LIC Amrit Bal Scheme
It is the desire of every parent to create a strong financial security for their children with their hard-earned money. Often people invest money in bank’s FD (Fixed Deposit) or RD (Recurring Deposit), but the interest received on these is no longer as attractive as before. If you also want that your investment becomes a big support in children’s education, career or marriage, then LIC’s ‘Amrit Bal’ scheme can prove to be a better option for you.
What is LIC Amrit Bal Scheme?
LIC Amrit Bal is a non-linked life insurance policy, which has been specially designed keeping in mind the future of children. In this plan, parents invest in the name of their child and in return they get good returns along with insurance protection. That means both security and savings facilities are available in one plan.
To invest in this policy, the age of the child should be at least 30 days and maximum 13 years. This policy matures when the child reaches the age of 18 to 25 years, so that the needs of education, college fees or career can be easily met at that time.
Premiums and investment options
The most important thing about this scheme is that you can pay the premium as per your convenience. Payment can be made monthly, quarterly, half yearly or annually. Apart from this, there is also an option to pay single premium or premium for a limited period (5, 6 or 7 years).
The minimum sum insured has been kept at ₹2 lakh, while there is no limit on the maximum amount. That means you can invest as much as you want. If you buy it online, you can also get the benefit of discount on premium.
Bumper returns and guaranteed benefits
Another great feature of this policy is that at the end of every year, the policy holder gets a Guaranteed Addition of Rs 80 per thousand of the basic sum assured. This facility is available only when your policy remains active.
If the child is less than 8 years of age at the time of taking the policy, the risk cover starts after two years or from the policy anniversary. This facility ensures that the child’s future remains secure even if anything untoward happens to the parents.
Other benefits related to the policy
The option of Premium Waiver Benefit Rider is also available in LIC Amrit Bal Scheme. Meaning, even if the parents are unable to pay the premium for some reason, the child’s policy remains in force. Along with this, loan facility is also available if needed.
Why is this the best policy for children?
LIC Amrit Child Plan is very useful for those parents who do not want their child’s education and dreams to stop due to lack of money. It not only gives an insurance protection but also gradually builds a strong fund. While returns are limited in schemes like FD or RD, this scheme gives you both guaranteed addition and insurance protection.