With the birth of a daughter, a father also begins to worry about his better future. In such a situation, if you are looking for the best investment plan, then look at this LIC Kanyadan policy details. You can invest in the LIC Kanyadan policy i.e. LIC Jeevan Lakshya policy.
An Overview of the Policy
The specialty of this plan is that in this scheme you will save Rs 121 every day, that is, you will get Rs 27 lakh in 25 years at a monthly premium of Rs 3600.
Life Insurance Corporation (LIC) of India has created a Policy for the daughter’s education and marriage, which is known as LIC Kanyadan Policy or Jeevan Lakshya Plan. Today, in this article below I am going to provide LIC Kanyadan Policy details.
This LIC Kanyadan Policy details contains information regarding the process to apply in the LIC Kanyadan policy, what the advantages of this policy are, what the eligibility criteria for LIC Kanyadan policy are etc. So, as you can see… I am going to provide you each and every single LIC Kanyadan Policy details in this article.
Your precious daughter deserves an invaluable gift from you that will help her to fulfill all her wishes for the whole life.
LIC Kanyadan Policy Details:
In this LIC Kanyadan Policy details, I am going provide its benefits, eligibility criteria, required documents and so many more. With the LIC Kanyadan Policy details, you will get to know that this policy is the most appropriate monetary gift that each parent should give their daughter.
The LIC Kanyadan Policy is an excellent policy that provides an account for your daughter’s education as well as marriage. So, this is mainly an account that is going to provide your daughter’s expenses for education and marriage.
This LIC Kanyadan policy is also known as LIC Jeevan Lakshya Plan. Now read this LIC Kanyadan policy details to know how you can avail the maximum amount of profit from this policy.
A Quick Glance At The Policy
|Also known as LIC Jeevan Lakshya Plan||LIC Kanyadan Policy number – 933, UIN: 512N297V02|
|Take the policy for 25 years||Giving up to 22 years of premium|
|INR 121/- or about INR 3600/- per month||In the middle if the insured dies, the family will not have to pay any premium again|
Other of LIC Kanyadan Policy Details
Surrender Value of the Plan
The policyholder can surrender the insurance policy anytime after the payment of the premium for a minimum period of 3 years (consecutive). The assured surrender value will still be the total percentage of entire premiums excluding the rider premiums that rely on the plan term ad well as surrendered policy year.
Exclusions in the Plan
Any advantage or extra inclusion will not be given for the situation in case the policyholder ends it all inside a year from the inception of the approach.
Grace Period of the Plan
At the time of the grace period the policyholder isn’t accused of any late expenses or punishment in case the due date for installment is finished. The strategy permits a grace period of 30 days for yearly, half-yearly or quarterly premium installments and 15 days for month to month premium installments.
Without posing further inquiries, the approach will be ended if the policyholder can’t pay the premium before the expiry date of the grace period.
Free Look Period of the Plan
The policyholder gets a 15 days of free look period from the date of initiation of the arrangement in the event that he/she isn’t happy with the provisos of the approach or any related data.
Key Features of the LIC Kanyadan Policy:
- If the policyholder dies during the policy term then the company will pay 10% of the basic sum assured to the nominee each year from the year of the date of the policyholder till the maturity date
- At the end of the policy term, maturity will be given to the nominee on death (110% of the sum insured) + simple reversionary bonus + the last additional bonus (if any).
- If the policyholder has to pay all the required premiums till the end of the policy term then the policyholder will get “Maturity Amount = Sum Insured + Inherent Normal Amendment Bonus + Final Extra Bonus” (if any). Where the sum insured on maturity is equal to the basic sum insured.
- LIC Kanyadan plan gives you relief from the pressure of arranging your daughter’s school, higher education, as well as the expenses of marriage.
- Even if some unfortunate events take place and thus something bad happens to you then this policy will continuously protect your daughter.
Benefits of LIC Kanyadan Policy:
Putting resources into LIC Kanyadan policy will make sure about your little girl’s future and will profit you from multiple points of view.
