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LIC Amrit Bal: 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. LIC Amrit Bal Plan has been specially designed to secure the future of children, where along with investment, insurance cover is also available.

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.

By investing in LIC Amrit Bal Scheme, you can create a long-term fund for your child.

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. LIC Amrit Bal Yojana works similarly keeping in mind the needs of children.

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). These flexible options in LIC Amrit Bal make it easy for every parent.

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. Taking LIC Amrit Bal scheme online becomes even more beneficial.

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. These guaranteed additions to LIC Amrit Bal make the returns even stronger.

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. LIC Amrit Bal Plan similarly gives priority to family security.

Other benefits 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. These extra benefits in LIC Amrit Bal make it more attractive.

Why is this the best policy for children?

LIC Amrit Bal plan is very useful for those parents who want their child’s education and dreams not to be hindered 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. LIC Amrit Bal Scheme makes the future of children truly like nectar.