LIC Amritbaal Calculator (Plan 774 / 874)
Official Table No. 774 / 874 (UIN: 512N365V01 / 512N365V02). Calculate child education premiums (5/6/7 Yrs PPT or Single Pay), contractual ₹80 per ₹1,000 SA Guaranteed Additions, and tax-free maturity at Ages 18 to 25.
LIC Amritbaal Plan
Guaranteed Additions of ₹80 per ₹1,000 SA per Year
Basic SA (₹10,00,000) + Contractual Guaranteed Additions (₹18,40,000)
Year-by-Year Policy Cashflow (Ages 2 to 25)
Scrollable table| Yr | Child Age | Premium (₹) | Accrued GA (₹80/1k) | Death Cover (₹) | Surrender Value |
|---|
Ready to Calculate LIC Amritbaal?
Enter your child's age, choose your premium payment term (5, 6, 7 yrs or Single Pay), and click Calculate to view the guaranteed ₹80/1k addition schedule and maturity returns.
- Contractual ₹80 per ₹1,000 SA Guaranteed Additions every year
- Short limited premium terms (5, 6, or 7 Years PPT) or Single Pay
- Flexible maturity ages from 18 to 25 years
- 100% Tax-Free under Section 10(10D)
- PWB Rider protecting child against parent's demise
Complete Guide to LIC Amritbaal (Plan 774 / 874)
LIC Amritbaal (Table No. 774 / 874, UIN: 512N365V01 / 512N365V02) is a breakthrough non-linked, non-participating, individual, savings life insurance plan created by the Life Insurance Corporation of India specifically to build a substantial guaranteed corpus for higher education, vocational specializations, overseas studies, and early-career establishment of children.
What distinguishes LIC Amritbaal from traditional participating child plans is its extraordinary contractual guarantee: Guaranteed Additions of ₹80 per ₹1,000 Basic Sum Assured per policy year, accrued at the end of every single policy year throughout the entire policy term. Unlike market-linked ULIPs or with-profits endowment plans whose returns fluctuate with economic cycles or annual bonus declarations, Plan 774 provides 100% sovereign-backed certainty. Parents can lock in short premium payment terms of **5, 6, or 7 years (or a single one-time premium)** while securing a massive maturity payout precisely when their child turns between 18 and 25 years old.
Key Plan Parameters & Eligibility Boundaries for Plan 774
LIC Plan 774 operates under flexible parameters designed to adapt to every family's educational timeline:
| Parameter | Official Specification (Plan 774 / 874) | Strategic Significance & Notes |
|---|---|---|
| Plan Nature | Non-Linked, Non-Participating, Individual Savings | Guaranteed returns unaffected by stock market or bonus fluctuations |
| Child Entry Age | Min: 30 Days Completed | Max: 13 Years (LBD) | Can be started for newborns, toddlers, or middle-school students |
| Maturity Age | Min: 18 Years | Max: 25 Years (Last Birthday) | Parents align maturity with the exact year of graduation or post-graduation |
| Policy Term (PT) | Limited Pay: 10 to 25 Years | Single Pay: 5 to 25 Years | Policy Term = Chosen Maturity Age - Child's Entry Age |
| Premium Paying Term (PPT) | Limited Pay: 5, 6, or 7 Years | Single Pay: 1-Time | Short funding window frees parents from long-term recurring liabilities |
| Minimum Basic Sum Assured | ₹2,00,000 (2 Lakhs) | Issued in multiples of ₹25,000; no upper ceiling |
| Maximum Basic Sum Assured | No Upper Limit | Subject to financial underwriting and parent's matching insurance cover |
| Guaranteed Additions (GA) | ₹80 per ₹1,000 Basic Sum Assured per year | Credits contractually at the end of each policy year from Year 1 to maturity |
| Maturity Benefit | Basic Sum Assured + Total Accrued GA (₹80/1k/yr) | Paid in a single tax-free lump sum upon surviving to chosen maturity age |
| Risk Commencement on Child | Age 8 or 2 years from inception (whichever earlier) | Immediate if entry age is >= 8 years |
| Policy Vesting | Automatic at Age 18 | Child becomes the official policyholder upon turning 18 |
| Premium Waiver Benefit (PWB) | Optional Rider for Proposer (Ages 18 to 55) | Waives all future limited premiums if the proposer passes away |
How the ₹80 per ₹1,000 Guaranteed Addition Engine Operates
To understand how wealth compounds under LIC Amritbaal, let us examine how the contractual ₹80/1,000 Guaranteed Additions accumulate across different policy terms for a ₹10,00,000 (10 Lakhs) Basic Sum Assured:
- 10-Year Policy Term (Maturity at Age 18, Entry Age 8):
Annual GA = ₹80,000. Total GA in 10 Yrs = ₹8,00,000.
