LIC Kanyadan Policy: In today’s time, banks, financial institutions, and insurance companies are designing new schemes to fulfill people’s needs. There are already such schemes in the market that provide a significant fund to meet education, savings, and wedding expenses together. The Life Insurance Corporation of India (LIC) has introduced a savings plan called LIC Kanyadan Policy. This policy is designed to provide financial assistance for girls’ education and wedding expenses. Let’s learn about its features and benefits.
LIC’s Kanyadan Policy
Fathers can take LIC Kanyadan Policy for their daughters. However, the daughter should be at least 1 year old, and the age of the parents should be between 18 to 50 years. The minimum guaranteed amount in this policy is 1 lakh rupees. Investments can be made for a duration of 13 to 25 years in the policy.
Benefits of LIC’s Kanyadan Policy
If the beneficiary’s death occurs due to natural causes, the family of the LIC policyholder will receive a death benefit of 5 lakh rupees. In the case of the beneficiary’s death due to an accident, the family will receive a death benefit of 10 lakh rupees.
Amount on Policy Maturity
After 25 years of coverage, the policyholder will receive a fund of 27 lakh rupees. If you invest a total of 10 lakh rupees, you will need to pay 3,901 rupees per month for 22 years. After three years from the issuance of the policy or 25 years after the first policy issuance, you will earn 26.75 lakh rupees as maturity. Under LIC Kanyadan Policy, investors can get a tax exemption on payments made under section 80C of the Income Tax Act, 1961. The tax exemption limit under 80C is 1.50 lakh rupees.
Required Documents
The investor should be at least 30 years old to invest in the Kanyadan Insurance Plan. This is the most important rule of this scheme. Additionally, the investor’s daughter should be at least 1 year old. There are several ways to pay premiums for LIC Kanyadan Policy. The minimum maturity period is 13 years, and the maximum is 30 years. To obtain the LIC Kanyadan Policy, documents such as Aadhar card, income certificate, identity proof, and birth certificate will be required.
