LIC Kanyadan Policy provides financial security for the girl child’s education and marriage. (Image used for representational purpose)
LIC Kanyadan Policy is a savings and protection plan offered by LIC of India for girl child.
Life Insurance Corporation (LIC) of India has introduced a savings plan specifically designed for the betterment of girl child. The LIC Kanyadan Policy aims to provide financial benefits for education and marriage expenses. To avail of this scheme, fathers can opt for life insurance coverage for their daughters. The daughter should be at least 1 year old, while the parent’s age must be between 18 and 50 years. The minimum sum guaranteed limit for this account is one lakh rupees, and the maturity term spans from 13 to 25 years.
LIC Kanyadan Policy 2023 has the following features and benefits:
1. Any citizen, including NRIs, can invest in their daughter’s marriage through this scheme. It provides a means to accumulate funds for her future needs.
2. The family is relieved of paying the premium for this coverage in the unfortunate event of the policy holder’s demise. In addition, the LIC would provide the family with Rs 1 lakh rupees each year.
3. After 25 years of coverage, the policy’s nominee would get a lump sum payment of Rs. 27 lakh.
4. If the beneficiary dies in an accident, the LIC will pay a death benefit of Rs 10 lakh to the recipient’s family.
5. If the beneficiary dies from natural causes, LIC will pay Rs 5 lakh to the recipient’s family.
6. The insurance provides life risk coverage until three years before the maturity date, providing the insured’s protection.
7. The life guaranteed will get a lump sum payment at maturity.
8. This policy is completely tax-free, offering an added advantage.
9. By making a daily deposit of Rs. 75, you can accumulate Rs. 14 lakhs for your daughter’s marriage after 25 years of paying the monthly premium.
10. This policy also provides the benefit of a yearly bonus declared by LIC.
11. The premium paying term should be less than 3 years in comparison to the policy term.
12. The Disability Rider benefit is applicable if you have held the policy for a minimum of 5 years.
13. You have the flexibility to make premium payments on an Annual, Half-Yearly, Quarterly, or Monthly basis.
14. If you have been paying premiums for 3 consecutive years and your policy is still active, you can avail of a loan against the policy.
Readers must note that the above details are provided for informational purposes only and should not be considered as professional financial advice. The information presented here is based on general principles and may not be suitable for everyone’s specific financial situation. It is always recommended to consult with a qualified financial advisor or professional before making any financial decisions.
For more details refer to the information available on LIC India’s website.
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