Planning for a child’s future is one of the most important financial goals for any parent. The life insurance policies designed specifically for children provide not only protection but also ensure a corpus for their education, marriage, or other important life events. One such plan that has gained much attention recently is the LIC Amritbaal Plan 774.

What is LIC Amritbaal Plan 774?

The LIC Amritbaal Plan 774 is a non-linked, non-participating life insurance savings plan designed exclusively to meet the future financial needs of children. It offers guaranteed returns along with life coverage, helping parents build a financial cushion for their child’s higher education, marriage, or other milestones.

This plan is a modified and re-launched version (effective from 1st October 2024) to comply with the latest regulations by IRDAI. It has been carefully crafted to provide flexible premium payment options and assured maturity benefits without exposing the policyholder to market risks. Parents or guardians can purchase this policy for their children as early as 30 days old up to the age of 13 years.

Tagline: “Bade Sapno Ka Rakh Ke Khyaal” (Taking care of big dreams)

For official details and brochures, you may visit the LIC India website.

Key Features of LIC Amritbaal Plan 774

The plan comes packed with features that make it suitable for long-term child financial planning:

• Guaranteed Additions: The plan offers a guaranteed addition of ₹80 per ₹1000 of the Basic Sum Assured every year throughout the policy term, helping the corpus grow steadily.
• Flexible Maturity Age: You can choose the maturity age of your child to be between 18 and 25 years, based on your financial goals.
• Premium Payment Options: Choose from limited pay (5, 6, or 7 years) or Single Premium payment options, allowing flexibility based on cash flow.
• Death Benefit Options: On the unfortunate event of death of the child before maturity, the nominee receives the sum assured on death along with accrued guaranteed additions.
• Premium Waiver Benefit (PWB) Rider: Optional rider that waives off future premiums if the proposer (parent/guardian) passes away during the premium paying term.
• Loan Facility: You can avail loans against the policy after the completion of specific premium payments, providing liquidity when required.
• Settlement Options: Instead of a lump sum, benefits can be received as installments over 5, 10, or 15 years.
• Tax Benefits: Premiums paid are eligible for deductions under Section 80C, and maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act.

Eligibility and Policy Terms

Before investing, it is essential to understand whom this plan is suitable for and how its terms are defined.

Feature	Details
Minimum Age at Entry	30 days (completed)
Maximum Age at Entry	13 years (last birthday)
Minimum Maturity Age	18 years (last birthday)
Maximum Maturity Age	25 years (last birthday)
Basic Sum Assured	Minimum ₹2,00,000, no upper limit
Policy Term	Maturity Age minus Entry Age
Premium Paying Term	Limited Pay (5, 6, or 7 years), or Single Pay
Premium Payment Modes	Yearly, Half-Yearly, Quarterly, Monthly (NACH), or Single

This flexible term structure lets parents plan the policy tenure as per their child’s important future requirements.

Understanding the Benefits of LIC Amritbaal Plan 774

This plan serves both as a savings vehicle and a life insurance product focused on the child’s welfare. Here are the main benefits explained simply:

1. Maturity Benefit

If the child survives till the end of the policy term, the maturity amount payable is the Basic Sum Assured plus all accumulated Guaranteed Additions. This is a guaranteed amount, offering financial security for your child’s future.

2. Guaranteed Additions

Every year, an amount of ₹80 is added for every ₹1000 of the Basic Sum Assured as guaranteed additions. This bonus amount accrues through the policy duration, boosting the final corpus significantly.

3. Death Benefit

In the unfortunate event of the child’s death during the policy term, the nominee gets the higher of:

• Sum Assured on Death (which depends on the premium payment option chosen), or
• 10 times the annualized premium paid.

Plus, the policy benefits continue with all future premiums waived off.

4. Survival Benefits

The plan provides survival benefits at ages 18, 20, and 22 of the child, helping in phased financial support for education or other needs.

5. Loan Facility

Policyholders can take a loan against the policy after the payment of one full year’s premium in Limited Pay or three months’ premium in Single Pay options. This offers financial flexibility in emergencies.

6. Settlement Options for Maturity and Death Benefits

Instead of a lump sum, you can opt to receive policy benefits as installments over 5, 10, or 15 years, ensuring steady income flow for expenses.

