Highlights of LIC Amritbaal Plan 774

• Guaranteed Additions of ₹80 for every ₹1,000 of Basic Sum Assured each policy year
• Child Entry Age ranges from 30 days to 13 years
• Maturity Age options available between 18 and 25 years
• Minimum Basic Sum Assured starts at ₹2,00,000 with no upper limit
• Flexible premium payment choices including Single Premium or Limited Pay options of 5, 6, or 7 years
• Attractive rebates offered on higher Sum Assured amounts
• Option to enhance coverage with the Premium Waiver Benefit Rider

Securing a child’s future is among the top financial priorities for every parent. Child-focused life insurance plans not only offer financial protection but also help build a substantial fund for higher education, marriage, and other major milestones in life. Among the various options available, the LIC Amritbaal Plan 774 has recently become a popular choice for parents seeking long-term financial security for their children.

What is LIC Amritbaal Plan 774?

The LIC Amritbaal Plan 774 is a non-linked and non-participating savings-oriented life insurance policy specially created for children’s future financial security. The plan combines guaranteed benefits with life insurance protection, allowing parents to create a reliable financial fund for important milestones such as higher education, marriage, and other future expenses.

Introduced as a revised and reintroduced policy from 1st October 2024, this plan has been designed in accordance with the latest IRDAI guidelines and regulations. It offers flexible premium payment choices along with guaranteed maturity benefits, while keeping the policy completely free from market-related risks. Parents or legal guardians can buy this policy for children starting from as young as 30 days old up to 13 years of age.

Main Benefits and Highlights of LIC Amritbaal Plan 774

This child insurance plan includes several valuable features that make it a strong option for long-term financial security and future planning:

• Guaranteed Additions: The policy provides a guaranteed addition of ₹80 for every ₹1,000 of Basic Sum Assured each year during the policy term, helping increase the maturity value consistently.
• Choice of Maturity Age: Parents can select the child’s maturity age anywhere between 18 and 25 years according to future financial requirements and life goals.
• Flexible Premium Payment Modes: The plan offers convenient payment choices including Single Premium and Limited Pay options of 5, 6, or 7 years, making premium payments easier to manage.
• Life Coverage Benefit: In case of the child’s unfortunate death during the policy term, the nominee receives the death benefit along with accumulated guaranteed additions.
• Premium Waiver Benefit Rider: An optional rider is available that waives all future premiums if the proposer, such as a parent or guardian, dies during the premium payment period.
• Policy Loan Facility: Loans can be taken against the policy after paying the required number of premiums, offering financial support during emergencies.
• Installment Settlement Option: Instead of receiving the maturity amount as a lump sum, policyholders can opt to receive payouts in installments over 5, 10, or 15 years.
• Income Tax Advantages: Premiums paid under the plan qualify for tax deductions under Section 80C, while maturity benefits are eligible for tax exemption under Section 10(10D) of the Income Tax Act.

Detailed Overview of LIC Amritbaal Plan 774 Benefits

LIC Amritbaal Plan 774 works as a combination of savings and life insurance protection, specially designed to secure a child’s financial future. Below are the key advantages of the plan explained in a simple manner:

1. Maturity Benefit

If the child survives until the completion of the policy term, the maturity payout includes the Basic Sum Assured along with all accumulated Guaranteed Additions. Since these benefits are guaranteed, the plan helps create a secure financial fund for the child’s future needs.

2. Guaranteed Additions

The policy adds a guaranteed amount of ₹80 every year for every ₹1,000 of the Basic Sum Assured. These additions continue throughout the policy duration and significantly increase the final maturity corpus over time.

3. Death Benefit Protection

In case of the unfortunate death of the child during the policy term, the nominee receives whichever is higher of the following:

• Sum Assured on Death based on the selected premium payment option, or
• 10 times the annualized premium paid

Additionally, future premiums under the policy are waived, while the policy benefits continue as applicable.

4. Survival Benefit Payments

The plan also offers survival benefits when the child reaches the ages of 18, 20, and 22 years. These payouts can help meet important expenses such as higher education, skill development, or other financial requirements.

5. Loan Facility Advantage

Policyholders can avail of a loan against the policy after paying at least one full year’s premium under Limited Pay options or after three months’ premium in Single Premium mode. This feature provides additional financial support during emergencies or urgent situations.

6. Flexible Settlement Options

Instead of taking the maturity or death benefit amount as a one-time lump sum, policyholders can choose to receive the benefits in installments over 5, 10, or 15 years. This option helps ensure a regular and stable flow of income for future expenses.

Extra Features and Rider Options in LIC Amritbaal Plan 774

Premium Waiver Benefit (PWB) Rider

The Premium Waiver Benefit Rider is an optional add-on that keeps the child’s policy active even if the proposer, such as a parent or guardian, passes away during the premium payment term. Under this rider, all future premiums are waived while the policy benefits continue uninterrupted.

Loan Facility with Lower Interest Rates

LIC also provides loan benefits against the policy at concessional interest rates, especially for policies purchased for a girl child. This feature helps families handle urgent financial requirements with a comparatively lower repayment burden.

Premium Payment Modes and Grace Period

The policy allows multiple premium payment modes, including:

• Yearly
• Half-yearly
• Quarterly
• Monthly mode through NACH only

To avoid immediate policy lapse, LIC provides a grace period for premium payments:

• 30 days for yearly, half-yearly, and quarterly payment modes
• 15 days for monthly payment mode

If premiums are not paid even after the grace period, the policy may lapse. However, it can usually be revived within five years by fulfilling the required conditions.

Tax Advantages of LIC Amritbaal Plan 774

Apart from insurance protection and savings benefits, the plan also offers useful tax benefits under the Income Tax Act:

• Premiums paid under the policy are eligible for tax deduction under Section 80C.
• Maturity benefits, including Guaranteed Additions, are tax-exempt under Section 10(10D), subject to applicable tax rules and conditions.

These tax benefits improve the overall value and long-term returns of the investment.

Common Questions About LIC Amritbaal Plan 774

What is LIC Amritbaal Plan 774?

LIC Amritbaal Plan 774 is a non-linked and non-participating child savings insurance policy designed to provide guaranteed benefits along with life insurance protection for a child’s future financial needs.

Who is eligible to purchase LIC Amritbaal Plan 774?

This policy can be purchased by parents or legal guardians for children between the ages of 30 days and 13 years.

What is the minimum Basic Sum Assured available under the plan?

The policy requires a minimum Basic Sum Assured of ₹2,00,000, while there is no maximum limit on the sum assured.

Which premium payment options are available?

Policyholders can choose between Single Premium payment and Limited Pay options of 5, 6, or 7 years based on their financial convenience.

What maturity age options are provided in the policy?

The plan allows the child’s maturity age to be selected anywhere between 18 and 25 years.

Final Thoughts on LIC Amritbaal Plan 774

For parents looking to create a financially stable future for their children through guaranteed returns, life insurance protection, and flexible payment options, LIC Amritbaal Plan 774 can be a reliable option. Its child-oriented benefits, premium flexibility, loan facility, and optional riders such as the Premium Waiver Benefit Rider make it a well-rounded long-term financial planning solution.

Before investing, using an online LIC Amritbaal Plan 774 calculator can help estimate premiums, coverage benefits, and expected maturity value according to your financial goals.