💰 LIC Amritbaal Calculator
Calculate your child's future with guaranteed additions
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📋 Policy Summary
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🎯 Maturity Benefit Illustration
LIC Amritbaal is a Non-Par (do not pay dividend ),Non-Linked, Life, Individual and fully savings plan, which are offering guaranteed returns for a child future, with a guaranteed additions and flexible payout options. To Understanding the LIC Amritbaal maturity calculator, how is essential for parents and guardians seeking to estimate and calculate the total benefit receivable at maturity of term and thus how this plan befitted for child educational or other major milestones. This article will explores how the LIC Amritbaal maturity amount is calculated, highlights the structure behind the benefits, and explains how a maturity calculator works for this unique plan.
What Is LIC Amritbaal plan (774) ?
LIC’s Amritbaal Plan 774 (UIN: 512N365V02) is a Non-Par (do not pay dividend ) , non-linked (Not depend on share market), life, individual, savings plan. This plan is specifically designed for children future needs and helps accumulate a guaranteed corpus through regular additions to the sum assured. This plan have both option of purchase as either a single premium policy or a limited premium policy. They also offering several customizable features like premium waiver rider, settlement options in instalments, and loan facilities.
LIC Amritbaal plan – Eligibility Conditions
| Feature | Details |
|---|---|
| Plan Name | LIC’s Amritbaal (UIN: 512N365V02) |
| Type | Non-Participating, Non-Linked, Life, Individual, Savings Plan |
| Minimum Entry Age | 0 years (30 days completed) |
| Maximum Entry Age | 13 years (last birthday) |
| Minimum Maturity Age | 18 years (last birthday) |
| Maximum Maturity Age | 25 years (last birthday) |
| Minimum Policy Term | Limited Premium: 10 years,Single Premium: 5 years |
| Maximum Policy Term | Up to 25 years (Offline/Online), 20 years (POS Channel) |
| Premium Paying Terms | Limited: 5, 6, 7 years; Single: Single Pay |
| Sum Assured (Minimum) | ₹2,00,000 |
| Sum Assured (Maximum) | No limit (as per underwriting), up to ₹25 lakh (POS Channel) |
| Sum Assured Multiples | ₹25,000 (₹2L to ₹24L); ₹50,000 (above ₹24L) |
| Guaranteed Additions | ₹80 per thousand Basic Sum Assured/year for in-force policy |
| Maturity Benefit | Basic Sum Assured + Accrued Guaranteed Additions |
| Death Benefit (Limited Premium) | Option I: higher of 7x annualized premium/Basic Sum Assured; Option II: 10x or basic |
| Death Benefit (Single Premium) | Option III: higher of 1.25x single premium/Basic Sum Assured; Option IV: 10x single |
| Loan Facility | Yes, after 1 year for Limited Premium, after 3 months/Free-look for Single Premium |
| Surrender Benefits | Yes, after payment of at least 1 year’s premium (Limited), anytime for Single Premium |
| Policy Revival | Within 5 years from First Unpaid Premium, subject to terms |
| Rider Options | Premium Waiver Benefit (Limited Premium cases, offline/online only, not POS Channel) |
| Settlement Option | Maturity or Death Benefit payable in instalments over 5/10/15 years |
| Online Sale Rebate | Limited Premium: 10% discount; Single Premium: 2% discount on tabular premium |
| High Sum Assured Rebate | Yes, four slabs based on Sum Assured and other factors |
| Grace Period | 30 days (annual/half/quarterly); 15 days (monthly) |
| Free Look Period | 30 days from policy receipt |
| Tax Benefits | As per prevailing tax rules in India |
Relate post
LIC Dhan Rekha Plan (863) – Maturity Calculator
LIC Jeevan Pragati Plan Maturity Calculator (838)
Key Maturity Benefit of LIC Amritbaal plan
The maturity benefit under LIC Amritbaal is the sum of the Basic Sum Assured plus all accrued Guaranteed Additions, payable if the child (life assured) survives till the end of the policy term and the policy is in force.
Sum Assured on Maturity :-This is equals the Basic Sum Assured selected at time of policy buying.
Guaranteed Additions: This is at the rate of ₹80 per ₹1,000 of Basic Sum Assured for each policy year, throughout the policy term (as long as the policy remains in force).
Maturity Amount: On maturity, the policyholder receives the sum total of the Basic Sum Assured + total accrued Guaranteed Additions.
Maturity Calculation Formula
These are Maturity Calculation Formula of LIC Amritbaal plan which are used in the calculator .
Maturity Amount=Basic Sum Assured+(Policy Term (years)×Basic Sum Assured×80÷1,000)
real-life scenario for maturity calculation
If Raju has take this policy with the following input
- Policyholder chooses a Basic Sum Assured of ₹5,00,000
- Policy Term is 20 years
- Guaranteed Addition rate: ₹80 per ₹1,000 Sum Assured per year
- The policy is kept in force for the entire term
Step-by-step Calculation
1. Annual Guaranteed Addition:
= ₹5,00,000/1000=500
Each year, the policy earns:
=₹500 * ₹80= ₹40000
2. Total Guaranteed Additions over 20 years
= 40000*20= 800000
Maturity Amount:
- Maturity Benefit=Basic Sum Assured+Total Guaranteed Additions
- ₹5,00,000+₹8,00,000=₹13,00,000
At the end of 20 years, the life assured will receive ₹13,00,000 as the maturity benefit (provided the policy is in force and no loans are pending).
What is LIC Amritbaal plan ?
LIC Amritbaal is a Non-Par (do not pay dividend ),Non-Linked, Life, Individual and fully savings plan, which are offering guaranteed returns for a child future, with a guaranteed additions and flexible payout options.
Who can buy the LIC Amritbaal plan?
Any parent or guardian can purchase the LIC Amritbaal plan for a child aged 0 (30 days completed) to 13 years at entry.
What is the minimum and maximum sum assured?
There are minimum and maximum sum assured given below.
Minimum: ₹2,00,000
Maximum: No specified limit (subject to underwriting). For POSP-LI/CPSC-SPV channel, the maximum sum assured is ₹25,00,000
What are the premium payment options?
There are two option in which You can choose between:
1. Single Premium Payment
2. Limited Premium Payment: Pay for 5, 6, or 7 years
Sources:- official LIC website
