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LIC Amritbaal Plan 874

Guaranteed Additions Child Plan Offline Calculator

Child's Entry Age
Policy Term
Sum Assured
PLAN DETAILS
Sum Assured
Child Entry Age
Policy Term
PPT
PREMIUM DETAILS
Mode Premium (Base) Total (with GST/Riders)
Yearly
Half-Yearly
Quarterly
Monthly
BENEFITS & MATURITY
Total Paid Premium
Basic Sum Assured
Guaranteed Additions (₹80/1000 SA Yearly)
Total Maturity (SA + GA)

Maturity values and premium calculations are indicative and based on latest declared rate cards. Actual values may vary.

LIC Amritbaal Plan 874 Overview

LIC Amritbaal Plan 874 is a child saving insurance plan replacing Plan 774. It offers extremely high guaranteed additions of ₹80 per ₹1,000 Sum Assured per year to accumulate a very substantial corpus for the child's higher education and other needs.

Eligibility & Rules

  • Entry Age: 0 (30 Days) to 13 Years
  • Maturity Age: 18 to 25 Years
  • Minimum Sum Assured: ₹2,00,000
  • Premium Paying Terms: Single, 5, 6, 7 Years

Key Plan Benefits

  • Death Benefit: Higher of Basic Sum Assured or 7 times annualized premium + Accrued Guaranteed Additions.
  • Maturity Benefit: Sum Assured on Maturity + Guaranteed Additions of ₹80 per ₹1000 SA per year.
  • Premium Waiver Benefit: In-built or optional rider ensures policy continues even if proposer dies.

Detailed Maturity Benefit

Sum Assured on Maturity + Guaranteed Additions calculated at ₹80 per ₹1,000 Sum Assured per year.

Standard Policy Features

  • Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
  • Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
  • Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
  • Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

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Parameter Value
Sum Assured ₹2,00,000
Child Age / Policy Term 5 Years / 20 Years
PPT (Premium Paying Term) 15 Years (till child age 20)
Yearly Premium (Approx) ₹12,500
Total Paid Premium (15 Yrs) ₹1,87,500
Guaranteed Additions (50/1000/yr x 20) ₹2,00,000
Guaranteed Maturity Amount ₹4,00,000
Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.
Calculating…