Product Summary
LIC’s Amrit Baal is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance plan. This is an Endowment plan with Guaranteed Additions designed to meet higher educational and other needs of children.
Under this plan, the premium can be paid either as Limited Premium with premium payment term of 5, 6 or 7 years or as Lump sum (Single Premium). The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Limited Premium and Single Premium payment.
This Plan can be purchased Offline through agent /other intermediaries including Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in.
ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN
| 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(Completed) |
| v | Minimum Policy Term | :Limited Premium Payment: 10 years : Single Premium Payment: 5 years |
| vi | Maximum Policy Term | : Limited Premium Payment: 25 years : Single Premium Payment: 25 years |
| vii | Premium Payment Term | : Limited Premium Payment: 5, 6 & 7 years : Single Premium Payment: Single Pay |
| vii | Minimum Sum Assured | : Rs. 2,00,000/- |
| ix | Maximum Basic Sum Assured | : No Limit. However, 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 ofamount specified below:Basic Sum Assured RangeBasic Sum Assured Multiple (Rs.)From Rs. 2,00,000/- to Rs. 24,00,000/-25,000/-above Rs. 24,00,000/-50,000/- |
Benefits under the Base Plan –
A. Maturity Benefit:
On the 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.
B. Death Benefit:
The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Limited Premium and Single Premium payment. The Proposer has to choose one of the options at the proposal stage itself and mention the same in addendum to the proposal form subject to the eligibility conditions.
| 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 of Annualized Premium; or • Basic Sum Assured | |
| Single Premium Payment | Option III | Higher of • 1.25 times of Single Premium; or • Basic Sum Assured |
| Option IV | 10 times of Single Premium |
C. Guaranteed Additions for In-force policy:
Under an in-force policy, the Guaranteed Additions shall accrue at the rate of Rs. 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.
OPTIONAL RIDER BENEFIT :
• LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)
OPTIONS AVAILABLE UNDER THE BASE PLAN :
i. Option to take Death benefit in instalments:
This is an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above during his/her lifetime; for full or part of Death benefits payable under the policy.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of Payments being as under:
| Mode of Instalment payment | Minimum instalment amount |
|---|---|
| Monthly | Rs. 5,000/- |
| Quarterly | Rs. 15,000/- |
| Half-Yearly | Rs. 25,000/- |
| Yearly | Rs. 50,000/- |
ii. Settlement Option (For Maturity Benefit):
Settlement Option is an option to receive Maturity Benefit in instalments over a period of 5 or 10 or 15 years instead of lump sum amount under an In-force as well as Paid-up policy.
This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:
| Mode of Instalment payment | Minimum instalment amount |
|---|---|
| Monthly | Rs. 5,000/- |
| Quarterly | Rs. 15,000/- |
| Half-Yearly | Rs. 25,000/- |
| Yearly | Rs. 50,000/- |
MODE OF PREMIUM PAYMENT :
Premium can be paid either under Limited Premium payment or Single Premium Payment options under this plan. In case of Limited Premium payment, premium can be paid regularly during the premium paying term with modes of premium payment Yearly, Half-Yearly, Quarterly or Monthly (through NACH only) or through salary deductions (SSS).
REBATES :
Rebate under Online Sale and Corporation’s Insurance Scheme (CIS)::
| Premium Payment | Online Sale Rebate (as a % of Tabular Annual / Single Premium) |
|---|---|
| Limited Premium (Option I & Option II) | 10% |
| Single Premium (Option III & Option IV) | 2% |
High Basic Sum Assured Rebate:
Under Limited Premium Payment (Under Option I & Option II):
| Rebate on tabular premium per Rs. 1000 Basic Sum Assured | ||||
|---|---|---|---|---|
| Basic Sum Assured Range (Rs.) | Maturity Age from 18 to 21 years | Maturity Age from 22 to 25 years | ||
| Entry Age up to 9 Years | Entry Age from 10 to 13 years | Entry Age up to 9 Years | Entry Age from 10 to 13 years | |
| Upto 3,25,000 | Nil | Nil | Nil | Nil |
| 3,50,000 to 4,75,000 | 2.60 | 2.60 | 2.85 | 2.60 |
| 5,00,000 to 9,75,000 | 4.55 | 4.55 | 5.55 | 4.55 |
| 10,00,000 to 24,50,000 | 6.80 | 6.80 | 8.35 | 6.85 |
| 25,00,000 and above | 8.20 | 8.20 | 10.00 | 8.20 |
Under Single Premium Payment (Under Option III & Option IV):
| Rebate on tabular premium per Rs. 1000 Basic Sum Assured | ||||
|---|---|---|---|---|
| Basic Sum Assured Range (Rs.) | Maturity Age from 18 to 21 years | Maturity Age from 22 to 25 years | ||
| Entry Age up to 9 Years | Entry Age from 10 to 13 years | Entry Age up to 9 Years | Entry Age from 10 to 13 years | |
| Upto 3,25,000 | Nil | Nil | Nil | Nil |
| 3,50,000 to 4,75,000 | 9.85 | 7.65 | 11.90 | 9.85 |
| 5,00,000 to 9,75,000 | 17.20 | 13.35 | 20.80 | 17.25 |
| 10,00,000 to 24,50,000 | 25.80 | 20.05 | 31.25 | 25.90 |
| 25,00,000 and above | 31.00 | 24.05 | 37.50 | 31.05 |
POLICY LOAN :
Loan facility shall be available during or after the deferment period under annuity options with Return of Premium/ Purchase Price. In case of regular premium payment, loan facility shall be available after at least two full years premiums have been paid under Options 2, 3, 4, 5, 6, 7 and 9. In case of single premium payment, loan facility shall be available at any time after three months from the completion of policy (i.e. 3 months from the date of issuance of policy) or after expiry of the free-look period, whichever is later, under Options 10 and 11. The maximum amount of loan that can be granted under the policy shall be such that the effective annual interest amount payable on loan does not exceed 50% of the annual annuity amount payable under the policy subject to maximum of 80% of Surrender Value (inclusive of Surrender value of Top-up annuity tranches, if any).
Taxes
Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other Constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of applicable taxes, as per the prevailing rates shall be payable by the policyholder on premiums (for base policy and Rider(s), if any) including extra premiums, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
The instructions regarding issues related to taxes will be issued separately by Taxation Department, Central Office, as applicable from time to time.