Total Maturity Payout = ₹10,00,000 (BSA) + ₹8,00,000 (GA) = ₹18,00,000. - 15-Year Policy Term (Maturity at Age 18, Entry Age 3):
Annual GA = ₹80,000. Total GA in 15 Yrs = ₹12,00,000.
Total Maturity Payout = ₹10,00,000 (BSA) + ₹12,00,000 (GA) = ₹22,00,000. - 20-Year Policy Term (Maturity at Age 22, Entry Age 2):
Annual GA = ₹80,000. Total GA in 20 Yrs = ₹16,00,000.
Total Maturity Payout = ₹10,00,000 (BSA) + ₹16,00,000 (GA) = ₹26,00,000. - 23-Year Policy Term (Maturity at Age 25, Entry Age 2):
Annual GA = ₹80,000. Total GA in 23 Yrs = ₹18,40,000.
Total Maturity Payout = ₹10,00,000 (BSA) + ₹18,40,000 (GA) = ₹28,40,000.
🔒 100% Contractual Guarantee
Guaranteed Additions of ₹80/1,000 SA are printed on your policy bond, backed by the sovereign guarantee of the Government of India under Section 37 of the LIC Act, 1956.
⏳ Short Premium Paying Windows
Parents can complete their entire premium funding responsibility in just 5, 6, or 7 years (or via 1-time single pay) while the child is young, avoiding future cashflow strain.
🎯 Customized Maturity Timing
Choose maturity between ages 18 to 25 to fund milestone events: B.Tech/MBBS admissions at 18, graduation at 21, postgraduate studies at 23, or marriage at 25.
🛡️ Premium Waiver Rider Protection
If the proposer (parent) passes away during the limited payment term, all future premiums are waived by LIC while the child receives the full guaranteed maturity corpus.
Death Benefit Options Explained: Limited Pay vs Single Pay
LIC Plan 774 provides flexible life cover structures tailored to the proposer’s insurance needs:
1. Limited Premium Payment Options
- Option I: Higher of **7 times Annualized Premium** OR **Basic Sum Assured** + Accrued Guaranteed Additions.
- Option II (Recommended): Higher of **10 times Annualized Premium** OR **Basic Sum Assured** + Accrued Guaranteed Additions. (Option II provides higher life cover and ensures complete Section 10(10D) compliance).
2. Single Premium Payment Options
- Option III: Higher of **1.25 times Single Premium** OR **Basic Sum Assured** + Accrued Guaranteed Additions.
- Option IV: Higher of **10 times Single Premium** OR **Basic Sum Assured** + Accrued Guaranteed Additions.
