LIC of India new children plan going to launch on 1st. October 2024 which name is LIC Amritbaal Plan 774 (Table no 774) is a Gauranteed Additions plan. LIC Amritbaal Plan 774 is a limited premium and single premium payment policy, So that you can choose the option of LIC premium payment as per your wish.

LIC’s Amritbaal plan 774 is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan. The plan is specifically designed to have an adequate corpus to meet the higher education and other financial needs of your child and provides risk cover on the life of child during the policy term.

It facilitates accumulation of corpus through Guaranteed Addition Rs. 80 per 1000 Basic Sum Assured throughout the Policy Term.

Please Note: You can buy now online LIC Amritbaal Plan 774 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

LIC Amritbaal Plan 774 - Key Features

• Guaranteed Addition 80 per 1000 Basic Sum Assured throughout the Policy Term
• A plan to fulfill requirement child Higher education and Marriage
• Limited premium and single premium payment option available
• Option to choose Life Insurance coverage for your child as per the needs
• Premium waiver rider available in this policy for child safety
• Paid premiums are exempted from income tax under sec 80C
• Maturity amount is tax free under sec 10(10D)
• Flexibility to
  • Choose from Single Premium and Limited Premium Payment.
  • Choose the maturity age from 18 to 25 years for the various needs of your child
  • Opt for payment of benefit in instalments.
• Loan benefits 1% less interest charge if loan taken on her (girl child) policy

Eligibility/Parameters of LIC Amritbaal Plan 774

Minimum Age at
entry0 years (30 days completed)Maximum Age at
entry13 years (last birthday)Minimum Age at
maturity18 years (last birthday)Maximum Age at
maturity25 years (last birthday)Minimum Policy
TermLimited Premium Payment: 10 years
Single Premium Payment: 5 yearsMaximum Policy
TermLimited Premium Payment: 25 years
Single Premium Payment: 25 yearsPremium Payment
TermLimited Premium Payment: 5, 6 & 7 years
Single Premium Payment: Single PayPremium Payment
ModeYearly, Half Yearly, Quarterly, Monthly and SingleSum AssuredRs. 2,00,000 to No Limit

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Benefits

Death Benefit

Death before commencement of Risk.Death BenefitIf the policy holder expire before the date of commencement of Risk.An amount equal to the total amount of premium paid – (Taxes + Extra premium + Rider premium) shall be payableIf the policy holder expire After the date of commencement of Risk.

Sum Assured + Accrued Gauranteed Bonus

Sum Assured on death is Higher of:

(For Limited Premium Payment)

For Option (1)

1. 7 times of annualised premium
2. Basic sum assured

For Option (2)

1. 10 times of annualised premium
2. Basic sum assured

(For Single Premium Payment)

For Option (3)

1. 1.25 times of single premium
2. Basic sum assured

For Option (4)

10 times of single premium

Maturity Benefit

On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with accrued Guaranteed Additions for in-force policy, shall be payable; where “Sum Assured on Maturity” is equal the Basic Sum Assured.

Maturity Amount = Basic Sum Assured + Accrued Gauranteed Bonus.

Date of commencement of risk
under the plan:

In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Date of vesting under the plan:

The policy shall automatically vest in the Life Assured completion of 18 years of age.

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Guaranteed Addition in LIC’s Amritbaal Policy 774

Under an in-force policy, the Guaranteed Additions shall accrue at the rate of 80 per thousand Basic Sum Assured at the end of each policy year from the inception till the end of Policy Term.

On death of Life Assured during the Policy Term under an in-force policy, the Guaranteed Additions in the year of death shall be payable for full policy year.

In case of surrender of an in-force policy, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy is surrendered.

​​​​​​LIC Amritbaal Plan 774 - Additional Information

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : LIC Amritbaal Plan 774 provides free locking period of 1 year.

Loan Facility: Loan after 1 year for limited premium and after 3 month after for single premium

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available by paying an additional premium subject to the eligibility conditions

Back Dating: Backdating is allowed within the same financial year, however, not before the plan’s launch date.

Revival: LIC Policy holders can revive the policy within 5 years of the first unpaid premium by paying all the due premiums.

Maturity amounts settlement options available: Maturity amounts can also be received through settlement options in instalments over 5, 10, or 15 years.

Proposal Forms: Proposal Form no. 300 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.