LIC: Amidst rising inflation, bearing the huge expenses of children’s education and marriage has become the biggest challenge for the common man. If you are looking for a safe investment for your children, away from the risks of the stock market, then ‘Amritbal’ plan (Plan No. 774) of Life Insurance Corporation of India (LIC) can prove to be a great option. The biggest feature of this scheme is its guaranteed returns, in which you get a guaranteed bonus of Rs 80 on every sum assured of Rs 1000.
Guaranteed profit scheme
In traditional insurance policies, the returns often depend on the company’s profits, due to which the amount received on maturity may increase or decrease. But this is not the case with LIC Amritbal. This scheme works completely on ‘Guaranteed Addition’. This simply means that while the policy is in force, a fixed bonus of Rs 80 per Rs 1000 of sum assured will be added to your account every year. Amidst the uncertainties of the financial market, this is a very safe bet, which helps in generating a huge amount at the stipulated time.
Investment opportunity even for a newborn baby
This policy has been specially designed keeping in mind the future of children. The age conditions for starting investment have been kept very easy. You can easily open this account in the name of a child ranging from 30 days old to 13 years old. You can also decide the time of maturity as per your need between 18 to 25 years of age. That means, if you need money in the 18th year for your child’s college fees or in the 25th year for business, then you can choose the age as per your convenience. To pay the premium, there is the option of single payment or a shorter tenure of 5, 6, 7 years.
Study will not stop even if something unexpected happens
The biggest fear for any parent is what will happen to their children in their absence. To eliminate this fear, LIC has given the wonderful facility of ‘Premium Waiver Rider’ in Amritbal Plan. If any unfortunate incident happens to the proposer (parent) during the policy term, the child’s policy will not stop. All further premiums will be waived off and the plan will continue without any interruption. On completion of time, the child will get the full maturity amount.
You will get a big lump sum fund at the right age
When your child reaches the most important stage of life, he will get a huge lump sum amount from LIC. This fund will include your basic sum assured along with a guaranteed bonus of Rs 80 per thousand deposited every year. This money can easily cover big expenses like studying in a foreign university or marriage. This scheme is indeed a smart financial step to lay the foundation of a secure future in the name of children.
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