Peruse the LIC Kanyadan policy details 2020 to know how it can let you plan better to give your girl complete money related freedom regarding her instruction, marriage just as to meet the uncommon achievements throughout everyday life.
Income Tax Benefit in LIC Kanyadan Policy
Maturity Benefits & Death Claim Benefits:
The amount of maturity or death benefit received in this scheme is exempted under section 10 (10D) of income tax. There is no limit to the profit amount available under this scheme.
|Accidental death||INR 10/- lakhs (Immediate Payment)|
|Non-Accidental Death||INR 5/- lakhs (Immediate Payment)|
|Every Year Until The Maturity Date||INR 50000/-|
Other Benefits of LIC Kanyadan Policy
- If the insured dies under this policy, then his family will receive INR 5 lakh immediately.
- During the plan, the the policyholder will receive the death benefit to in an annual installment, which meets the financial needs of the family after the death of the policy holder.
- In this plan you also get the benefit of bonus declared by LIC every year.
- If the insured dies in an accident, then his family will receive INR 10 lakh.
- In case a person collects 75 rupees a day, then he will be provided 14 lakh rupees at the time of his daughter’s marriage after 25 years of paying the monthly premium.
- If a person saves 251 rupees daily, then he will be given 51 lakh rupees after 25 years of paying the monthly premium.
- This LIC Kanyadan policy keeps paying every year even after getting married for the rest of its life.
- If the death of the insured falls between 25 years, then 10% of the original sum assured will be paid every year from the date of death till maturity.
- Any person can save Rs 75 daily and get Rs 11 lakh for their daughter’s wedding.
This policy’s premium chart is a self-explanatory plan. So, when you purchase this plan, you will definitely be able to encounter all the future needs of your daughter.
The premium to be filled in this scheme is exempted under Section 80C of the Income Tax Act.
Do You Know How Does The LIC Kanyadaan Policy Work?
When purchasing a policy, the policy holder chooses the cover amount (Sum Insured) and the term of the policy. You have to pay the premium for three years less than the policy term (policy term – 3 years).
If the policy holder survives the entire policy term, on maturity, the policy holder gets back the sum assured and the accumulated bonus.
In case, the policy holder dies during the policy term, 10% of the sum assured is paid as an annual installment to the nominee as a death benefit.
Also, 110% of the Sum Assured (along with Reversionary Bonus and Final Edition Bonus) is paid to the nominee at the end of the policy term.
How To Apply For LIC Kanyadan Policy
- If the interested beneficiary wants to apply under this policy, then the person can contact his or her nearest LIC office / LIC agent
- Then the agent or the officer will tell you the term of LIC Kanyadaan policy, you have to choose it according to your income
- After that, the LIC agent will provide you all the information and list of documents
- And then either you or your agent will fill your form
- In this way, you can join LIC Kanyadan Policy Scheme 2020.
- You can also apply for LIC Kanyadan policy online from the official website of LIC.
To get more information related to the scheme, you can visit the official website of LIC.
Eligibility Criteria of the LIC Kanyadan Policy:
When we have promised you to provide every single LIC Kanyadan Policy details then how we can skip mentioning the eligibility criteria of the policy! Let’s check out the details about LIC kanyadan policy’s eligibility criteria in the table below:
|Entry Age||18 years||50 years|
|Policy Term||13 years||25 years|
|Premium Payment Term (Plan Duration)||3 years|
|Maturity Amount||INR 100000/-||Unlimited (multiples of 1000)|
|Premium Payment Mode||Monthly (SSS, NACH), Quarterly, Half Yearly, Yearly|
|Premium Payment Term||3 years|
|discount on Premium payment mode||2% on a Yearly basis
1% on a half-yearly basis
Documents Required For LIC Kanyadan Policy
Under the LIC Kanyadan Policy details I am now going to provide you information related to the documents required for the plan:
- Duly filled and signed form of application for the Policy of LIC
- Check or cash to pay the first premium
- Passport size photograph
- Voter-Id proof
- Address proof
- Date of birth proof
- Proof of income
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