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LIC Kanyadaan Policy: Given the rising inflation and increasing expenses of education and marriage, every parent is worried about how to secure their daughter's future. Keeping this in mind, Life Insurance Corporation of India (LIC) has started the Kanyadaan scheme. Which is a solid step towards the bright future of daughters.

What is LIC Kanyadaan Yojana?

LIC Kanyadaan Yojana is a type of mixed insurance and savings scheme, which has been specially designed keeping in mind important expenses like education and marriage of daughters. In this, the policyholder i.e. the father makes regular investments and the daughter receives a lump sum amount on maturity of the scheme.

Eligibility and investment period

Daughter's age: Between 1 year to 10 years

Father's age: Less than 50 years

Policy period: 13 years to 25 years

Premium payment option: Monthly, quarterly, half-yearly or yearly

Minimum insurance amount: Determined as per the requirement under the scheme

How will you get ₹22.5 lakh?

If you join this scheme at the age of 25 and deposit the premium for 22 years at the rate of ₹3,447 per month, then after a period of 25 years you can get a lump sum amount of about ₹22.5 lakh. This includes insurance amount, bonus and final bonus.

Tax relief

The benefits under this plan are not just limited to protection, but it also offers tax relief:

Tax exemption on premium under Section 80C

Tax-free benefit on maturity amount under Section 10(10D)

Key features of the plan

One of the biggest features of this plan is its flexibility and convenience. After two years of starting the policy, you can also take a loan against it, which is very useful in case of any emergency. If for some reason you are unable to continue with the plan, you can surrender it after completion of two years. Also, if you miss the premium in any month, LIC gives you the opportunity to pay the premium without any penalty in the grace period. Apart from this, this plan comes with monthly, quarterly, half-yearly or yearly payment options, so that you can invest as per your convenience.

Death Benefit

If the policyholder, i.e. the father, dies under normal circumstances, then the daughter does not have to pay any further premium. Apart from this, she continues to get a fixed amount of ₹ 1 lakh every year for the next 25 years, and the entire insurance amount is also given on maturity of the policy. On the other hand, if the father dies due to an accident, then a lump sum death benefit of up to ₹ 10 lakh is also provided to the daughter or nominee. This benefit plays an important role in securing the daughter's future financially.

Why is this scheme special?

A reliable way to secure the daughter's future financially

Combination of insurance, savings and tax exemption

Lifelong savings possible in a systematic manner through the scheme

Profits in the scheme are assured even after the death of the policyholder

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