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LIC’s Amritbaal (Plan 774, UIN 512N365V02) is a non-participating, non-linked individual savings life insurance plan designed to help parents build a financial corpus for a child’s higher education and other future needs. The plan offers a choice of single premium or limited premium payment. Under limited payment, the premium-paying term can be 5, 6 or 7 years, while the policy term can generally range from 10 to 25 years. Single-premium policies have a minimum policy term of 5 years. The selected maturity age can be between 18 and 25 years, subject to eligibility conditions. Guaranteed Additions accrue at ₹80 per ₹1,000 of Basic Sum Assured at the end of each policy year for an in-force policy. At maturity, the Basic Sum Assured is payable along with accrued Guaranteed Additions. The minimum Basic Sum Assured is ₹2 lakh, and there is no stated maximum subject to LIC underwriting. An optional Premium Waiver Benefit Rider is available for eligible limited-premium policies. This is a non-par plan, so it does not participate in LIC bonuses or surplus.
Child-focused savings plan with guaranteed additions of ₹80 per ₹1,000 Basic Sum Assured each policy year.
Amritbaal is designed for parents who want to plan a future lump sum for a child and prefer benefits defined by the policy rather than market-linked returns. The guaranteed additions provide a clear formula: ₹80 for every ₹1,000 of Basic Sum Assured for each policy year while the policy remains in force. For example, a ₹5 lakh Basic Sum Assured accrues ₹40,000 in Guaranteed Additions for each full policy year under the stated formula; the total depends on the policy term and applicable policy conditions. LIC’s brochure illustrates a ₹5 lakh Basic Sum Assured for a standard life aged 5 with a 20-year policy term. For limited payment, the annual premium shown is ₹99,625 for a 5-year premium term, ₹84,275 for 6 years and ₹73,625 for 7 years under Option I, before taxes. These are brochure examples, not universal quotes. Buyers should compare the chosen death-benefit option, premium affordability, inflation impact and surrender or paid-up consequences before committing. The plan is intended for child-focused savings, not as a substitute for a separate adequate term life policy for the earning parent. Premium Waiver Benefit Rider eligibility and terms should be checked before purchase.
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Guaranteed Additions accrue at ₹80 per ₹1,000 of Basic Sum Assured at the end of every policy year for an in-force policy, from inception to the end of the policy term.
For a ₹5 lakh Basic Sum Assured, this formula equals ₹40,000 per policy year. Actual payable benefits depend on the policy remaining eligible and in force.
If the life assured survives to the stipulated maturity date and the policy is eligible, the Basic Sum Assured is payable along with accrued Guaranteed Additions.
The Basic Sum Assured on Maturity equals the Basic Sum Assured. Settlement in instalments may be available under the policy conditions.
The plan allows a maturity age between 18 and 25 years, subject to entry age, selected policy term and the policy rules.
Choose the maturity age based on the child’s expected education or other future funding needs.
The proposer can choose a single premium or limited premium payment. Limited premium terms are 5, 6 or 7 years.
The policy term and available payment choices differ by premium option.
Different Sum Assured on Death formulas apply to limited-premium Options I and II and single-premium Options III and IV.
The available option must be selected at purchase and cannot subsequently be changed. Refer to the official brochure for the formula and conditions.
If the proposer dies during the applicable rider term, future premiums due under the base policy may be waived according to the rider conditions.
Available only with eligible limited-premium policies. The rider premium cannot exceed 30% of the base-plan premium, and the rider Sum Assured cannot exceed the base-plan Sum Assured on Death.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
LIC’s Amritbaal is a non-participating, non-linked individual savings life insurance plan designed to build a corpus for a child’s higher education and other future needs. Its UIN is 512N365V02.
The minimum entry age is 30 days completed and the maximum entry age is 13 years last birthday. The available maturity age is between 18 and 25 years last birthday, subject to the selected policy term and eligibility rules.
For an in-force policy, Guaranteed Additions accrue at ₹80 per ₹1,000 of Basic Sum Assured at the end of every policy year from inception to the end of the policy term. For example, a ₹5 lakh Basic Sum Assured corresponds to ₹40,000 per policy year under this formula.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The minimum Basic Sum Assured is ₹2 lakh. There is no fixed maximum stated in the brochure, but the amount is subject to LIC’s underwriting decision. Sum Assured multiples depend on the Basic Sum Assured slab.
You can choose single-premium payment or limited-premium payment. Under limited payment, the premium-paying term is 5, 6 or 7 years. The minimum policy term is 10 years for limited payment and 5 years for single payment.
Premium depends on the child’s age, Basic Sum Assured, policy term, payment option and selected death-benefit option. In LIC’s brochure illustration for a standard life aged 5, a ₹5 lakh Basic Sum Assured and 20-year policy term, the annual premium under limited-payment Option I is ₹99,625 for a 5-year premium term, ₹84,275 for 6 years and ₹73,625 for 7 years, excluding taxes. These are illustrative figures, not personalised quotes.
If the life assured survives to the stipulated maturity date and the policy is eligible, the Basic Sum Assured is payable along with accrued Guaranteed Additions. The Basic Sum Assured on Maturity equals the Basic Sum Assured.
The formula depends on the selected option. Under limited-premium Option I, Sum Assured on Death is the higher of 7 times the annualised premium or Basic Sum Assured. Under Option II, it is the higher of 10 times the annualised premium or Basic Sum Assured. Single-premium Options III and IV use separate formulas. Accrued Guaranteed Additions are payable for an eligible in-force policy, and the policy’s minimum-benefit provisions apply where specified.
The plan is non-participating and provides specified Guaranteed Additions and contractual benefits, subject to policy conditions. It does not participate in LIC bonuses or surplus. Compare the actual policy benefit illustration before deciding whether the benefits meet your goal.
The Premium Waiver Benefit Rider may be available for eligible limited-premium policies for an additional premium. If the proposer dies during the rider term, future base-plan premiums may be waived subject to the rider conditions. The rider is not available through POSP-LI/CPSC-SPV channels.
Yes. Eligible maturity benefits may be received in instalments over 5, 10 or 15 years instead of a lump sum, subject to the policy conditions, minimum instalment amount and the required election deadline.
The plan allows an eligible death benefit to be taken in instalments over 5, 10 or 15 years instead of a lump sum, subject to the policy rules and minimum instalment amounts.
A policy loan facility may be available after the policy meets the applicable requirements. The available amount, interest rate and other conditions are determined by LIC’s current policy rules.
The outcome depends on the premium option, the number of premiums already paid and whether the policy has acquired paid-up value. Under limited-premium Options I and II, paying less than one full year of premiums and then allowing the grace period to expire can result in the policy benefits ceasing without a refund of premiums. Check the policy document before discontinuing payments.
Check LIC’s official Amritbaal page for the current sales brochure, policy document and customer information sheet: https://licindia.in/web/guest/lic-s-amritbaal-774-512n365v02