LIC Amritbaal 774
LIC’s Amritbaal provide these features :
- Flexibility to choose from Single Premium and Limited Premium Payment options.
- Option to select Life Insurance coverage for your child based on their needs.
- Flexibility to choose the maturity age for your child, ranging from 18 to 25 years.
- Option to receive benefits in instalments.
- Guaranteed addition of Rs. 80 per thousand Basic Sum Assured throughout the policy term.
- Option to add Premium Waiver Benefit rider with additional premium payment.
- Attractive High Sum Assured Rebate benefit.
- Loan facility to cater to liquidity needs.
Description
Benefits offered by this policy are:
- Death Benefit: The proposer can choose the “Sum Assured on Death” from the two options available under both Single Premium and Limited Premium payment.
- Maturity Benefit: If the Life Assured survives the stipulated Date of Maturity and the policy is in force, the insurer will pay the “Sum Assured on Maturity” along with the accrued Guaranteed Additions for an in-force policy. The “Sum Assured on Maturity” will equal the Basic Sum Assured.
- Settlement Option: The Policyholder can choose the Settlement Option for receiving the Maturity Benefit in instalments over a period of 5, 10, or 15 years, instead of a lump sum amount, under both an In-force and Paid-up policy.
- Grace Period: The insurer will allow a grace period of 30 days for the payment of yearly, half-yearly, or quarterly premiums. And 15 days for monthly premiums starting from the date of the First Unpaid Premium.
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 |
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| Maximum Policy Term | Limited Premium Payment: 25 years Single Premium Payment: 25 years |
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| Premium Payment Term | Limited Premium Payment: 5, 6 & 7 years Single Premium Payment: Single Pay |
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| 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.) |
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| Basic Sum Assured Multiples | The Basic Sum Assured shall be in the multiples of amount specified below:
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