Lic Amrit baal scheme details:
Guaranteed Additions:
The Guaranteed Additions is accrued 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.
Death Benefit:
Death Benefit = Sum Assured on Death + Accrued Guaranteed Additions
You have 4 options for Sum Assured on Death.
Single Premium
Option 1: Sum Assured on death = Higher of (7X Annual Premium, Basic Sum Assured)
Option 2: Sum Assured on death = Higher of (10X Annual Premium, Basic Sum Assured)
Limited Premium Payment
Option 3: Sum Assured on death = Higher of (1.25X Annual Premium, Basic Sum Assured)
Option 4: Sum Assured on death = 10X Annual Premium
Maturity Benefit:
Maturity Benefit = Basic Sum Assured + Accrued Guaranteed Additions
You are allotted Guaranteed Additions at the rate of Rs 80 per Rs 1000 of Sum Assured.
Date of Commencement of Risk:
For the life assured age below 8 years, risk will commence after 2 years from the date of commencement of the policy or from the policy anniversary coinciding or just after attaining the age of 8 years. For the life assured aged above eight years, risk will commence immediately
Option to take Death Benefit/Maturity Benefit in instalments:
This is an option to receive Death Benefit/ Maturity Benefit in instalments over a period of 5 or 10 or 15 years instead of lump sum amount
This option can be exercised by the Policyholder during his/her life time
The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being as under:
Free Look Period:
If the policyholder is unhappy with the “Terms and Conditions” of their policy, they can return the policy to the LIC of India within 30 days of receiving the electronic or physical copy of the policy document, whichever is earlier. They should also state the reasons for their objection.
Grace Period:
A grace period of 30 days is available for quarterly, half-yearly and yearly premium payment modes.
A 15-day grace period will be available for the monthly mode option. If the premium is not paid within this period then the policy will lapse after the grace period.
Alterations:
The following alterations can be allowed in the LIC’s Amritbaal during the policy term on request of the proposer/life assured.
Any change not involving a change in Base premium rates and corresponding benefit structure.
Reduction in term of the policy is subject to restrictions as per rules.
The inclusion of LIC’s Premium Waiver Benefit Rider. Including a rider is not applicable in the case of a plan sold through POSP-LI/CPSC-SPV. Conditions regarding alterations will follow the instructions issued by LIC of India’s CRM/PS department.
Revival:
Policyholders can revive the policy within 5 years of the first unpaid premium by paying all the due premiums.
Surrender:
Under Limited Premium Payment (Option I & Option II), the policyholder can surrender the policy at any time during the policy term provided two full years’ premiums have been paid. Under Single Premium Payment (Option III & IV), the policy can be surrendered at any time during the policy term.
If the life assured surrenders the policy after the lock-in period, then fund value will be paid to the life assured without any deduction. There are no discontinuation charges after the lock-in period.
Loan:
Limited Premium Payment (Option I & II): You can take out a loan after paying premiums for at least 2 full years.
Single Premium Payment (Option III & IV): You can borrow any time after 3 months from when your policy is issued OR after the free-look period ends, whichever is later.
The maximum loan that can be granted shall be as under:
Under Limited Premium payment (Option I & Option II):
• For in-force policies – upto 90% of Surrender Value.
• For paid-up policies – upto 80% of Surrender Value.
Under Single Premium payment (Option III & Option IV): upto75% of Surrender Value.
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