High Sum Assured Rebates (Discount Structure)
LIC offers substantial tabular premium discounts per ₹1,000 Basic Sum Assured for larger capital investments:
| Basic Sum Assured Slab | Limited Pay Discount (per ₹1,000 SA) | Single Pay Discount (per ₹1,000 SA) |
|---|---|---|
| ₹2,00,000 to ₹4,75,000 | Nil (₹0.00) | Nil (₹0.00) |
| ₹5,00,000 to ₹9,75,000 | ₹4.00 per ₹1k SA | ₹15.00 per ₹1k SA |
| ₹10,00,000 to ₹24,75,000 | ₹6.00 per ₹1k SA | ₹25.00 per ₹1k SA |
| ₹25,00,000 and Above | ₹7.00 per ₹1k SA | ₹30.00 per ₹1k SA |
Comprehensive Comparison: Amritbaal vs Jeevan Tarun vs Children's Money Back vs Sukanya Samriddhi Yojana (SSY)
Examine how LIC Amritbaal compares against other leading child financial vehicles:
| Feature / Parameter | LIC Amritbaal (Plan 774 / 874) | LIC Jeevan Tarun (Plan 734) | Children's Money Back (Plan 732) | Sukanya Samriddhi Yojana (SSY) |
|---|---|---|---|---|
| Returns Model | Guaranteed ₹80 / ₹1k SA / Yr | Reversionary Bonuses + FAB | Reversionary Bonuses + FAB | Govt declared quarterly interest |
| Eligible Child | Boys & Girls (Age 0 to 13) | Boys & Girls (Age 0 to 12) | Boys & Girls (Age 0 to 12) | Girl Child Only (Age 0 to 10) |
| Premium Paying Term | 5, 6, 7 Yrs or Single Pay | Pay till Age 20 (PPT = 20 - Age) | Pay till Age 25 (Full Term) | Pay for 15 Years |
| Maturity Age | Ages 18 to 25 (Flexible) | Fixed at Age 25 | Fixed at Age 25 | 21 Years from opening / Marriage |
| Parent Death Waiver | Yes (PWB Rider) | Yes (PWB Rider) | Yes (PWB Rider) | No Waiver |
| Life Risk Cover | Yes (7x, 10x, or BSA + GA) | Yes (Full BSA + Bonus) | Yes (Full BSA + Bonus) | No Life Cover |
| Tax Exemption | 100% Tax-Free u/s 10(10D) | 100% Tax-Free u/s 10(10D) | 100% Tax-Free u/s 10(10D) | 100% Tax-Free (EEE) |
In-Depth Case Study: 7-Year Limited Funding for a 2-Year-Old Child
Case Profile: Advait (Child Age: 2 Years) | Father: Vikram (Age: 32)
- Basic Sum Assured: ₹10,00,000 (10 Lakhs)
- Target Maturity Age: 25 Years (Policy Term: 23 Years)
- Premium Paying Term (PPT): 7 Years Limited Pay (Premiums cease when Advait turns 9!)
- High SA Rebate (₹6/1k) & Yearly Mode Rebate (2%): Applied
- PWB Rider: Included on Father's life
- Annual Premium (Year 2 to 7): ~₹1,35,516/year (incl. 2.25% GST)
- Total Premiums Paid across 7 Years: ~₹9,51,596 (No further premiums after age 9)
Guaranteed Financial Milestone at Age 25:
- Years 1 to 23 (Ages 2 to 25): Guaranteed Additions accrue at ₹80,000 every year (₹80/1k on ₹10L). Total GA accrued = ₹18,40,000.
- At Age 25 (Final Maturity):
Basic Sum Assured: ₹10,00,000
Accrued Guaranteed Additions: ₹18,40,000
Total Guaranteed Maturity Corpus: ₹28,40,000 (100% Tax-Free) - Net Wealth Created: ₹28,40,000 - ₹9,51,596 = ₹18,88,404 pure tax-free surplus!
- In Event of Father's Demise during Year 4: All remaining premiums for Years 4, 5, 6, 7 are 100% waived by LIC under the PWB Rider. Advait receives the exact same guaranteed ₹28,40,000 at age 25.
Tax Benefits Under Section 80C and Section 10(10D)
LIC Amritbaal delivers complete tax shelter benefits under the Indian Income Tax Act:
- Section 80C Deduction: Premiums paid by the parent qualify for income tax deduction under Section 80C up to ₹1,50,000 per financial year (under the Old Tax Regime).
- Section 10(10D) Full Exemption: The entire maturity proceeds (Sum Assured + Accrued Guaranteed Additions) and death benefit settlements are **100% Tax-Free** with zero deductions.
- Zero TDS: No Tax Deducted at Source (TDS) applies to maturity or death claim payouts under Section 10(10D).
100% Digital Onboarding with Authorized LIC Advisor
Securing your child’s educational roadmap with LIC Amritbaal (Plan 774 / 874) can be completed online within minutes:
- Generate Customized Quote: Use the calculator above to choose child’s age, funding mode (5/6/7 yr PPT or Single Pay), and target maturity age.
- Connect with Licensed LIC Advisor: Contact licensed LIC Agent Code `LIC10031212` (Lalkuan Branch, Uttarakhand) directly on WhatsApp at `+91 8419943250`.
- Digital Document Submission: Submit child’s birth certificate and parent’s Aadhaar/PAN cards securely.
- Direct Online Payment: Pay the premium directly to LIC of India through UPI, Net Banking, or Debit Card.
- Instant Digital Policy Bond: Receive the official e-Policy Bond directly in your email and DigiLocker within 24 to 48 hours.