Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (Σt=1n at) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 10%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Amritbaal brochure (PDF)
In short (tl;dr)
Amritbaal is LIC's non-participating child plan. Premiums are paid over five to seven years while the guaranteed addition of ₹80 per ₹1000 accrues all the way to maturity.
Worked example: at 5, ₹5,00,000 of cover over 20 years costs ₹96,162 a year for 5 years and is projected to pay ₹13,00,000 at maturity, a return of 5.66% a year.
What is LIC Amritbaal?
Amritbaal (Plan 774) is written on a child's life, with entry from 30 days to 13 years and maturity between ages 18 and 25. The parent pays premiums for just five, six or seven years, but the Guaranteed Addition of ₹80 per ₹1000 of Basic Sum Assured keeps accruing every year until the policy matures.
That gap is the point. A policy taken on a five-year-old maturing at 21 runs for 16 years, of which only six are funded. The other ten years of guaranteed addition are earned on money already in the policy, which is what makes the maturity multiple look large relative to the premium outlay.
The highest guaranteed addition rate in LIC's current range at ₹80 per ₹1000 makes Amritbaal the plan to check first when the goal is a dated education corpus.
Key features
- Guaranteed Addition of ₹80 per ₹1000 sum assured every policy year, LIC's highest current GA rate
- Premium paying term of 5, 6 or 7 years
- Entry age 30 days to 13 years; maturity between 18 and 25
- Minimum sum assured ₹2 lakh
- Non-participating, so the education corpus is contractual
Amritbaal at a glance
- Plan number
- 774
- Category
- Endowment
- Entry age
- 0 to 13 years
- Policy term
- 10 to 25 years
- Premium paying term
- 5, 6, 7 years
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 25 years
- UIN
- 512N365V02
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Is it 774 or 874?
LIC's own page gives this plan as 774 with UIN 512N365V02, and that is where both come from here. The V02 on the end of the UIN is a version marker: LIC withdrew the first version, Plan 874 (UIN 512N365V01), on 1 October 2024 and replaced it with this one on the same day. If 874 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC Amritbaal?
What does LIC Amritbaal pay on death?
Sum Assured on Death, the higher of 7 times the annualised premium and the Basic Sum Assured (LIC calls this Option I), plus accrued Guaranteed Additions, subject to a minimum of 105% of premiums paid. LIC also sells Option II on the same limited-premium basis, a flat 10 times the annualised premium regardless of the Basic Sum Assured, for a higher premium. The choice is made once at the start and cannot be changed later; this calculator prices Option I.
What do you get at maturity?
Basic Sum Assured plus the Guaranteed Additions accrued over the whole policy term, payable on the chosen maturity date between ages 18 and 25.
Who is LIC Amritbaal for?
Funding a specific, dated expense for a child: first-year college fees, a postgraduate course, money that cannot be raided in the meantime.
What should you watch out for?
Premiums are compressed into five to seven years, so the annual outlay is high. Make sure the payment window matches a period when your income is secure.
What does LIC Amritbaal cost?
Worked out on a 20-year term with premiums paid for 5 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 5
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹96,162 | ₹4,80,812 | ₹13,00,000 |
| ₹10,00,000 | ₹1,91,345 | ₹9,56,725 | ₹26,00,000 |
| ₹25,00,000 | ₹4,78,362 | ₹23,91,812 | ₹65,00,000 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 7 Sample Illustrative Premium, option 1, age 5), at ₹5,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 5 years | 6 years | 7 years |
|---|---|---|---|
| 5 | ₹99,625 | ₹84,275 | ₹73,625 |
Priced on ₹5,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 5, 20-year term, 5-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Guaranteed additions
- ₹8,00,000
- Paid at maturity
- ₹13,00,000
- Return a year on the premiums
- 5.66%
When does LIC Amritbaal pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 20, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 20 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Amritbaal?
Age to start
- Minimum
- 30 days
- Maximum
- 13 years
Policy term
- Minimum
- 10 years
- Maximum
- 25 years
Age when the policy matures
- Maximum
- 25 years
Your age at entry plus the policy term cannot come to more than 25.
