LIC Scheme: Nowadays, as soon as a child is born, parents start worrying about their future. They then begin to consider investing in a special scheme. If you are also thinking about investing, this scheme can be very useful for you. Currently, LIC is operating a special scheme to make people wealthy. This scheme is called the Amrit Bal Scheme.

This LIC scheme is designed to secure the future of children. Through this scheme, parents can accumulate a substantial amount of money for their children, which can be used in the future for their education, marriage, or other necessary expenses. This is a non-linked life insurance policy that provides insurance along with guaranteed returns.

For which age group of children is this plan?

This policy can be taken for children aged 30 days to 13 years. The child’s age should be between 18 and 25 years at the time of policy maturity. The premium payment period can be 5, 6, or 7 years for shorter policies and a maximum of 10 years. Additionally, you can also choose the single premium option, where the minimum sum assured is Rs. 2 lakh. The maturity amount can be received in installments like a money-back plan, in the 5th, 10th, or 15th year.

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How will the return be received?

In this LIC scheme, a guaranteed return of Rs. 80 is given for every Rs. 1000 of sum assured. This amount is added to the policy’s sum assured. For example, if you take out insurance of Rs. 1 lakh in your child’s name, LIC adds a guaranteed Rs. 8000. This bonus is added at the end of each policy year and continues to accumulate throughout the policy term.

How to buy the LIC policy?

This policy can be purchased both online and offline. The minimum sum assured is ₹2 lakh, and there is no upper limit. Premium payment options include monthly, quarterly, half-yearly, and annual installments. Additionally, you can choose a single premium or limited premium option, along with a waiver of premium benefit rider.

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Benefits of taking this policy

The Amrit Bal Scheme provides a guaranteed bonus and sum assured upon maturity. Furthermore, a ‘Sum Assured on Death’ option is also available. A premium return rider can be opted for by paying an additional premium. Loan facility is also available under this plan. This scheme provides parents with both financial security and peace of mind for their children’s future.

About the Author

Adarsh P

Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...

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