By investing in LIC’s Kanyadan Policy, you can gather ₹22.5 lakh or more for your daughter’s needs. This scheme also provides tax benefits, loan options, and several other perks.
LIC Scheme for Daughter: Parents are often concerned about their daughter’s future, especially regarding her education and marriage. To alleviate these worries, it’s important to begin financial planning from her birth. Among the various schemes available today, LIC’s Kanyadaan Policy stands out as a dedicated option for daughters.
With this scheme, you can save ₹22.5 lakh or more for your daughter’s future. It also provides tax benefits, loan facilities, and many other perks. If your daughter is between 1 and 10 years old, you can invest in this policy. Discover the details of the LIC Kanyadaan Policy.
Policy term from 13 to 25 years
This scheme has a policy term of 13 to 25 years. Premium payments can be made monthly, quarterly, semi-annually, or annually. For a 25-year term plan, you must pay premiums for 22 years, with the scheme maturing after 25 years. At maturity, the sum assured plus bonuses and the final bonus are provided. The father’s age should be at least 18 years and not more than 50 years to take this policy.
Loan facility from the third year
With the purchase of this policy, you become eligible for a loan facility from the third year onwards. Furthermore, you have the option to surrender the policy after two years if needed. The policy also includes a grace period for premium payments. If you forget to pay your premium in any given month, you have a 30-day grace period to pay it without facing any late fees.
Two types of tax exemption
This policy offers tax benefits in two ways. Under Section 80C, you can claim a deduction on the premiums paid, and the maturity amount is tax-free under Section 10D. The sum assured for the policy starts at a minimum of ₹1 lakh, with no upper limit.
Understand with an example how you will get benefit
If you opt for a 25-year term plan and contribute an annual premium of ₹41,367, your monthly premium will be around ₹3,447. This amount will be paid over 22 years. Throughout the 25-year term, the policy will provide life insurance coverage up to ₹22.5 lakh.
If the father passes away during the policy term, future premiums will be waived. The child will then receive ₹1 lakh annually until the policy matures at 25 years, at which point a lump sum maturity amount will be granted.
In the event of the father’s death due to a road accident, the nominee will be entitled to an accidental death benefit of ₹10 lakh along with all other death benefits. For further information on the policy, click here.