Years you pay for
- Terms available
- 5, 6 or 7 years
Sum assured
- Minimum
- ₹2,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Amritbaal sales brochure, linked in the form above.
Tax on LIC Amritbaal
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹96,162 a year, which is 19.2% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
Amritbaal is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹199.25 per ₹1,000 at age 5, 20-year term, 5-year premium term
- Discount basis
- 6.12% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹80 per ₹1,000 from year 1 onwards
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Amritbaal on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows one optional rider on Amritbaal, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above, and the base premium itself does not change.
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
What they cost
On the ₹5,00,000 policy priced above, at age 5. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| PWB RiderWaives future premiums | ₹96,162of premium waived | ₹2,933interpolated |
Priced on the limited premium basis, because that is how Amritbaal is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹28,849 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: PWB Rider sales brochures.
Source: Amritbaal sales brochure (PDF), Optional Rider Benefits clause.
How LIC Amritbaal compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| AmritbaalNo. 774 · this page | 10 to 25 years | 5, 6, 7 years | ₹2 Lakh | A child plan with ₹80 per ₹1000 guaranteed addition every year. |
| Jeevan TarunNo. 734 | 13 to 25 years | Term minus 5 years | ₹2 Lakh | A child plan with four payout patterns, funding ages 20 to 25. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| Bima JyotiNo. 760 | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
| Single Premium Endowment PlanNo. 717 | 10 to 25 years | One premium | ₹1 Lakh | Pay once, stay covered, collect the sum assured plus bonuses at the end. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Amritbaal: frequently asked questions
What is the guaranteed addition rate in LIC Amritbaal?
₹80 per ₹1000 of Basic Sum Assured for every completed policy year, all the way to maturity, not just during the premium paying term.
What is the maturity amount of Amritbaal?
The Basic Sum Assured plus ₹80 per ₹1000 for each policy year. A ₹5 lakh policy running 16 years accrues ₹6.4 lakh of additions, maturing at ₹11.4 lakh, all contractual.
At what age does Amritbaal mature?
You choose a maturity age between 18 and 25, subject to a minimum policy term of 10 years. Most buyers align it with the start of an undergraduate or postgraduate course.
Who can buy Amritbaal?
A parent or grandparent proposes on the life of a child aged 30 days to 13 years. Where the child is under 8, the risk commences either two years from the start or at age 8, whichever is earlier.
What happens if the child dies before the policy's risk cover starts?
If the life assured was under 8 at entry, LIC's own cover does not begin immediately: it starts two years after the policy or on turning 8, whichever comes first. A death in that gap refunds only the premiums paid so far, excluding taxes, extra premium and rider premium, with no interest and none of the usual death benefit multiples. Once cover has commenced, the full Sum Assured on Death applies from that point on.
Can I pay Amritbaal as a single premium instead of over 5 to 7 years?
Yes, LIC sells Amritbaal on a single-premium basis too, with its own pair of death benefit options (1.25 times the single premium or the Basic Sum Assured, or a flat 10 times the single premium), but this calculator prices only the limited premium version paid over 5, 6 or 7 years. If a single premium suits you better, the Single Premium Endowment Plan runs on the same one-payment structure, though without Amritbaal's guaranteed addition.
Can the Amritbaal payout be received in instalments instead of a lump sum?
Yes, on both benefits, and it has to be arranged in advance rather than chosen after the event. The maturity benefit can be spread over 5, 10 or 15 years under LIC's Settlement Option, exercised at least three months before the maturity date. The death benefit can be spread the same way if the policyholder or life assured sets it up while the policy is running. Minimum instalments start at ₹50,000 a year or ₹5,000 a month, and LIC pays interest on the deferred amount at a rate it revises annually, linked to the 10-year government bond yield.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Amritbaal before deciding.
Jeevan Tarun
No. 734A child plan with four payout patterns, funding ages 20 to 25.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorBima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculatorSingle Premium Endowment Plan
No. 717Pay once, stay covered, collect the sum assured plus bonuses at the end.
Open calculator