LIC Child Plan

LIC’s Amritbaal
(A Non)– Par, Non-Linked,

Life, Individual, Savings Plan) LIC’s Amritbaal is a, Non-Par, Non-Linked, Life, Individual, Savings plan. The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of your child. It facilitates the accumulation of corpus through Guaranteed Addition. This is a non-participating product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence, the policy is not entitled to any discretionary benefits like a bonus, etc., or share In Surplus. This Plan can be purchased offline through Licensed agents. Corporate agents, Brokers, Insurance Marketing Firms, and Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centres (CPSC-SPV) as well as Online directly through website www.licindia.in. 1. KEY FEATURES: •Guaranteed Addition Rs. 80 per thousand Basic Sum Assured throughout the Policy Term. •Option to choose Life Insurance coverage for your child as per the needs. • 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. •Option to choose Premium Waiver Benefit rider on payment of additional premium. • Benefit of attractive High Sum Assured Rebate. • Takes care of liquidity needs through loan facility. 2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS: i. Minimum Age at entry 0 years (30 days completed) ii. Maximum Age at entry 13 years (last birthday) iii. Minimum Age at maturity 18 years (last birthday) iv. Maximum Age at maturity 25 years (last birthday) 3 v. Minimum Policy Term Limited Premium Payment: 10years Single Premium Payment: 5years vi. Maximum Policy Term Limited Premium Payment: 25 years Single Premium Payment: 25 years In case of policies procured through POSP-LI/CPSC-SPV: 20 years vii. Premium Payment Term Limited Premium Payment: 5, 6 & 7 years Single Premium Payment: Single Pay viii. Minimum Sum Assured Rs. 2,00,000/- ix. Maximum Basic Sum Assured No Limit, subject to underwriting decision* (*The maximum Basic Sum Assured allowed to each individual will be subject to underwriting decision as per the Board Approved Underwriting Policy.) x. Basic Sum Assured Multiples The Basic Sum Assured shall be in the multiples of amount specified below: Date of commencement of risk: In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at entry, risk will commence immediatelyi.e. from the Date of issuance of policy. Date of vesting under the plan:The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured. 3. BENEFITS: Benefits payable under an in-force policy shall be as under: A. Death Benefit: The proposer shall have an option to choose “Sum Assured Basic Sum Assured Range Sum Assured Multiple (Rs.) From Rs. 2,00,000/- to Rs. 24,00,000/- 25,000/- above Rs. 24,00,000/- 50,000/- 4 on Death” as per the two options available under each of Single Premium and Limited Premium payment. The options should be chosen carefully depending on your child’s specific needs, as the premium & benefits under the plan shall vary as per the option chosen and the same shall not be altered later. Premium Payment Option Sum Assured on Death Limited Premium Payment Option I Higher of • 7 times of Annualized Premium; or • Basic Sum Assured Option II Higher of • 10 times ofAnnualized Premium;or • Basic Sum Assured Single Premium Payment Option III Higher of • 1.25 times of SinglePremium;or • Basic Sum Assured Option IV 10 times of Single Premium Note: In the above mentioned table, i. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums. ii. “Single Premium” shall be the premium amount chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums, if any. Death benefit payable in case of death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, provided the policy is in-force, shall be “Sum Assured on Death” along with Accrued Guaranteed Additions for in-force policy. The“ Sum Assured on Death” shall be as per the Option selected as detailed in the Table above. The death benefit under Limited Premium payment (Option I & Option II) shall not be less than 105% of “Total Premiums Paid” upto the date of death. Where, “Total Premiums Paid” means total of all the premiums