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 policy of Life Insurance Corporation of India. You can invest in the LIC grant 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. Today, in this article below I am going to provide LIC Kanyadan Policy details.
This detail contains information regarding the process to apply in the LIC Kanyadan policy, what the advantages of this policy are, what the eligibility criteria for this 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.
Table of Contents
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.
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:
- 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
Key Features & Benefits of the LIC Kanyadan Policy:
If the father 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 father 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 paid all the required premiums till the end of the policy term then the policyholder will get:
The company will give 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.
Income Tax Benefit in LIC Kanyadan Policy
The premium to be filled in this scheme is exempted under Section 80C of the Income Tax Act.
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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/-|
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.
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 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