LIC Kanyadan Policy Plan: Under this scheme, any person can invest in the marriage of his daughter. This plan is for 25 years. Under this scheme, people will have to save Rs 121 per day and pay a premium of Rs 3600 per month for 22 years. This LIC Kanyadan Policy gives 27 lakhs after the completion of 25 years.
LIC Kanyadan Policy Scheme 2021
You can take this insurance plan for 13 to 25 years. You will have to pay the premium only for less than 3 years of your chosen term. Any person can take insurance up to a minimum of Rs 1 lakh. Today through this article, we will share all the information related to this scheme, like the application process, documents, eligibility etc. So please read our article carefully.
LIC Kanyadan Policy Premium Chart
Life Insurance Corporation Kanyadan Policy Scheme 2021
The minimum age of the father should be between 18 to 50 years, and the daughter’s minimum age should be 1 year to take the policy under the scheme. This plan will be available for 25 years. It can also be found according to the different ages of you and your daughter. The time limit of this policy will be reduced according to the age of the daughter. If a person wants to pay more or less premium, he can join this policy plan and can take advantage of this plan.
Purpose of LIC Kanyadan Policy 2021
Life Insurance Corporation of India has started the policy of investing for daughter’s marriage so that people can invest in this scheme and add money for their daughter’s bright future. Through this scheme, the father will be able to fulfil all the needs of his daughter’s future, and you will be able to meet all the dreams of your daughter and be free from the troubles regarding money in your daughter’s marriage.
Additional Details of LIC Kanyadan Policy
- Exclusions: If the policyholder commits suicide within 12 months of the commencement of the policy, then no benefit of this policy will be provided to him.
- Free Look Period: A free look period of 15 days is provided to the policyholder from the date of commencement of the policy. If that policyholder is not satisfied with any of the terms and conditions of the policy, they can opt out of the policy.
- Grace Period: A grace period of 30 days is provided under this policy in the case of annual, quarterly payments. A grace period of 15 days is provided in case of monthly payments. No late fee is collected from the policyholder during the grace period. If the policyholder does not pay the premium before the expiry date of the grace period, his policy will be terminated.
- Surrender Value: Permission: The policyholder can surrender the policy under this plan after paying the premium for 3 years.
Difference between LIC Kanyadan Policy and Sukanya Samriddhi Yojana
|serial number||Base||Sukanya Samriddhi Yojana||LIC Kanyadan Policy|
|1.||citizenship||Only Indian citizens can apply.||It is not mandatory for the applicant to be an Indian citizen to get the benefit of this scheme.|
|2.||age||This plan can be purchased before the daughter completes 10 years of age.||Daughter’s age at least 1 year Father’s age from 18 years to 50 years|
|3.||account holder||Under Sukanya Samriddhi Yojana the account holder will be the daughter.||Under the LIC Kanyadan policy, the account holder will be the father of the daughter.|
|4.||sum assured limit||limited as per payment made||Minimum one lakh, no maximum limit.|
|5.||Limit||Rs 150000 lakh||No limits.|
|6.||Account Maturity Period||The account can be operated by the girl child till she attains the age of 21 years or till she gets married after the age of 18 years.||13 to 25 years|
|7.||loan facility||Not available.||Loan can be availed after 3 years of buying the policy.|
|8.||payment terms||The maximum investment that can be made under this scheme is Rs 1.5 lakh per annum.||3 years within the term of the policy.|
|9.||type of plan||This is a savings scheme started for the education and marriage of the girl child.||The features of Jeevan Lakshya plan are combined in this plan.|
|10.||in case of death||If the account holder dies, the amount is paid at regular interest to the parents of the account holder.||The premium is waived off in the event of the death of the father.|
|11.||compensation||No compensation is provided.||If death occurs due to natural cause then ₹ 500000, if death occurs due to an accident ₹ 1000000.|
LIC Kanyadan Policy Income Tax Benefits
Under LIC Kanyadan, exemption on the premium is provided under section 80C of the Income Tax Act 1961. This exemption can be availed up to a maximum of 1.5 lakh rupees. The exemption is also offered on maturity or death claim amount under section 10(10D).
LIC Kanyadan Policy Premium Amount
Under the LIC Kanyadan policy, the applicant can increase or decrease the premium amount according to his income. The applicant doesn’t need to deposit only ₹ 121 per day. If he can deposit more than this, then he should deposit more. If he cannot deposit ₹121, then he can make a plan with a premium less than this. If you want to get other information related to LIC Kanyadaan policy, you can visit the official website of LIC or meet LIC agents.
