LIC Amritbaal 774 is a non-linked, non-participating child savings plan. It adds a guaranteed ₹80 per ₹1,000 of sum assured every policy year and pays sum assured plus all additions when the child turns 18 to 25. Children from 30 days to 13 years can be covered. For a 1-year-old with ₹5 lakh cover maturing at 18, the maturity is ₹11,80,000 and our estimated premium is ₹1,06,056 a year for 5 years.
Amritbaal 774 Premium & Maturity Calculator
Your estimate
guaranteed: sum assured + additions
- Premium per instalment
- ₹1,06,056
- Policy term
- 17 years
- Total premium paid
- ₹5,30,280
- Guaranteed addition per year
- ₹40,000
- Guaranteed additions
- ₹6,80,000
- Sum assured on deathplus guaranteed additions accrued
- ₹7,42,392
- Age at maturity
- 18 years
- Total premium paid₹5,30,28045%
- Net gain₹6,49,72055%
Year-wise premium and guaranteed additions
| Policy year | Child’s age | Premium paid | Guaranteed additions | Guaranteed additions so far |
|---|---|---|---|---|
| 1 | 2 years | ₹1,06,056 | ₹40,000 | ₹40,000 |
| 2 | 3 years | ₹1,06,056 | ₹40,000 | ₹80,000 |
| 3 | 4 years | ₹1,06,056 | ₹40,000 | ₹1,20,000 |
| 4 | 5 years | ₹1,06,056 | ₹40,000 | ₹1,60,000 |
| 5 | 6 years | ₹1,06,056 | ₹40,000 | ₹2,00,000 |
| 6 | 7 years | ₹0 | ₹40,000 | ₹2,40,000 |
| 7 | 8 years | ₹0 | ₹40,000 | ₹2,80,000 |
| 8 | 9 years | ₹0 | ₹40,000 | ₹3,20,000 |
| 9 | 10 years | ₹0 | ₹40,000 | ₹3,60,000 |
| 10 | 11 years | ₹0 | ₹40,000 | ₹4,00,000 |
| 11 | 12 years | ₹0 | ₹40,000 | ₹4,40,000 |
| 12 | 13 years | ₹0 | ₹40,000 | ₹4,80,000 |
| 13 | 14 years | ₹0 | ₹40,000 | ₹5,20,000 |
| 14 | 15 years | ₹0 | ₹40,000 | ₹5,60,000 |
| 15 | 16 years | ₹0 | ₹40,000 | ₹6,00,000 |
| 16 | 17 years | ₹0 | ₹40,000 | ₹6,40,000 |
| 17 | 18 years | ₹0 | ₹40,000 | ₹6,80,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Amritbaal Plan 774?
LIC Amritbaal Plan 774 is a child savings plan with life cover on the child. It is non-linked (no market exposure) and non-participating (no bonus). Its main feature is a guaranteed addition of ₹80 for every ₹1,000 of basic sum assured, added every policy year. At the maturity age you choose, between 18 and 25, the plan pays the sum assured plus all these additions as one amount. That makes it a predictable way to fund college fees or other big expenses.
LIC relaunched Amritbaal with effect from 1 October 2024 to meet IRDAI’s revised product rules. Plan 774 is the version currently sold.
Amritbaal 774 at a glance
| Feature | Details |
|---|---|
| Plan number | 774 |
| Plan type | Non-linked, non-participating individual savings plan |
| Life assured | The child |
| Entry age | 30 days to 13 years |
| Maturity age | 18 to 25 years |
| Policy term | Maturity age − entry age |
| Premium paying term | 5, 6 or 7 years (limited pay) or single premium |
| Minimum sum assured | ₹2,00,000, no upper limit |
| Guaranteed addition | ₹80 per ₹1,000 sum assured per policy year |
| Modes | Yearly, half-yearly, quarterly, monthly (NACH), single |
| UIN | 512N365V02 |
| Status | Active |
Eligibility
| Condition | Limit |
|---|---|
| Minimum entry age | 30 days (completed) |
| Maximum entry age | 13 years (last birthday) |
| Maturity age | 18 to 25 years |
| Minimum policy term | 10 years (limited pay), 5 years (single premium) |
| Maximum policy term | 25 years |
A 13-year-old can still be covered. For example, a single-premium policy maturing at 18, or a limited-pay policy maturing at 23 or later.
How the premium is calculated
The calculator follows the sample premiums in LIC’s sales brochure. For a 5-year-old with ₹5 lakh cover and a 20-year term, LIC lists ₹99,625 a year for 5-year pay (Option I), ₹84,275 for 6 years, ₹73,625 for 7 years and a single premium of ₹3,89,225. The brochure gives only this one term, so for other terms the calculator scales the premium by the guaranteed maturity value, discounted at the yield the brochure premium itself implies (roughly 5.4% to 6.2% a year). Death cover Option II/IV and online purchase (10% off the tabular premium for limited pay, 2% for single premium) are also applied. LIC also gives a rebate for sums assured from ₹3.5 lakh, but it does not publish the amounts, so premiums above ₹5 lakh may be a little lower than shown and those below it a little higher. No GST is added. Individual life premiums have been GST-free since 22 September 2025.
Worked example 1: a 1-year-old child, ₹5 lakh sum assured, maturity at 18 (17-year term), 5-year premium payment.
- Estimated premium: ₹1,06,056 a year for 5 years, or ₹9,131 a month
- Total premiums: about ₹5,30,280 (yearly mode)
- Guaranteed additions: ₹40,000 a year × 17 = ₹6,80,000
- Maturity at 18: ₹11,80,000
Worked example 2: a 3-year-old, ₹10 lakh sum assured, maturity at 21, 7-year payment. The estimated premium is about ₹1,53,974 a year. Guaranteed additions come to ₹14,40,000, so the maturity value is ₹24,40,000.
