LIC’s Amritbaal is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan. The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of your child. It facilitates accumulation of corpus through Guaranteed Addition. This is a non-participating product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms, Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV)
LIC’s Amritbaal Plan Benefits
Death Benefit:
The proposer shall have an option to choose “Sum Assured on Death” as per the two options available under each of Single Premium and Limited Premium payment.
- “Annualized Premium” shall be the premium amount payable in a
year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. - Death benefit payable in case of death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, provided the policy is in-force, shall be “Sum Assured on Death” along with Accrued Guaranteed Additions for in-force policy.
Rider Benefit:
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03):
Under an in-force policy, this rider can be opted for on the life of
Proposer of policy (as the Life Assured is minor), at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and rider is atleast five years Further this rider shall only be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider.
Maturity Benefits
On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with accrued
Guaranteed Additions for in-force policy, shall be payable; where “Sum Assured on Maturity” is equal the Basic Sum Assured.
Guaranteed Additions:
Under an in-force policy, the Guaranteed Additions shall accrue at the rate of ` 80 per thousand Basic Sum Assured at the end of each policy year from the inception till the end of Policy Term.
On death of Life Assured during the Policy Term under an in-force
policy, the Guaranteed Additions in the year of death shall be payable for full policy year.
In case of surrender of an in-force policy, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy is surrendered.
Eligibility Conditions
| Minimum Age at entry | 0 years (30 days completed) | |
| Maximum Age at entry | 13 years (last birthday) | |
| Minimum Age at maturity | 18 years (last birthday) | |
| Maximum Age at maturity | 25 years (last birthday) | |
| Minimum Policy Term | Limited Premium Payment: 10years Single Premium Payment: 5years | |
| Maximum Policy Term | Limited Premium Payment: 25 years Single Premium Payment: 25 years In case of policies procured through POSP-LI/CPSC-SPV: 20 years | |
| Premium Payment Term | Limited Premium Payment: 5, 6 & 7 years Single Premium Payment: Single Pay | |
| Minimum Sum Assured | 2,00,000/- | |
| Maximum Basic Sum Assured | No Limit, subject to underwriting decision* | |
| (*The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.) | ||
| Basic Sum Assured Multiples | The Basic Sum Assured shall be in the multiples of amount specified below: | |
| Basic Sum Assured Range | Sum Assured Multiple span | |
| From 2,00,000/- to | 25,000/- | |
| 24,00,000/- | ||
| above 24,00,000/- | 50,000/- | |