LIC Amritbaal Plan

• Plan Overview: Amritbaal is a savings and insurance plan designed exclusively for children, launched on 17th February 2024 by LIC of India.
• Primary Focus: This plan aims to secure a child’s **higher education and future financial needs**.
• Age Eligibility:
  • Entry Age: 30 days to 13 years
  • Maturity Age: 18 to 25 years
• Premium Payment Term: 5 years, 6 years, and 7 yearsli>
• Policy Term: Minimum 10 years and maximum 25 years (depending on entry age).
• Sum Assured: Minimum ₹2 lakhs
• Guaranteed Additions: ₹80 per ₹1,000 sum assured is added yearly till maturity.
• Maturity Benefits: Guaranteed lump sum payout at policy maturity.
• Illustration Examples:

  • For a 1-year-old child, a 7-year premium term for ₹10 lakhs sum assured:

    • 1.Annual Premium: ₹1,65,737
    • 2.Monthly Premium: ₹14,269
    • 3.Total Premium Paid: ₹11,38,751
    • 4.Maturity Lump Sum (Tax-Free): ₹23,60,000

  • For a 2-year-old child, a 20-year policy term for ₹10 lakhs sum assured:

    • 1.Annual Premium: ₹1,50,846
    • 2.Monthly Premium: ₹12,987
    • 3.Total Premium Paid: ₹10,36,434
    • 4.Maturity Lump Sum (Tax-Free): ₹26,00,000
• Loan Facility: Available after a certain period.
• Tax Benefits: Premiums are eligible for tax deductions under Section 80C.