Premium chart for ₹5 lakh maturing at 25 (from the calculator; the age-5 row is LIC’s published sample):
| Child’s age | 5-year pay | 6-year pay | 7-year pay | Single premium |
|---|---|---|---|---|
| 0 | ₹88,132 | ₹74,336 | ₹64,824 | ₹3,32,210 |
| 5 | ₹99,625 | ₹84,275 | ₹73,625 | ₹3,89,225 |
| 10 | ₹1,09,951 | ₹93,282 | ₹81,641 | ₹4,45,231 |
Only the age-5 row comes straight from LIC; the others are estimates. The maturity value is fixed by the plan’s formula, but always compare with the premium in LIC’s benefit illustration before you sign.
Tip: starting early helps twice. The additions run for more years, and the premium for the same maturity age is lower. Limited pay needs a policy term of at least 10 years, so if your child is 10 or older, choose a maturity age of 20 or later (or a single premium).
Maturity benefit
On surviving to the maturity date, the child (or the policyholder, if the child is still a minor) receives:
Basic sum assured + all guaranteed additions, with no bonus uncertainty. Because each year’s addition is a fixed ₹80 per ₹1,000, you can work out the maturity value yourself: sum assured × (1 + 0.08 × policy term). For a quick comparison with other plans, try the LIC maturity calculator.
The maturity amount can also be taken in instalments over 5, 10 or 15 years instead of a lump sum. This option helps if the money is meant for several years of college fees.
Death benefit
If the child dies after risk has commenced, the nominee receives the sum assured on death plus the guaranteed additions accrued so far. You choose the sum assured on death at the start:
- Limited pay: Option I is the higher of the basic sum assured or 7 times the annualised premium; Option II is the higher of the basic sum assured or 10 times. The death benefit is never less than 105% of premiums paid.
- Single premium: Option III is the higher of the basic sum assured or 1.25 times the single premium; Option IV is 10 times the single premium.
Option II and IV cost slightly more. For children under 8 at entry, risk starts two years after the policy date or at the policy anniversary after age 8, whichever is earlier; until then only a return of premiums is paid.
Other benefits: rider, loan and surrender
- Premium Waiver Benefit rider: an optional rider. If the parent or proposer dies during the premium term, future premiums are waived and the policy continues.
- Loan: after one full year’s premium (limited pay) or three months from the start (single premium).
- Surrender: possible after one full year’s premium under limited pay, or at any time under single premium. Exiting early returns less than the maturity value.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old regime. The maturity amount is generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium stays within the prescribed share of the sum assured and total yearly premiums on policies issued from 1 April 2023 do not exceed ₹5 lakh. A single premium is large relative to the sum assured, so check the 10(10D) condition carefully with your tax adviser before choosing it.
Who should consider Amritbaal?
It fits parents who:
- want a fixed, known amount at 18 to 25 for education, without market or bonus risk;
- prefer to finish paying within 5 to 7 years, or have a lump sum ready for a single premium;
- are comfortable locking money away for the full term.
It is not a substitute for life cover on the parent. The earning parent’s term plan protects the family’s income; Amritbaal only builds savings for the child. Compare it with the money-back style New Children’s Money Back 732 and Jeevan Tarun 734, or use our child plan calculator to line them up.
How to use this calculator
- Enter the child’s age and the maturity age you want.
- Type the sum assured, or drag the slider.
- Choose 5, 6 or 7-year pay or single premium.
- For limited pay, pick the payment mode.
- Read the premium, yearly guaranteed addition, total additions, maturity value and death benefit, then scroll through the year-wise table. Use Share result to send the scenario to your family or agent.
Frequently asked questions
What is LIC Amritbaal Plan 774?
It is LIC's savings plan for children, relaunched with effect from 1 October 2024. It is non-linked and non-participating, so it pays no bonus. Instead it adds a guaranteed ₹80 for every ₹1,000 of basic sum assured each policy year, all paid out at maturity with the sum assured.
How is the Amritbaal maturity amount calculated?
Maturity = basic sum assured + (₹80 × sum assured ÷ 1,000 × policy term). For ₹5 lakh and a 17-year term that is ₹5,00,000 + ₹6,80,000 = ₹11,80,000. The amount is guaranteed as long as all premiums are paid.
What is the entry and maturity age in Amritbaal?
The child can be 30 days to 13 years old at entry. The policy can be set to mature at any age from 18 to 25, and the policy term is the maturity age minus the entry age: at least 10 years for limited pay and 5 years for single premium, up to 25 years.
What are the premium payment options in Amritbaal 774?
You can pay for 5, 6 or 7 years (limited pay) or once (single premium). Limited-pay premiums can be paid yearly, half-yearly, quarterly or monthly through NACH.
What happens if the child dies during the policy?
The nominee receives the sum assured on death plus guaranteed additions accrued up to that point. The sum assured on death is at least the basic sum assured, or a multiple of the premium depending on the option chosen. For very young children, full cover starts only after the risk-commencement date in the policy.
Can I get a loan against LIC Amritbaal?
Yes. A loan is available after one full year's premium under limited pay, or three months after the start of a single-premium policy. The loan amount depends on the surrender value.
Is there GST on the Amritbaal premium?
No. Premiums on individual life insurance policies, including child plans, have been exempt from GST since 22 September 2025. The premium in the calculator is the full amount payable.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.