LIC Amrit Bal Scheme
The biggest concern of every parent is that their children should never face financial difficulties in the future. From good school, college to marriage, every responsibility becomes easy only when some strong plan is prepared in advance. Understanding this need, LIC has come up with a plan which not only provides security but also gives better returns than FD and RD. This scheme is LIC Amrit Bal Scheme.
What is LIC Amrit Bal Scheme?
Amrit Child Scheme is a non-linked, non-participating life insurance policy specially designed keeping in mind the future of children. In this, parents or guardians invest in the name of their child so that a strong fund can be prepared for education, career or any big goal in the future. This scheme is not limited to just giving returns, but also provides insurance coverage. This means that if something untoward happens during investment, the child’s future still remains safe.
Benefit of extra bonus also
The most special thing about this policy is its annual bonus. A bonus of Rs 80 is available on every Rs 1,000 spent on completion of every policy year. This bonus gets added at the end of the policy to form a larger maturity amount, which gives higher returns than traditional investments like FDRD.
How much investment is required?
The minimum investment limit in this scheme starts from Rs 2 lakh. After this there is no upper limit for investment. You can invest as much as you want as per your capacity. Those who want to buy the policy online also get a discount on the premium, making the policy more affordable.
Also read:
In this scheme of post office, you will get Rs 7.5 lakh after 5 years, here is the complete calculation.
Does the amount have to be paid at once?
No, investing in this scheme is very flexible. You can deposit money as per your convenience. There are two options in this, first single premium i.e. depositing the entire amount at one go and regular premium i.e. investing in installments like monthly, quarterly, half yearly or annually. That is, it is completely up to the customer to choose the method of payment as per the financial convenience of the family.
When does the policy mature?
The maturity period of LIC Amrit Bal Scheme is between 18 years to 25 years. When the child reaches this age, he gets a huge fund in the form of maturity. This fund is used for major expenses like further education, study abroad, professional course or marriage.
Who can invest in this scheme?
To invest in this scheme, the minimum age of the child should be 30 days and maximum 13 years. Parents, grandparents or legal guardians can purchase this plan for the child. This means that this scheme can be taken even immediately after birth, so that a strong financial foundation can be laid in the name of the child from an early age.
Why is this plan better than FDRD?
The interest rates in FD and RD are limited and the returns become further reduced after tax deduction. At the same time, in Amrit Bal Scheme, security + return, big bonus, long term investment and tax benefits on maturity are also available. For all these reasons, this plan becomes a very strong option for the future of children.