When will the premium be paid?
You can pay the premium under this plan at your convenience. You can either pay the premium daily or in 6 months or 4 months, or 1 month. You can pay the tip as you like.
Key Facts of LIC Kanyadan Policy
- Through LIC Kanyadan Policy, you can make your daughter’s future financially independent.
- This policy will provide life risk cover for up to 3 years before the maturity date.
- Under this policy, a lump sum amount will be provided to the insured at the time of maturity.
- Under LIC Kanyadaan policy, no premium will have to be paid in case the father dies.
- If the beneficiary dies due to the accident, then 1000000 rupees will be provided to his family.
- If the beneficiary’s death is due to a natural cause, then, in this case, ₹ 500000 will be provided.
- Premium of ₹ 50000 per annum will be paid till the date of maturity.
- Indian citizens living outside India can also take advantage of the LIC Kanyadan policy.
Features of Life Insurance corporation Kanyadan Policy 2021
- Under this policy, if a person dies after taking part, his family will not have to pay the premium in this policy.
- And his family will be given Rs 1 lakh every year by the LIC company. After completing 25 years of the policy, Rs 27 lakh will be provided separately to the nominee of the policy.
- Any person can invest under this scheme for the marriage of their daughter.
- It is a unique scheme that creates a fund for your daughter’s marriage and education.
Benefits of LIC Kanyadan Policy 2021
- Under this policy, if the insured dies, his family will be given Rs 5 lakh immediately.
- The death benefit that the policyholder receives during the plan is paid in annual instalments, which meet the financial needs of the policyholder’s family after the death of the policyholder.
- In this plan, you also get the benefit of a bonus declared by LIC every year.
- If the insured dies in an accident, then his family will be given Rs 10 lakh.
- If a person deposits Rs.75 per day, then after 25 years of paying a monthly premium, Rs.14 lakh will be provided at the time of the daughter’s marriage.
- If a person saves Rs.251 per day, then after 25 years of paying a monthly premium, Rs.51 lakh will be given.
- This LIC Kanyadan Policy Keeps making payments every year even after getting married for the rest of her life.
- If the insured’s death occurs between the term of 25 years, 10% of the Basic Sum Assured will be paid every year from the year of death till the date of maturity.
- Any person can save Rs 75 per day and get Rs 11 lakh for the marriage of his daughter.
- The premium payment term under the LIC Kanyadan policy is limited.
- This policy is a for-profit endowment insurance plan that comes with insurance and savings.
- The premium paying term is 3 years less as compared to the policy term.
- There are different premium payment modes under the LIC Kanyadan policy: Monthly, Quarterly, Half-Yearly, and Yearly.
- If the beneficiary of this plan dies within the policy term, 10% of the Sum Assured is payable every year up to 1 year before the maturity date.
- The term of LIC Kanyadan policy is between 13 to 25 years.
- The policyholder can choose to pay as per his requirement for 6, 10, 15 or 20 years.
- The benefit of a disability rider can also be availed under this plan. This benefit can be availed only if the premium paying tenure is at least 5 years.
- The premium chart of the LIC Kanyadan policy is straightforward which can be easily understood.
- Under this plan, if the policy is active and the policyholder has paid the premium for 3 years, then the loan can also be obtained through this policy.
- This policy is entirely tax-free.
Eligibility for LIC Kanyadan Policy
- This policy can be purchased only by the father of the daughter.
- The age limit under this scheme is 18 to 50 years.
- The daughter’s age should be at least 1 year to buy the LIC Kanyadan policy.
- The minimum Sum Assured at the time of maturity should be ₹100000.
- There is no limit on the maximum Sum Assured at the time of maturity.
- There is a policy term of 13 to 25 years under this plan.
- The term of the policy under LIC Kanyadan policy is 3 years more than the premium paying term. If the policy term is 15 years, the policyholder will have to pay the premium for 12 years.
Documents of Kanyadan Policy Scheme 2021
- Aadhar card
- income certificate
- identity card
- address proof
- passport size photo
- Duly filled and signed form of proposal of the scheme
- Check or cash to pay the first premium
- Birth certificate
How to apply for LIC Kanyadan Policy 2021?
Interested beneficiaries who want to apply under this policy can contact your nearest LIC office / LIC agent. You have to go there and tell them that you want to invest in LIC Kanyadaan policy. You will have to choose it according to your income; then the LIC agent will have to give you all your information and your documents, after which he will fill your form. Like this, you LIC Kanyadan PolicyScheme 2021 can connect with | To get more information related to the scheme; you can visit the official website of LIC.