LIC Kanyadan Policy Update: Inflation is constantly rising in the country, which makes parents worry about their children’s future. They invest in various places while saving for their children’s education and marriage. Currently, many policy plans are available in the market for children’s future. The country’s largest insurance company, Life Insurance Corporation (LIC), has also introduced a special policy plan for daughters.
The LIC Kanyadan Policy is a great option for securing the bright future of daughters. In this plan, you can build a fund of ₹22.5 lakh for your daughter. Additionally, this scheme offers tax benefits, loan facilities, and more. If your daughter’s age is between 1 and 10 years, you can invest in this plan.
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About LIC Kanyadan Policy
LIC’s Kanyadan Policy is a term insurance plan with a tenure of 13 to 25 years.
- You can choose to pay the premium monthly, quarterly, half-yearly, or yearly.
- At maturity, you receive the total amount, which includes the Sum Assured + Bonus + Final Bonus.
- To invest in this scheme, the father’s age should be less than 50 years.
Benefits of LIC Kanyadan Policy
Loan Facility: The investor can avail of a loan after three years of purchasing the policy.
Surrender Option: The policy can be surrendered after two years.
Grace Period for Premium: If you miss a premium payment in any month, you can pay it within 30 days without a late fee.
Tax Benefits: Tax deduction is available under Section 80C on premium payments. The maturity amount is also tax-free under Section 10D.
Maturity Benefit
If you invest in LIC’s Kanyadan Policy for 25 years, you need to pay an annual premium of Rupees 41,367, which comes to around Rupees 3,447 per month. However, you only have to pay the premium for 22 years. After maturity, you will receive a total amount of approximately Rupees 22.5 lakh.
Death Benefit
- If the father passes away during the policy term, the daughter does not have to pay the remaining premium. The premium is waived.
- The daughter will receive Rupees 1 lakh per year for 25 years and a lump sum amount at maturity.
- If the father dies in a road accident, an additional accidental death benefit of Rupees 10 lakh is provided to the nominee.
Frequently Asked Questions
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This article discusses: LIC Special Policy: Get ₹22 Lakh for Your Daughter with Just ₹3000 Premium, Apply Now