LIC Amrit Bal Scheme: Every parent strives to ensure a secure and prosperous future for their children. They explore various savings options to ensure they don’t run out of money during crucial stages like education, career, or marriage. Keeping this in mind, the Life Insurance Corporation of India (LIC) has launched a new scheme—the LIC Amrit Bal Scheme. This scheme offers the dual benefits of secure investment and insurance protection in the name of children.
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What is the LIC Amrit Bal Scheme?
The LIC Amrit Bal Scheme is a non-linked, traditional life insurance plan designed specifically for children. Under this scheme, parents can invest in their child’s name. The policy guarantees attractive returns along with insurance protection. The child must be at least 30 days old and at most 13 years old at the time of investment. The maturity age of the policy is set between 18 and 25 years, providing financial support during the child’s education, career, or marriage.
Flexibility in Premium Payment
Investors in the LIC Amrit Bal Yojana are offered several premium payment options. They can pay premiums monthly, quarterly, half-yearly, or annually. There is also the option to pay a single premium or for a limited period (5, 6, or 7 years). The minimum sum assured is ₹2 lakh, while there is no maximum limit. Investors who purchase this policy online also receive a special discount on premiums.
Guaranteed Additions and the Benefit of Better Returns
The most significant feature of this scheme is its Guaranteed Addition. An additional benefit of ₹80 per thousand of the basic sum assured is added every year while the policy is active. This means the amount increases as the years pass. If the child is under 8 years of age at the time of policy purchase, the risk cover begins after two years or on the policy anniversary. This ensures the child’s financial security even in the absence of the parents.
Additional Benefits and Loan Facility
The LIC Amrit Bal Plan also offers a premium waiver benefit rider. This means that if the parents are unable to pay the premiums for some reason, the policy remains in force. Furthermore, a loan against the policy is also available if needed.
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Why is this plan the best option for children?
While interest rates on traditional plans like bank FDs and RDs are no longer as attractive as before, the LIC Amrit Bal Plan has emerged as a reliable and secure option for children’s future. It offers guaranteed additions, insurance cover, and loan benefits all in one. This plan is ideal for parents who want long-term financial security for their children.