Amruth Bal (Plan 774) is a specialized children’s plan designed to provide a guaranteed income to children during critical stages of their life, such as education, marriage, and other important milestones. The plan offers a combination of protection and savings to secure your child’s future, ensuring that they receive a regular income at the right times, even if something were to happen to the parent/guardian.
Key Features:
- Guaranteed Income: Provides a fixed, guaranteed income for the child at specific milestones such as age 18, 21, and beyond, ensuring that the child is financially prepared for future needs like education, marriage, etc.
- Sum Assured on Death: In the unfortunate event of the death of the policyholder (parent or guardian), the Sum Assured along with bonuses is paid to the nominee immediately, and the child continues to receive the guaranteed income as per the policy.
- Child’s Future Security: In case of death of the policyholder during the policy term, the child continues to receive the guaranteed income, even though the policyholder is no longer present to pay premiums.
- Bonus Facility: Participates in LIC’s Profit-Linked Bonus system, which helps in increasing the value of the policy over time, making it an even better long-term savings instrument.
- Life Coverage: Provides risk cover until the child reaches maturity or the age of 25 years, whichever is applicable.
Eligibility Criteria:
- Minimum Entry Age: 20 years
- Maximum Entry Age: 50 years
- Policy Term: 15 to 25 years
- Minimum Basic Sum Assured: ₹1,00,000
- Maximum Basic Sum Assured: No upper limit
- Maximum Maturity Age: 25 years (for the child)
Benefits:
- Maturity Benefit: On surviving the policy term, the policyholder (child’s guardian) will receive the Sum Assured on Maturity, along with any bonuses accumulated during the policy term. This lump sum amount can be used for the child’s future education, marriage, or other important life events.
- Death Benefit: If the policyholder (parent or guardian) dies during the policy term, the Death Benefit consists of:
- The Sum Assured on Death (which is the basic sum assured)
- Any accrued bonuses
- After the death, the child will continue to receive the guaranteed income at the specified stages (18 years, 21 years, etc.), even though no further premiums will be required.
- Guaranteed Income:
- After the policyholder’s death, the policy will continue to provide annual guaranteed payouts for the child at pre-defined ages. The first income will be paid at the end of the policy term.
- Payments are made at different stages such as when the child reaches 18 years, 21 years, and onwards, based on the policy chosen.
- Bonus Facility:
- The policy participates in LIC’s Profit-Linked Bonus system, which is a discretionary bonus paid to eligible policyholders. The bonus amount can increase the policy’s final benefit at the time of maturity or death.
Premium Payment Options:
- Premiums are to be paid annually, semi-annually, or monthly (via ECS).
- Regular premium payments will be required throughout the policy term.
Loan Facility:
- You can avail of a loan against the policy after three years of premium payment. The loan amount will be based on the surrender value of the policy.
Exclusions:
- Suicide Clause: If the policyholder commits suicide within 12 months of the policy’s inception, the premiums paid (excluding extra premiums, if any) are refunded, but no additional death benefit is paid.
- Accidental Death and Dismemberment: If the policyholder dies due to a high-risk activity such as a hazardous job or adventure sport, the claim might be restricted unless the risk was clearly disclosed and accepted.
Example Scenario:
Policyholder: Ravi
Child’s Name: Priya
Age at Entry: 35 years
Policy Term: 20 years
Basic Sum Assured: ₹5,00,000
Annual Premium: ₹28,000 (approximate)
In Case of Death of the Policyholder (Ravi):
- Priya, the child, will continue to receive the guaranteed income (pre-defined as per the policy) at the specified stages, such as at age 18, 21, and more, even though the premiums are no longer paid.
- The Death Benefit will be provided to the nominee (spouse or legal heir).
In Case of Policyholder’s Survival (Ravi survives the term):
- Upon maturity, Ravi receives the Sum Assured on Maturity + Bonus accrued during the policy term.
- The sum will be paid as a lump sum, providing financial security for the child.
Why Choose Amruth Bal? Amruth Bal is ideal for parents and guardians looking to secure their child’s future by providing for their education, marriage, and other needs. It ensures long-term protection and a guaranteed income that will ease financial burdens during important life events.
This plan offers peace of mind to parents, knowing their child will have a stable financial foundation even if the unexpected happens.
Contact Us to Get Started:
Call/WhatsApp: +91 7036557621
Email: info@nalgondalic1969.in
Visit: Jeevan Jyothi Buildings, Beside Court, Nalgonda, 508001
Secure your child’s future with Amruth Bal today!