LIC Kanyadan Policy: A Smart Investment For Your Daughter’s Secure Future
LIC Kanyadan Policy: A Smart Investment For Your Daughter's Secure Future ( Representational Image )
With the rising costs of education and marriage, parents often worry about their daughter’s future. To ease these concerns, the Life Insurance Corporation of India (LIC) offers the LIC Kanyadan Policy, a special plan designed to build a financial safety net for daughters.
What is the LIC Kanyadan Policy?
LIC Kanyadan Policy is a long-term investment plan that helps parents accumulate funds for their daughter’s key life milestones. The policy is available for girls aged 1 to 10 years, with a potential maturity amount of up to ₹22.5 lakh. The policy term ranges from 13 to 25 years, providing flexibility in premium payments.
Key Features:
- Flexible Premium Options: Premiums can be paid monthly, quarterly, half-yearly, or annually.
- Maturity Benefits: The policyholder receives the sum assured along with applicable bonuses at the end of the term.
- Eligibility: The father should be below 50 years old to apply.
Benefits of LIC Kanyadan Policy:
- Loan Facility: Loans can be availed after three years of policy activation.
- Surrender Option: The policy can be surrendered after two years if needed.
- Grace Period: If a premium is missed, there is a 30-day window to make the payment without penalty.
- Tax Benefits: Premium payments qualify for deductions under Section 80C, and the maturity amount is tax-free under Section 10D.
Investment and Returns:
For a 25-year term, if you pay an annual premium of around ₹41,367 (approximately ₹3,447 per month) for 22 years, you will receive approximately ₹22.5 lakh upon maturity.
Protection in Case of Unfortunate Events:
In the event of the father’s demise during the policy term, all future premiums are waived. The daughter will receive ₹1 lakh annually until the policy matures. In case of accidental death, an additional benefit of ₹10 lakh is provided to the nominee.
Why Choose LIC Kanyadan Policy?
This policy offers financial security for significant milestones like education and marriage. With affordable premiums and robust benefits, it stands as a reliable investment for your daughter’s future.
