Plan Features
Amritbaal (874)
Product Summary
LIC's Amrit Baal plan is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan.
This is an Endowment plan with Guaranteed Additions designed to meet higher educational and other needs of children.
Various options to choose sum-assured for risk coverage and payment of benefits.
The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Limited Premium and Single Premium payment. The proposer has to choose one of the options at the proposal stage itself and mention the same in addendum to the proposal form subject to the eligibility conditions.The premiums and benefits shall vary as per the Option chosen and cannot be altered subsequently.
Premium Payment Mode
Yearly, Half Yearly, Quartely, Monthly(SSS and NACH)
Annuity Mode
-
Optional Benefits
-
Term
25 - Age at entry
Premium Paying Term
For Limited Premium Payment: 5, 6 & 7 years
For Single Premium Payment: Single Pay
Minimum Age at Entry
0 years (30 days completed)
Maximum Age at Entry
13 Year (Last Birthday)
Annuity Options
-
Minimum Purchase Price
-
Deferment Period
-
Joint Annuity
-
Maximum Cover Ceasing Age
-
Maturity Age at Entry
13 years (last birthday)
Sum Assured
-Minimum Rs. 2,00,000/ and Maximum No Limit. However, the maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.
Maturity Benefit
-
Death Benefit
-
Minimum Basic Sum Assured
Rs. 2,00,000/
Minimum age at the end of Premium Paying Term
-
Maximum Maturity Age
25 years (last birthday)
Minimum Premium
-
Maximum Premium
Minimum Basic Sum Assured
-
Sum Assured on Death
-
Minimum Sum Assured
Rs. 1,00,000
Maximum Sum Assured
No Limit (Subject to other conditions)
Guaranteed Additions
-
Survival Benefits
-
Riders Available
No riders for life assured but Premium Waiver Benefit (PWB) available for proposer.
Accidental Death and Disability benefit (ADDB)
Not available
Policy Benefits
On Death
Death Benefit payable, on death of the Life Assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity, provided the policy is in-force, shall be “Sum Assured on Death” along with accrued Guaranteed Additions for in-force policy. Where, “Sum Assured on Death” shall be as per the Option (I, II, III or IV) selected at the time of purchasing the policy.
(1). The death benefit under Limited Premium payment (Option I & Option II) shall not be less than 105% of the ‘Total Premiums Paid’ upto the date of death.
(2). However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk (as specified under Eligibility tab) the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest.
On Survival
On the 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.
On detection of Early Stage Cancer
-
On detection of Major Stage Cancer
-
Settlement Option
-
Multiple Allowed
-
Surrender Value
Policy can be surrendered at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Loan
Loan can be availed at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Income Tax Benefit
Premium paid under the policy is eligible for Tax rebate under section 80C. Maturity benefit under this policy is tax free under section 10 (10 D) of income tax act.
Proposal Form
Form No 300.
| Product Summary | LIC's Amrit Baal plan is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan. This is an Endowment plan with Guaranteed Additions designed to meet higher educational and other needs of children. Various options to choose sum-assured for risk coverage and payment of benefits. The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Limited Premium and Single Premium payment. The proposer has to choose one of the options at the proposal stage itself and mention the same in addendum to the proposal form subject to the eligibility conditions.The premiums and benefits shall vary as per the Option chosen and cannot be altered subsequently. |
|---|---|
| Premium Payment Mode | Yearly, Half Yearly, Quartely, Monthly(SSS and NACH) |
| Annuity Mode | - |
| Optional Benefits | - |
| Term | 25 - Age at entry |
| Premium Paying Term | For Limited Premium Payment: 5, 6 & 7 years For Single Premium Payment: Single Pay |
| Minimum Age at Entry | 0 years (30 days completed) |
| Maximum Age at Entry | 13 Year (Last Birthday) |
| Annuity Options | - |
| Minimum Purchase Price | - |
| Deferment Period | - |
| Joint Annuity | - |
| Maximum Cover Ceasing Age | - |
| Maturity Age at Entry | 13 years (last birthday) |
| Sum Assured | -Minimum Rs. 2,00,000/ and Maximum No Limit. However, the maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy. |
| Maturity Benefit | - |
| Death Benefit | - |
| Minimum Basic Sum Assured | Rs. 2,00,000/ |
| Minimum age at the end of Premium Paying Term | - | Maximum Maturity Age | 25 years (last birthday) |
| Minimum Premium | - |
| Maximum Premium | |
| Minimum Basic Sum Assured | - |
| Sum Assured on Death | - |
| Minimum Sum Assured | Rs. 1,00,000 |
| Maximum Sum Assured | No Limit (Subject to other conditions) |
| Guaranteed Additions | - |
| Survival Benefits | - |
| Riders Available | No riders for life assured but Premium Waiver Benefit (PWB) available for proposer. |
| Accidental Death and Disability benefit (ADDB) | Not available |
| On Death | Death Benefit payable, on death of the Life Assured, during the policy term after the date of commencement of risk but before the stipulated date of maturity, provided the policy is in-force, shall be “Sum Assured on Death” along with accrued Guaranteed Additions for in-force policy. Where, “Sum Assured on Death” shall be as per the Option (I, II, III or IV) selected at the time of purchasing the policy. (1). The death benefit under Limited Premium payment (Option I & Option II) shall not be less than 105% of the ‘Total Premiums Paid’ upto the date of death. (2). However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk (as specified under Eligibility tab) the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest. |
|---|---|
| On Survival | On the 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. |
| On detection of Early Stage Cancer | - |
| On detection of Major Stage Cancer | - |
| Settlement Option | - |
| Multiple Allowed | - |
| Surrender Value | Policy can be surrendered at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy. |
| Loan | Loan can be availed at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy. |
| Income Tax Benefit | Premium paid under the policy is eligible for Tax rebate under section 80C. Maturity benefit under this policy is tax free under section 10 (10 D) of income tax act. |
| Proposal Form | Form No 300. |
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