LIC’s Amritbaal life insurance plan: Important features to know

This is a non-participating product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus.

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Guaranteed Addition Rs 80 per thousand Basic Sum Assured throughout the Policy Term.

o Option to choose Life Insurance coverage for your child as per the needs.

o Flexibility to o Choose from Single Premium and Limited Premium Payment.

o Choose the maturity age from 18 to 25 years for the various needs of your child

o Opt for payment of benefit in instalments.

o Option to choose Premium Waiver Benefit rider on payment of additional premium.

o Benefit of attractive High Sum Assured Rebate.

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On 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.

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The options should be chosen carefully depending on your child’s specific needs, as the premium & benefits under the plan shall vary as per the option chosen and the same shall not be altered later.

Limited Premium Payment
Option I: Higher of o 7 times of Annualized Premium; or Basic Sum Assured; Option II: Higher of o 10 times of Annualized Premium; or \ Basic Sum Assured

Single Premium Payment
Option III: Higher of o 1.25 times of Single Premium; or Basic Sum Assured; Option IV: 10 times of Single Premium.

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According to the LIC website, “This is an option to receive Death Benefit in instalments over a period of 5 or 10 or 15 years instead of lump sum amount under an In-force as well as Paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/ Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.”
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments.

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As per the LIC website, “Settlement Option is an option to receive Maturity Benefit in instalments over a period of 5 or 10 or 15 years instead of lumpsum amount under an In-force as well as Paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.”

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