LIC's Amrit Bal Scheme is a scheme specially designed to secure the future of children. Through this scheme, parents can save a good amount of money for their children, which they can use in the future to fulfill their education, marriage, and other important work. Amrit Bal is a non-linked life insurance policy. This scheme will also give guaranteed returns to your child along with insurance.
You can take this policy for a child from 30 days to 13 years.
You can take this policy for a child from 30 days to 13 years. The minimum age for its maturity should be 18 years and a maximum of 25 years. For this policy, a short-term premium payment term of 5, 6, or 7 years is available. At the same time, the maximum premium payment term is 10 years. You can also choose the single premium payment option. Under this, you will have to take insurance of at least Rs 2 lakh. If you want, you can take the maturity settlement like a money-back plan in the 5th, 10th, or 15th year.
This is how you will get the return.
In this plan, you will get a guaranteed return at the rate of Rs 80 on every insurance amount of Rs 1000. This return of Rs 80 will be added to the sum insured by the insurance policy. For example, if you have taken a policy of Rs 1 lakh in the name of your child, then LIC will add Rs 8000 to the sum insured. This guaranteed return will be added every year at the end of the policy year. It will keep getting added to your policy for the period for which you have taken the policy.
How can you buy the policy?
If you want to buy this policy for your child, then both online and offline options are available. The minimum sum insured 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.
What will be the benefits on buying
Guaranteed bonus and sum assured will be available on maturity. The 'Sum Assured on Death' option is also available for policy buyers. Also, if you pay a little extra premium, you can opt for a premium return rider in lieu of expenses. Loan facility is also provided in this scheme.
