LIC- Under Section 80C of the Income Tax Act 1961, an investor can claim tax exemption on the premiums paid. Tax exemption is maximum up to Rs 1.50 lakh.
New Delhi. For the better future of the daughters, the government is running many schemes (Best investment schemes). In such a situation, the Life Insurance Corporation of India (LIC) has come up with a special scheme keeping in mind the daughters. Its name is LIC Kanyadaan Policy. This scheme of LIC helps low-income parents to raise funds for the marriage of their daughters.
Under LIC Kanyadaan policy, an investor will have to deposit Rs 130 daily (Rs 47,450 annually). Premium will be paid for less than 3 years of the policy term. After 25 years, LIC will pay him around Rs 27 lakh. The minimum age of the investor for enrollment in LIC Kanyadaan policy is 30 years and the minimum age of the daughter of the investor should be 1 year.
27 lakhs will be received before marriage,
the minimum maturity period of this policy is 13 years. If the insured person dies due to any reason, then the person will have to pay an additional Rs 5 lakh on behalf of LIC. If a person takes insurance of Rs 5 lakh, then he will have to pay a monthly installment of Rs 1,951 for 22 years. On completion of time, Rs 13.37 lakh will be received from LIC. Similarly, if a person takes insurance of 10 lakhs, then he will have to pay an installment of Rs 3901 for the month. 26.75 lakh will be paid by LIC after 25 years.
Tax Rebate
Under section 80C of the Income Tax Act 1961, an investor can claim tax exemption on the premium paid. Tax exemption is maximum up to Rs 1.50 lakh. Explain that for applying for this scheme, important documents like Aadhar Card, Income Certificate, Identity Card, Birth Certificate are required.
