LIC Amritbaal – Plan No. 774
An independent, plain-language look at LIC Amritbaal (Plan No. 774, UIN 512N365V02) — what it offers, who it may suit, and what to check before buying.
Currently Available Child Plan UIN: 512N365V02
What Is LIC Amritbaal?
LIC's Amritbaal is a child-focused, non-linked savings plan that can be taken by a parent or grandparent on the life of a child, designed to build a fund payable at stages that typically align with a child's higher education or early-career milestones. If the proposer (parent/grandparent, i.e. the life assured under the plan) dies during the term, a death benefit is paid and future premiums are typically waived while the policy benefits continue.
Key Features
- Can be structured with staggered payouts around a child's key life stages
- Premium waiver benefit on the life assured's death, so the child's benefit is not disrupted
- Participates in LIC bonuses, where applicable
- Entry ages and term options are defined by LIC's current plan rules
Who May Consider This Plan
- Parents specifically planning for a child's higher education or early milestones
- Grandparents wanting to set aside a dedicated fund for a grandchild
Important Considerations
Child plans work best when the payout schedule is matched to when the money will actually be needed — for example, around the start of a professional degree. It's worth mapping the child's current age against the plan's payout structure before choosing the term.
Example Scenario
Illustrative only: A parent insuring a 5-year-old child's future might choose a term structured so that payouts begin roughly when the child turns 18-21, coinciding with higher education costs. Exact staggered payout ages depend on the term chosen under current plan rules.
LIC Amritbaal FAQs
Structures vary by LIC child plan; Amritbaal is designed around the parent/grandparent as proposer with benefits tied to the child's milestones, including a premium waiver benefit — confirm the exact structure for the current plan version with S. Kulkarni.
A death benefit is paid and, under the premium waiver benefit, future premiums are typically waived while the policy continues to provide the child's benefits as scheduled, per the plan's current terms.
Discuss LIC Amritbaal With S. Kulkarni
Get a personalised illustration and understand how this plan compares with alternatives for your goal.