How to Use LIC Amritbaal Plan 774 Calculator?

The LIC Amritbaal Plan 774 calculator is a handy online tool that helps prospective policy buyers estimate their premium amounts, maturity returns, and plan benefits based on different inputs. Here is a step-by-step guide to using the calculator effectively:

1. Visit the LIC official website or a trusted LIC calculator site like liccalculator.info or policybazaar.com.
2. Select LIC Amritbaal Plan 774 from the list of LIC policies.
3. Enter your details, such as:
   • Child’s age (entry age)
   • Basic Sum Assured you want to choose
   • Policy term or maturity age (between 18 and 25 years)
   • Premium paying term (Limited Pay or Single Pay)
   • Premium payment frequency (Yearly, half-yearly, etc.)
4. Submit the details to get the premium payable each year (or premium mode selected) and the estimated maturity amount along with guaranteed additions.
5. You can adjust parameters (like sum assured or premium paying term) to see how these changes affect premiums and maturity amounts.

Using this calculator lets you plan your payments and expected benefits clearly, helping take better financial decisions.

Additional Plan Flexibilities and Riders

Premium Waiver Benefit (PWB) Rider

This optional rider protects your child’s policy by waiving future premiums if the proposer (parent or guardian) dies during the premium paying term, ensuring uninterrupted policy benefits.

Loan Benefits with Concessional Interest

Particularly for girl child policies, LIC offers a reduced interest rate on loans taken against the policy, helping parents manage liquidity needs with lower financial burden.

Premium Payment and Grace Period

• Payment modes allowed include Yearly, Half-yearly, Quarterly, and Monthly (NACH only).
• A grace period of 30 days for yearly, half-yearly, and quarterly payments, and 15 days for monthly mode is provided to pay premiums before policy lapses.
• If premiums remain unpaid beyond the grace period, the policy lapses but can be revived within five years under certain conditions.

Tax Benefits of LIC Amritbaal Plan 774

The policy offers attractive tax benefits making it a tax-friendly savings instrument:

• Premiums paid qualify for deduction under Section 80C of the Income Tax Act.
• Maturity proceeds, including guaranteed additions, are tax-free under Section 10(10D), subject to compliance.

These tax advantages enhance the overall return on investment.

What Makes LIC Amritbaal Plan 774 Different?

• It is specifically designed for children’s future needs, unlike general endowment plans.
• The guaranteed addition of ₹80 per ₹1000 sum assured annually is an appealing feature ensuring predictable growth.
• Various payment options and maturity ages provide flexibility tailored to family financial planning.
• It combines insurance protection with savings, making it a comprehensive child plan.

How to Buy LIC Amritbaal Plan 774?

You can buy this plan through:

• LIC’s official online portal, which often provides online purchase rebates.
• LIC agents and branches for personalized assistance.
• Trusted aggregator sites offering LIC policies online with promotional benefits.

Buying online can have advantages like:

• Special discounts on premium (10% for limited pay, 2% for single pay).
• Instant policy issuance without paperwork hassles.

Summary Table: LIC Amritbaal Plan 774 at a Glance

Feature	Details
Entry Age	30 days to 13 years
Maturity Age	18 to 25 years
Basic Sum Assured	Min ₹2,00,000, No max limit
Premium Paying Term	5, 6, or 7 years (Limited Pay), or Single Pay
Guaranteed Additions	₹80 per ₹1000 BSA per year
Death Benefit	Sum Assured on Death or 10x Annual Premium
Survival Benefits	Paid at 18, 20, 22 years of the child
Loan Facility	Available after completion of premium payments
Tax Benefits	Under Sections 80C & 10(10D)
Policy Lapse & Revival	Grace period 15-30 days; revival within 5 years
Premium Payment Modes	Yearly, Half-Yearly, Quarterly, Monthly (NACH)

Frequently Asked Questions

Conclusion

If your goal is to ensure a financially secure future for your child with guaranteed returns, insurance cover, and flexibility, then the LIC Amritbaal Plan 774 is an excellent choice. With its child-focused features, flexible premium options, and safety nets like premium waiver riders and loans, it stands out as a comprehensive solution.

Use the LIC Amritbaal Plan 774 calculator online to personalize your premium, coverage, and maturity expectations before investing.