LIC Kanyadan Policy: The life insurance company of India launched the LIC Kanyadan Policy Scheme to invest in the marriage and education of daughters. Anyone can invest in this strategy for his daughter’s wedding. This plan will last for 25 years. People would have to pay a premium of Rs 3600 each month by saving Rs 121 every day under this program, but they will only have to pay the premium for 22 years. After 25 years of this LIC Kanyadan Policy, you would be paid 27 lakh rupees.
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LIC Kanyadan Policy
This insurance plan is available for 13 to 25 years. Under this LIC Kanyadan Policy Scheme, you would only have to pay the premium for three years less than the period you have chosen. Anyone can get insurance up to Rs 1 lakh. Dear friends, in this post, we will share with you all of the facts related to this scheme, such as the application procedure, documentation, eligibility, and so on. So please read this article attentively.
LIC Kanyadan Policy Overview
|Title||LIC Kanyadan Policy|
|LIC Kanyadan Policy can be Taken for||25 Years|
|Policy Premium has to be Paid for||22 Years|
|Deposit Amount||Rs. 121 per day or Rs. 3600/- Per Month|
|Premium Paying Term Less by||03 Years|
|Paying Modes are||Monthly, Quarterly, Half-Yearly, Annually|
|LIC Online Policy tenure||13-25 Years|
|Pay for the LIC Kanyadan Policy Plan Options||6,10,15,20 years|
|Tax Rule||Tax-Free Policy|
Life Insurance Corporation Kanyadan Policy Scheme 2023
To be eligible for the LIC Kanyadan policy plan, the father must be between the ages of 18 and 50, and the daughter must be at least one year old. This plan will be accessible for a period of 25 years. This LIC Kanyadan Policy can also be discovered based on your and your daughter’s ages. The time restriction of this regulation will be reduced based on the age of the daughter. If a person wishes to pay a lower or higher premium, he can join this policy plan and take advantage of its benefits.
Objective of LIC Kanyadaan Policy 2023
Because it is difficult to save for a daughter’s marriage, Life Insurance Corporation of India Company has developed a policy to save for a daughter’s marriage, so that people can participate in this plan and preserve their life. Can provide money for the daughter’s prosperous future. The father will be able to satisfy all of his daughter’s future demands with this LIC Kanyadan Policy, and you will be able to fulfill all of your daughter’s aspirations and be free of financial issues in your daughter’s marriage.
Additional Details of LIC Kanyadaan Policy
Exclusions: If the policyholder commits suicide within 12 months of the policy’s start, no benefit from the insurance will be provided to him.
Free Look time: The insurance holder is given a 15-day free Look time from the date the policy is issued. If the policyholder is dissatisfied with any of the policy’s terms and conditions, he or she has the option to cancel the coverage.
Grace Period: This policy provides a 30-day grace period for yearly and quarterly payments. A grace period of 15 days is provided for monthly payments. During the grace period, the policyholder is not charged a late fee. If the policyholder does not pay the premium before the grace period expires, his policy will be canceled.
Value of Surrender: Permission: After three years of paying payments, the policyholder may surrender the coverage under this plan.
The distinction between the LIC Kanyadan Policy and the Sukanya Samriddhi Yojana
Serial number base Sukanya Samriddhi Yojana Lic Kanyadan policy
1. citizenship Only Indian citizens can apply. It is not mandatory for the applicant to be an Indian citizen to get the benefits of this scheme.
2. age This scheme can be purchased before the completion of 10 years of age for the girl child. The daughter’s age is at least 1 year Father’s age is 18 years to 50 years
3. account holder Under Sukanya Samriddhi Yojana, the account holder will be a daughter. Under LIC Kanyadan policy, the account holder will be the father of the daughter.
4. sum assure limit Limited as per payment made Minimum one lakh, maximum no limit.
5. boundary Rs 150000 Lakh No limits.
6. account maturity period The account can be operated by the girl child till she attains the age of 21 years or till she gets married after 18 years. 13 to 25 years
7. loan facility Not available. The loan can be availed after 3 years of purchasing the policy.
8. payment terms A maximum of Rs 1.5 lakh can be invested per year under this scheme. 3 years within the term of the policy.
9. Scheme Type This is a savings scheme started for the education and marriage of girls. The features of the Jeevan Lakshya plan are combined in this plan.
10. in case of death If the account holder dies, the amount is paid at regular interest to the parents of the account holder. In case of the death of the father, the premium is waived.
11. compensation No compensation is provided. If death is due to natural causes then ₹ 500000, if death is due to an accident then ₹ 1000000.
LIC Kanyadan Policy Tax Benefits
Section 80C of the Income Tax Act of 1961 exempts LIC Kanyadan premiums. This exemption is available up to a limit of Rs 1.5 lakh. In addition, under section 10(10D), an exemption is provided on the amount of maturity or death claim.
Till what age will LIC Kanyadan Policy be available?
To get a LIC Kanyadan policy, you must be at least 30 years old, and your daughter must be at least 1 year old. This policy is valid for a term of 25 years. You will only have to pay the premium for the next 22 years. Friends, please understand that you do not have to complete this policy when your daughter is one year old. This policy is available at any time. The time restriction of this policy might be reduced or increased based on your daughter’s age.
