-yearly and yearly to pay the premium of the policy, you can choose any option according to your convenience. In this scheme, you also get the facility to choose the waiver benefit rider according to two options under single premium and limited premium.