LIC Kanyadan Policy: In today’s time, banks, financial institutions and insurance companies are designing new schemes to meet the needs of the people. There are already schemes in the market that offer lump sum funds to meet needs like education, savings and marriage
LIC Kanyadan Policy: In today’s time, banks, financial institutions and insurance companies are designing new schemes to meet the needs of the people. There are already schemes in the market that offer lump sum funds to meet needs like education, savings and marriage. Life Insurance Corporation of India (LIC) has launched a savings plan named LIC Kanyadan Policy. This policy is designed to provide financial assistance for the education and marriage expenses of girls. Let’s know its features and benefits.
LIC’s Kanyadan Policy
Father can take LIC Kanyadan policy for his daughter. But the age of the daughter should be at least 1 year and the age of the parents should be between 18 to 50 years. In this, the minimum guarantee amount is Rs 1 lakh. Investment in the policy can be made for 13 to 25 years.
Benefits of LIC’s Kanyadan Policy
If the death of the beneficiary is due to natural causes, then the family of the LIC beneficiary will get a death benefit of Rs 5 lakh. In case of death of the beneficiary due to an accident, the family of the LIC beneficiary will get a death benefit of Rs 10 lakh.
This much money will be received at the end of the policy
After 25 years of coverage, the policy will provide a corpus of Rs 27 lakh to the nominee. If you invest a total of Rs 10 lakh, then you will have to pay Rs 3,901 every month for 22 years. Three years from now or 25 years after the first policy is issued, you will earn Rs 26.75 lakh at maturity. LIC Kanyadan Policy is exempted under Section 80C of the Income Tax Act 1961 on the payment made by the investors. There is a tax exemption limit of Rs 1.50 lakh under 80C.
These documents will be required
The age of the person investing in Kanyadan Bima Yojana should be at least 30 years. This is the most important rule of this plan. Also, the age of the investor’s daughter should be at least 1 year. There are several ways to pay premium for LIC Kanyadan policy. In this, the maturity period is minimum 13 years and maximum 30 years. Documents like Aadhaar card, proof of income, identity card and birth certificate will be required to get LIC Kanyadan policy.
