LIC Amritbaal Plan 774 Calculator
Calculate Premium and Maturity Benefits for Your Child's Future
LIC Amritbaal Plan 774 - Calculation Results
Key Features of LIC Amritbaal Plan 774
- Guaranteed Additions: ₹80 per ₹1000 Basic Sum Assured each year
- Minimum Entry Age: 30 days completed
- Maximum Entry Age: 13 years
- Maturity Age: 18 to 25 years
- Minimum Sum Assured: ₹2,00,000
- Premium Payment Terms: 5, 6, 7 years or Single Premium
- Tax Benefits: Under Section 80C and 10(10D)
- Policy Loan: Available after paying premiums for required period
Planning your child’s future is one of the most important responsibilities for every parent. The cost of education, marriage, and other milestones keeps rising, and it’s essential to build a strong financial foundation early on. One of the trusted ways to do this in India is through child insurance plans, and LIC’s Amritbaal Plan 774 is a popular choice.
What is LIC Amritbaal Plan 774?
LIC Amritbaal Plan 774 is a non-linked, non-participating, individual children’s life insurance savings plan brought to you by the Life Insurance Corporation of India (LIC). It is designed to provide financial security to children for important life goals such as higher education and marriage.
The plan offers guaranteed returns without exposure to market risks, making it a reliable option for parents who want to build a sizable corpus for their child’s future. The policy matures when the child reaches the maturity age, chosen between 18 and 25 years.
Key Features of LIC Amritbaal Plan 774
- Guaranteed Additions: The plan offers guaranteed additions of ₹80 per ₹1000 basic sum. Assured annually, steadily increasing your maturity amount every year.
- Flexible Maturity Age: You can choose the maturity age of the child from 18 to 25 years based on your financial planning needs.
- Premium Payment Options: Includes limited pay options (5, 6, or 7 years) and single pay (one-time premium payment).
- Death Benefit: Provides financial protection with death benefits, ensuring the child’s financial security even in the proposer’s absence.
- Premium Waiver Rider: Optional rider that waives future premiums in case of the proposer’s untimely death during the premium-paying term.
- Loan Facility: Policyholders can avail loans against the policy after meeting certain criteria.
- Settlement Options: You can choose to receive maturity benefits either as a lump sum or in installments over a period of 5, 10, or 15 years.
- Tax Benefits: Eligible for tax deductions under Section 80C and tax-free maturity proceeds under Section 10(10D) of the Income Tax Act.
Eligibility Criteria
To avail of LIC Amritbaal Plan 774, the following eligibility conditions must be met:
| Criteria | Details |
|---|---|
| Minimum Entry Age | 30 days completed |
| Maximum Entry Age | 13 years last birthday |
| Minimum Maturity Age | 18 years last birthday |
| Maximum Maturity Age | 25 years last birthday |
| Policy Term | Maturity Age minus Entry Age |
| Premium Paying Term | 5, 6, or 7 years (Limited Pay) or Single Pay |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No upper limit (above ₹25 lakh in multiples of ₹50,000) |
Benefits of LIC Amritbaal Plan 774
The plan offers a combination of savings, protection, and flexibility:
Maturity Benefit
On the child’s survival till the maturity date, the policyholder receives the Basic Sum Assured plus all accumulated Guaranteed Additions. This corpus can be used for funding education, marriage, or other major expenses.
Death Benefit
In case of the death of the life assured before maturity, the nominee receives the Sum Assured on Death plus accrued Guaranteed Additions, ensuring that the child’s financial needs are met despite adversities.
Guaranteed Additions
The guaranteed addition of ₹80 on every ₹1000 of Basic Sum Assured each year enhances the corpus in a systematic manner.
Loan Facility
Policyholders can avail loans against their policy up to 90% of the surrender value, providing liquidity in times of financial need.
Flexible Payout Options
At maturity or death settlement, you can opt for a lump sum payment or installments over a period, providing financial flexibility.
Why Use the LIC Amritbaal Plan 774 Calculator?
Estimating your premiums and maturity amounts manually can be complicated and time-consuming. The LIC Amritbaal Plan 774 calculator simplifies this process by:
- Providing quick and accurate premium calculations based on your chosen plan options.
- Estimating the maturity benefit you can expect at the end of the policy term.
- Helping you choose the right sum assured and premium payment term according to your budget.
- Allowing better financial planning knowing the expected returns upfront.
- Offering transparency and convenience, reducing the need for lengthy consultations.
How to Use the LIC Amritbaal Plan 774 Calculator?
Using the calculator is straightforward:
- Visit the official LIC website or trusted financial portals that offer the LIC Amritbaal Plan 774 calculator.
- Enter the basic details, such as the child’s age, chosen maturity age, and Basic Sum Assured.
- Select your preferred premium payment option—Limited Pay (5, 6, or 7 years) or Single Pay.
- Choose the premium payment frequency (yearly, half-yearly, quarterly, or monthly).
- Click “Calculate” to see the premium amount and estimated maturity benefit.
- Adjust the inputs to see how different factors impact your premiums and benefits.
Premium Payment & Grace Period
- Premium modes available: yearly, half-yearly, quarterly, monthly (NACH).
- Grace period: 30 days for yearly, half-yearly, and quarterly; 15 days for monthly payments.
- Policies lapse if premiums are not paid within the grace period but can be revived within 5 years with conditions.
Rebate and Discounts
- Rebates on high Sum Assured policies help reduce premium outgo.
- Online purchase rebates: 10% for Limited Pay and 2% for Single Pay to encourage digital transactions.
Surrender and Loan Options
- Policies can be surrendered after paying the minimum required premium.
- Guaranteed and special surrender values protect your investment on early surrender.
- Loans up to 90% of surrender value can be availed with interest concession on girl child policies.
Tax Benefits
- Premiums paid are eligible for deduction under Section 80C of the Income Tax Act.
- Maturity proceeds, including guaranteed additions, are tax-free under Section 10(10D).
Frequently Asked Questions
What is LIC Amritbaal Plan 774?
It is a children’s life insurance savings plan by LIC that provides guaranteed returns for your child’s future needs like education and marriage.
Who is eligible to buy this plan?
Children aged 30 days to 13 years can be insured under this plan. The maturity age can be chosen between 18 and 25 years.
What are the premium payment options?
You can choose Limited Pay (5, 6, or 7 years) or Single Pay (one-time premium payment).
Is the maturity amount guaranteed?
Yes, you get Basic Sum Assured plus Guaranteed Additions every year, which accumulate until maturity.
Can I avail a loan against the policy?
Yes, loans up to 90% of the surrender value can be taken after paying premiums for at least 3 full years.
Are there any tax benefits?
Premiums paid qualify for deduction under Section 80C, and maturity proceeds with guaranteed additions are tax-free under Section 10(10D).
Conclusion
LIC Amritbaal Plan 774 is an attractive child insurance plan combining guaranteed returns, flexibility, and security. The plan is suitable for parents looking to secure their child’s higher education and other milestone expenses with peace of mind.
Using the LIC Amritbaal Plan 774 calculator makes policy planning easier and more transparent, helping you choose the best options to meet your financial goals.