LIC’s Amritbaal Plan 874 – Secure Your Child’s Future
Guaranteed Benefits, Tax Benefits, and Flexible Options for Your Child’s Education.
Key Features of LIC’s Amritbaal (Plan 874)
- Type: Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan
- Target: Designed to meet the higher education and other needs of your child
- Entry Age: Minimum: 30 days (completed), Maximum: 13 years (last birthday)
- Policy Term: Limited Premium Payment: 10 to 25 years, Single Premium Payment: 5 to 25 years
- Maturity Age: Minimum: 18 years, Maximum: 25 years
- Premium Payment Options: Limited Premium Payment: 5, 6, or 7 years, Single Premium Payment: One-time lump sum
Benefits
1. Maturity Benefit
Upon survival till the end of the policy term, the policyholder receives:
- Sum Assured on Maturity
- Accrued Guaranteed Additions at ₹80 per ₹1,000 of the Basic Sum Assured annually throughout the policy term
2. Death Benefit
In case of the life assured’s death during the policy term, the nominee receives:
- Sum Assured on Death
- Accrued Guaranteed Additions
Note: The Sum Assured on Death varies based on the premium payment option chosen.
3. Tax Benefits
- Premiums Paid: Eligible for deduction under Section 80C of the Income Tax Act
- Maturity Proceeds: Tax-free under Section 10(10D), provided the Sum Assured is at least 10 times the annual premium
Eligibility Criteria
Parameter | Details |
---|---|
Minimum Entry Age | 30 days (completed) |
Maximum Entry Age | 13 years (last birthday) |
Minimum Sum Assured | ₹75,000 |
Maximum Sum Assured | No upper limit (subject to underwriting) |
Premium Payment Term | Limited: 5, 6, or 7 years; Single: 5 to 25 years |
Maturity Age | 18 to 25 years |
Example Scenario
Ravi, a 35-year-old father from Hyderabad, opts for LIC’s Amritbaal Plan 874 for his 5-year-old daughter, Ananya. He chooses:
- Premium Payment Option: Limited Premium Payment, 6 years
- Sum Assured: ₹5,00,000
- Policy Term: 20 years
- Maturity Age: 25 years
Ravi pays premiums for 6 years, and upon Ananya reaching 25 years, she receives the maturity benefit, which includes the Sum Assured and accrued Guaranteed Additions, providing financial support for her higher education or other future needs.
Contact Information
For more details or to apply for LIC’s Amritbaal Plan 874:
- Visit: LIC Official Website
- Call: 022-68276827
- WhatsApp: Click here to chat