Planning for your child’s future is a critical responsibility. From higher education to marriage, important milestones require strong financial support. LIC Amritbaal Plan 774 offers a reliable way to systematically save and build a corpus to meet these goals. Let’s explore its features, benefits, and how tools like a maturity calculator can help you plan better.
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LIC Amritbaal Plan 774
LIC Amritbaal is a Non-Participating, Non-Linked, Individual, Life Insurance Savings Plan. It offers guaranteed returns without being tied to market risks. The plan builds a financial cushion for your child, ensuring funds are available when they are most needed.
This plan can be purchased both offline through agents and online via the LIC website. It also provides flexible options in terms of maturity age and premium payment.
Key Features of LIC Amritbaal (774)
LIC Amritbaal Plan 774 is packed with attractive features to meet different financial needs. Some highlights include:
- Guaranteed Additions of ₹80 per ₹1000 Basic Sum Assured (BSA) each year.
- Flexible maturity age between 18 and 25 years.
- Premium Payment Options like Limited Pay (5, 6, or 7 years) and Single Pay.
- Death Benefit Options based on the selected coverage structure.
- Optional Premium Waiver Benefit (PWB) Rider for added protection.
- Loan facility against the policy after satisfying certain conditions.
- Settlement Options to receive maturity or death benefits in installments.
With these benefits, LIC Amritbaal becomes a comprehensive savings and protection plan for your child.
Eligibility Criteria for LIC Amritbaal Plan 774
Understanding the eligibility parameters is essential before purchasing the plan. Here’s a quick overview:
| Criteria | Details |
|---|---|
| Minimum Entry Age | 30 days completed |
| Maximum Entry Age | 13 years |
| Minimum Maturity Age | 18 years |
| Maximum Maturity Age | 25 years |
| Policy Term | Maturity Age – Entry Age |
| Premium Paying Term | 5, 6, or 7 years (Limited Pay) or Single Premium |
| Basic Sum Assured | Minimum ₹2,00,000, no maximum limit |
The plan is structured to cater to a wide range of financial timelines for your child.
Understanding Risk Commencement and Vesting
Risk commencement marks when the life insurance cover actually begins under the policy.
- For children under 8 years, risk starts two years after the policy starts or immediately after their 8th birthday, whichever is earlier.
- For children aged 8 or above, the risk cover begins immediately from the policy issuance.
On the child’s 18th birthday, the policy automatically vests in their name, making them the contract holder.
LIC Amritbaal Plan 774: Benefits
The core benefits make this plan stand out among child insurance products:
- Maturity Benefit: On survival till maturity, the policyholder gets the Basic Sum Assured plus all accumulated Guaranteed Additions.
- Guaranteed Additions: ₹80 for every ₹1000 BSA is added annually, boosting your savings steadily.
- Death Benefit: Sum Assured on Death plus accrued Guaranteed Additions. Death benefit options vary depending on whether you choose Limited or Single Premium payment.
The LIC Amritbaal Plan 774 ensures that your child’s dreams are financially protected even in unforeseen circumstances.
How to Use LIC Amritbaal 774 Plan Calculator
Using an online LIC Amritbaal calculator can simplify your planning:
- Estimate maturity amount based on chosen Sum Assured and policy term.
- Calculate premium payments based on Limited or Single Pay options.
- Visualize how Guaranteed Additions grow your corpus year-on-year.
A maturity calculator helps you adjust your coverage according to your savings goals and your child’s future milestones.
Additional Flexibility Through Riders and Settlement
LIC offers the Premium Waiver Benefit Rider, which waives future premiums if the proposer passes away during the premium-paying term. This ensures that your child’s policy remains active without any financial burden.
Settlement options allow maturity or death benefits to be received in instalments over 5, 10, or 15 years, instead of a lump sum. This provides a regular income stream if required.
Premium Payment and Grace Period Details
- Payment modes include Yearly, Half-yearly, Quarterly, and Monthly (NACH only).
- Grace period of 30 days (Yearly, Half-yearly, Quarterly) or 15 days (Monthly) is allowed for premium payments.
- If a premium is unpaid beyond the grace period, the policy lapses but can be revived within 5 years, subject to conditions.
Managing premium payments smartly ensures uninterrupted policy benefits.
Rebates and Discounts Available
Policyholders can enjoy:
- High Sum Assured Rebates based on the coverage amount.
- Online Sale Rebate: 10% for Limited Premium and 2% for Single Premium plans bought online.
These incentives can lower your overall cost, making the plan even more appealing.
Policy Loan and Surrender Options
- A loan facility is available after paying one full year’s premium (Limited Pay) or after three months for Single Premium.
- Maximum loan amount is up to 90% of the Surrender Value.
- Policies can be surrendered after paying required minimum premiums, with the higher of Special or Guaranteed Surrender Value being paid out.
These features add liquidity to the plan when you need it most.
LIC Amritbaal Plan 774 Brochure PDF Download
Download the LIC Amritbaal Plan 774 Brochure PDF for official, in-depth information. Explore eligibility, premium options, guaranteed additions, maturity/death benefits, riders, and detailed terms & conditions directly from LIC to make an informed decision for your child’s future.
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FAQs
Q.1: Can I calculate my LIC Amritbaal maturity amount online?
Yes, you can easily calculate it using a dedicated LIC Amritbaal Plan 774 maturity calculator. It helps you estimate your maturity corpus based on your selected Sum Assured and policy term.
Q.2: Is the LIC Amritbaal Plan 774 a good investment for my child’s education?
LIC Amritbaal Plan 774 is a strong choice for building a guaranteed savings fund for your child’s higher education, thanks to its fixed returns, Guaranteed Additions, and flexible payout options.