The biggest concern of every parent is that their child should never face financial crunch in future. From good school-college to marriage, ease is available on every front only when there is solid planning beforehand. Sensing this need, LIC has launched Amrit Bal Scheme, which not only provides life security but also has the potential of higher returns than FD and RD.
What is LIC Amrit Bal Scheme?
This is a non-linked, non-participating life insurance policy, which has been designed keeping in mind the future of children. Parents or guardians invest money in it in the name of the child, so that a big fund is prepared for studies, career or big dreams. Not only returns, but also insurance cover is available. This means that if any untoward incident happens, the future of the child remains safe.
Double benefit from extra bonus
The biggest wonder of this policy is its annual bonus. At the end of every policy year, a bonus of Rs 80 is added for every Rs 1000. At the end of the policy, all this adds up to a huge maturity amount, which gives more benefits than old investments like FD-RD.
How much money will have to be invested?
Minimum investment starts from Rs 2 lakh, with no upper limit. Spend as much as you want according to your pocket. If you buy online, you also get a discount on the premium, which makes the plan even cheaper.
Payment in lump sum or installments?
Absolutely a flexible option. Deposit the entire amount in one go with a single premium or choose regular premiums – monthly, quarterly, half-yearly or annually. It is your choice to choose the method as per the convenience of your family.
When will I get the maturity fund?
The maturity of the policy is between 18 to 25 years. When the child reaches this age, he will have a big corpus in his hands. This fund will prove to be perfect for heavy expenses like further education, foreign study, professional course or marriage.
Who can take this scheme?
The age of the child should be at least 30 days and maximum 13 years. Parents, grandparents or legal guardians can buy. If you start it immediately after birth, the financial foundation of the child will be strong from the very beginning.
Why better than FD-RD?
In FD-RD, the interest is fixed, the returns further reduce after tax is deducted. But in Amrit Bal Scheme, security+high return+bonus+long term benefits all together. Tax benefits also on maturity. This is the reason why it becomes the most solid choice for children’s future.
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