Kanyadan Policy: This policy is designed to provide financial support for girls’ education and marriage expenses. Let’s know its features and benefits.
Currently, banks, financial institutions and insurance companies are designing new schemes to meet the needs of the people. There are already schemes available in the market that provide lump sum amount to meet the needs like education, savings and marriage.
Also, Life Insurance Corporation of India (LIC) has launched a savings plan called LIC Kanyadan Policy. This policy is designed to provide financial support for girls’ education and marriage expenses. Let’s know its features and benefits.
Eligibility: Fathers can take LIC Kanyadan policy for their daughter. But the daughter must be at least 1 year old and the parents must be between 18 to 50 years old. The minimum guaranteed amount for this account is Rs.1 lakh. The policy can have a maturity period of 13 to 25 years.
Death Benefit : If the beneficiary dies due to natural causes, LIC will pay a death benefit of Rs.5 lakh to the beneficiary’s family. Provides financial security to a struggling family.
Accidental Death Benefit : In case of death of the beneficiary due to an accident, LIC will pay a death benefit of Rs.10 lakh to the beneficiary’s family. It improves financial security a bit.
Lump Sum Maturity Benefit : After 25 years of coverage, the policy nominee will receive a lump sum amount of Rs.27 lakhs. This amount can be used for purposes like education or starting a business.
Financial Relief : In case of unfortunate death of the policyholder, the family gets relief without having to pay the premium. Additionally, LIC provides an annual payment of Rs.1 lakh to the family.
Opportunity for NRIs : LIC Kanyadan policy is available to all Indian citizens including NRIs. This allows the girl child to invest for her future needs, giving her an opportunity to save money for education and marriage.
Life Risk Coverage: The insurance provides life risk coverage up to three years prior to the maturity date. The insured is protected throughout the policy period.
Loan Facility : If the policy is active by paying premiums for 3 consecutive years.. you can get a loan based on the policy. This feature is useful to meet emergency or unexpected financial needs.
Disability Rider Benefit : If the policy is continued for at least 5 years, the disability rider benefit is applicable. Provides additional financial protection in case of disability due to unexpected accidents.
Premium Payments: Policyholders can select the frequency of premium payments. Premiums can be paid on an annual, semi-annual, quarterly or monthly basis.
Offerable Premium: By depositing Rs.75 daily, you can save Rs.14 lakhs for your daughter’s marriage. The monthly premium is to be paid for 25 years. It is an affordable and offerable option for families.
Tax Free Advantages : LIC Kanyadan policy is completely tax free. This means that no tax is required to be paid on the maturity amount and other benefits received under the policy.
Lump Sum Payment at Maturity : After maturity, the policyholder and daughter get a lump sum amount providing financial incentive for future endeavours.
For more details one can check the official website of LIC or it is better to contact the LIC office in Samisam.
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