What’s to secure your child’s future? Then today’s article is just for you. In today’s news article we are going to discuss LIC Amrit Bal Yojana.This is a fantastic plan for kids offered by the Life Insurance Corporation of India. You can enroll children between 30 days and 13 years old. One of the standout features of this policy is the guaranteed bonus of Rs 80 for every thousand. The maturity age ranges from 18 to 25 years.
Development Officer Amit Jaiswal mentioned that this policy includes a Premium Waiver Benefit (PWB). If the policyholder passes away, the premium payments are waived. When the policy matures, you’ll receive a guaranteed bonus in addition to the Basic Sum Assured. The Amrit Bal Yojana also offers options for surrendering the policy and taking out loans. If you take a loan against a girl child’s policy, the interest rate is reduced by one percent.
LIC Amrit Bal Plan
The LIC Amrit Bal Plan is one of the most sought-after policies for children. Investing in this plan helps secure your child’s future, and the returns are quite attractive. It’s a non-linked insurance policy, and eligible children must be between 30 days and 13 years old. The maturity period for this plan is between 18 and 25 years, with a minimum sum assured of Rs 2,00,000.
For example, if Shakti Kumar takes out an Amrit Bal Yojana policy for his 4-year-old child, it would have a term of 21 years and a premium payment period of 7 years. The basic sum insured is Rs 2 lakhs, with an annual premium of Rs 31,047. If you prefer, you can pay half-yearly (Rs 15,802), quarterly (Rs 7,973), or monthly (Rs 2,673).
Premiums will decrease after the first year
Starting from the second year, the premiums drop due to tax reductions. The new annual premium will be Rs 30,378, half-yearly Rs 15,462, quarterly Rs 7,802, and monthly Rs 2,616. This brings the total premium to Rs 2,13,315.
What can you expect to receive?
Upon maturity, the guaranteed bonus will be Rs 3,36,000, plus the basic sum assured of Rs 2 lakh. In total, you’ll receive Rs 5,36,000 at maturity.
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