The LIC Kanyadan policy provides excellent financial protection for daughters at a low cost. It is a one-of-a-kind strategy that sets a backup fund for your daughter’s future costs in support of her marriage and schooling.

When a girl child is born into a family in India, the first issue that concerns the family is the cost of her education and marriage. However, LIC has recently developed a plan that provides financial aid to families in raising their daughters, which is a huge comfort for them.

LIC Kanyadan Policy Highlights

The plan has a lot of good features. Some of them are:

  • Offers to ensure your daughter’s financial independence in the future.
  • It provides life insurance coverage for a set length of time, up to three years before the maturity date.
  • At maturity, the insured will get a lump sum payment.
  • In case the father expires, then the premium is waived off.
  • Immediate payout of Rs.10,000 in the event of an unintentional death
  • Immediate payment of Rs.5 lakhs in the event of death that is not accidental or natural
  • An annual payment of Rs.50,000 will be made until the maturity date.
  • At maturity, the whole maturity amount will be available.
  • Those who do not live in India can participate in this initiative without visiting the nation.
  • The policy would have several features that are similar to the LIC Jeevan Lakshya policy.

Benefits of the LIC Kanyadan Policy

  • The premium paying period is limited in this policy
  • This is a with-profits endowment insurance plan that includes both insurance and savings
  • The premium paying term is 3 years shorter than the policy term
  • Different premium payment modes are available, such as monthly, quarterly, half-yearly, and annual
  • If the applicant dies within the policy tenure, 10% of the sum assured is payable every year until 1 year before the maturity date
  • If the applicant dies within the policy tenure, 10% of the sum assured is payable every year until 1 year before the maturity date
  • This plan’s policy tenure ranges from 13 to 25 years.
  • If the policyholder, i.e. the father of the girl, dies during the insurance term, the family will receive additional payments.
  • If you’ve been paying premiums for at least 5 years, you’ll be eligible for the disability rider.
  • If the policyholder commits suicide within 12 months of the policy’s inception, the corporation will pay 80% of the premium, minus the surrender value or taxes, whichever is higher of the two.
  • It is also accessible in hindi language PDF format, so that people may easily understand it.
  • The premium chart for the LIC Kanyadan insurance is self-explanatory.
  • A loan can be accepted if the insurance is current and the policyholder has paid the premium for three years in a row.
  • Under India’s Income Tax Act1961  it is a completely tax-free scheme.

LIC Kanyadan Yojna Eligibility Criteria

  • The policy can only be obtained by the daughter’s father, not by the daughter herself.
  • The plan’s purchase age should be at least 18 years old and no more than 50 years old.
  • At the time of purchase, the daughter’s age must be at least one year.
  • At the time of maturity, the minimum sum assured is Rs.1 lakh.
  • The maximum sum assured at maturity has “no limit” and is determined by the cost of premiums.
  • Applications for policy tenure ranging from 13 to 25 years are available.
  • The premium payment term is three years fewer than the policy duration; for example, if the policy term is 15, the policyholder must pay premiums for 15-3=12 years.

Documents needed to apply for the LIC Kanyadan Policy

The applicant’s age should be between 18 and 50 years old at the time of application. You must also submit the following documents in order to purchase the Kanyadan Policy:

  • Aadhar Card
  • Income Certificate
  •  Identity Card
  • Address Proof
  • Passport Size Photo
  • Completed and signed proposal form for the scheme
  • The first premium in the form of a cheque or a demand draft
  • Certificate of birth for a girl child

LIC Kanyadan Policy Tax Benefits

You can claim a tax exemption on your Kanyadan Policy premiums paid under Section 80C of the Income Tax Act 1961. The maximum amount of tax exemption is INR 1.5 lakh. Also, under section 10, you can claim a tax exemption on the insured’s maturity or death (10D).

LIC Kanyadan Policy Exclusions

If you commit yourself within the first 12 months of your Kanyadan Policy, you will not be eligible for any benefits or further coverage.

  • Free Look Period

You have a 15-day free look period starting from the date of initiation. You can also return any Kanyadan policy terms and conditions if you are not satisfied with them throughout the free look period.

  • Grace Period

If the due date for premium payment has passed, you will be given a grace period of 30 days during which you will not be charged any late fees or penalties. Annual, biennial, and quarterly premium payments are all eligible for a grace period. Monthly subscription payments are allowed a grace period of 15 days. Your Kanyadan Policy will be canceled once the policy grace period expires.

  • Surrender Value

After paying the premium for at least three years, you can renounce the Kanyadan Policy. The guaranteed surrender value is the total percentage of all paid premiums fewer rider premiums, which are determined by the policy term and year of surrender.

What is the procedure for applying for the LIC Kanyadan Policy?

  • If a person who is interested in benefiting from this program wants to apply for it.
  • So, go to your nearest LIC office and inform any employee or officer that you want to invest in LIC Kanyadan insurance.
  • Then he will provide you with all of the relevant information.
  • You must select it based on your income.
  • Following that, you will provide all of your information and documents to the agent present so that he can fill up your application.
  • You can invest in LIC Kanyadaan Policy this manner.
  • Aside from that, if you know any LIC agents, you may receive all the information you need from them and get the counsel you need.
  • The official website for the LIC Kanyadaan Policy has been launched, and you can learn more about it there.

Important Information on the LIC Kanyadan Policy –

  • You can secure your daughter’s financial future by purchasing a LIC Kanyadaan policy.
  • The full sum assured will be dumped into the insured at the end of the policy’s term.
  • The premium paid under this plan will be lowered by three years over the policy’s stated term.
  • If the insured person dies in an accident, his family would be compensated with Rs.100,000.

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