The big insurance company LIC offers different plans for kids and old people. These plans help in collecting a lot of money.
LIC has special plans for daughters to ease the worries about their education and marriage. In India, when a daughter is born, people often worry about her education and marriage.
If you’re one of those people, LIC’s Kanyadan Policy might help. It ensures you won’t run out of money for your daughter’s wedding. Let’s learn more about it…
Save Rs 27 lakhs for your daughter’s wedding
The LIC Kanyadan Policy not only secures your daughter’s future but also relieves you from worrying about money for her wedding.
With this scheme, you need to deposit Rs 121 per day or Rs 3,600 every month. After 25 years, the policy matures, and you receive a lump sum of Rs 27 lakhs.
This policy lasts for 13 to 25 years. By saving Rs 121 per day, you can gather Rs 27 lakhs for your daughter’s wedding.
Even if you invest less, like Rs 75 per day or around Rs 2250 per month, you’ll still get Rs 14 lakhs at maturity.
You can adjust your investment as per your preference, and your fund will change accordingly.
Tax benefits are available too
For this daughter-focused plan, the father must be at least 30 years old, and the daughter should be at least one year old.
Besides accumulating savings, you also get tax benefits. This policy falls under Section 80C of the Income Tax Act 1961, allowing premium payers to claim tax exemption up to Rs 1.5 lakhs.
Additionally, if the policyholder faces an unfortunate event before maturity, their family can receive up to Rs 10 lakhs,
and they won’t have to pay premiums anymore. At maturity, the nominee receives the full Rs 27 lakhs.
How to get started
To get the LIC Kanyadan Policy, you’ll need documents like your Aadhaar Card or any other ID proof, income certificate, address proof, passport-size photos, and your daughter’s birth certificate.
