LIC’s Amrit Bal Scheme is a scheme which is 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 future to fulfill their education, marriage and other important tasks. Amrit Bal is a non-linked life insurance policy. This scheme will give your child guaranteed returns along with insurance.
You can take the 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 maximum 25 years. The short term premium payment term for this policy is 5, 6 or 7 years. 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 maturity settlement like a money back plan in the 5th, 10th or 15th year.
This is how you will get returns
In this plan, you will get a guaranteed return of Rs 80 on every Rs 1000 sum insured. This return of Rs 80 will be added to the sum insured of the insurance policy. For example, if you have taken a sum insured 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 be 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, both online and offline options are available. 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 as per two options under single premium and limited premium.
What are the benefits on buying
Guaranteed bonus and sum assured will be available on maturity. ‘Sum Assured on Death’ option is also available for policy buyers. Also, if you pay a little extra premium, you can take the premium return rider in exchange for expenses. Loan facility is also provided in this scheme.
Related Articles:-
Govt Holidays 2025 Calendar: Govt releases gazetted holiday calendar for 2025
PF Withdrawal From ATM! You can withdraw PF directly from ATMs starting next year – Check Details
RBI New Governor: Sanjay Malhotra takes charge as 26th RBI governor