LIC Kanyadan Policy Premium Amount
The applicant can adjust the amount of premium paid under the LIC Kanyadan insurance based on his income. It is not required that the applicant deposit just 121 each day. If he can deposit more than this, he should do so. If he cannot deposit 121, he can choose a plan with a reduced premium. Friends, if you want to learn more about the LIC Kanyadan policy, you may go to the LIC’s official website or meet with a LIC representative.
When will the LIC Kanyadan Policy premium have to be paid?
You can pay the premium for this plan whenever it is convenient for you. Pay the fee in 6 months, 4 months, or 1 month if you choose. You can pay the fee whenever it is convenient for you.
This insurance policy is valid for 13 to 25 years. This LIC Kanyadan Policy Scheme requires you to pay a premium for fewer than three years of your chosen period. Insurance may be acquired at a minimum of Rs 1 lakh. Dear friends, today we will provide you with all of the information you need regarding this plan, including the application procedure, paperwork, and eligibility. So, please take your time reading our essay.
Key Facts of LIC Kanyadan Policy
- You may ensure your daughter’s financial independence by purchasing the LIC Kanyadan Policy.
- This insurance will offer life risk coverage for up to three years before the maturity date.
- At the time of maturity, the life assure will get a lump sum payment under this policy.
- If the father dies, no premium is required under the LIC Kanyadan Policy.
- If the recipient dies in an accident, his family would receive Rs 1000000.
- If the recipient dies as a result of natural causes, a sum of 500000 will be provided.
- Every year until the maturity date, a premium of $50,000 will be paid.
- Indian nationals residing outside of India are also eligible.
Features of LIC Kanyadan Policy
If a person dies while participating in this insurance, his family will not be required to pay the premium under this policy.
And his family will be awarded 1 lakh rupees per year by the LIC firm, and after 25 years of the insurance, the nominee would be granted 27 lakh rupees individually.
Anyone can invest in this strategy for his daughter’s wedding.
This is a one-of-a-kind strategy that establishes a fund for your daughter’s marriage and schooling.
Benefits of LIC Kanyadan Policy 2023
- If the insured dies, his family would receive Rs 5 lakh instantly.
- The death benefit received by the policyholder during the duration of the plan is paid in annual installments, which meets the financial needs of the policyholder’s family following the policyholder’s death.
- This plan also includes the annual bonus declared by LIC.
- If the insured dies in an accident, his family would receive Rs 10 lakh.
- If a person invests 75 rupees daily for 25 years, 14 lakh rupees will be provided at the time of the daughter’s marriage.
- This LIC Kanyadan insurance will continue to pay you every year for the remainder of your life, even if you marry.
- If the insured dies within the next 25 years, 10% of the basic sum assured will be paid out every year from the year of death until the date of maturity.
- Anyone may save Rs 75 per day to obtain Rs 11 lakh for his daughter’s wedding.
- The timeframe for paying premiums under the LIC Kanyadan insurance is limited.
- This policy includes a profit endowment insurance plan as well as insurance and savings.
- The premium payment term is three years shorter than the policy duration.
- Monthly, quarterly, half-yearly, and annual premium payments are available under the LIC Kanyadan insurance.
- If the beneficiary of this plan dies during the policy’s term, 10% of the money assured is payable each year until one year before the maturity date.
- The LIC Kanyadan insurance has a period of 13 to 25 years.
The policyholder has the option of paying as he sees fit. Which is it, six, ten, fifteen, or twenty years?
The disability rider benefit is also included in this plan. This reward is only accessible if you have been paying premiums for at least 5 years.
The premium chart for the LIC Kanyadan insurance is quite straightforward and easy to understand.
If the insurance is current and the policyholder has paid the premium for three years, a loan can be obtained through this policy.
This insurance is entirely tax-free.
Eligibility for LIC Kanyadan Policy
- This coverage may only be purchased by the daughter’s father.
- This program has an age range of 18 to 50 years.
- The girl kid must be at least one year old to get a LIC Kanyadan policy.
- The minimum Sum Assured at maturity should be $100,000.
- There is no upper restriction on the maximum Sum Assure at maturity.
- This plan’s policy duration ranges from 13 to 25 years.
- The policy term of the LIC Kanyadan insurance is three years longer than the premium payment period.
- If the policy’s duration is 15 years, the policyholder will only have to pay the premium for 12 years.
Documents of LIC Kanyadan Policy Scheme 2023
- Aadhar Card
- income certificate
- identity card
- address proof
- passport size photo
- Duly filled and signed scheme proposal form
- Check or cash to pay the first premium
- Birth certificate
How to apply for LIC Kanyadan Policy 2023?
If you are an interested beneficiary and wish to apply under this policy, you can call your local LIC office or LIC agent and go there and inform them you want to invest in the LIC Kanyadan policy. Then he will tell you the terms of the LIC Kanyadan Policy, which you will have to pick based on your income, and you will have to submit all of your information and papers to the LIC agent, who will then fill up your form. You can join the LIC Kanyadan Policy in this manner. You may receive more information about the plan by visiting the LIC’s official website.