New Delhi :
In an effort to cater to the financial needs of parents planning for their daughters’ future, Life Insurance Corporation of India (LIC) has introduced the LIC Kanyadan Policy.
This savings plan is tailored to provide assistance for education and marriage expenses of girls.
Find out the key features and benefits of this policy below:
Eligibility and Investment:
Parents can opt for the LIC Kanyadan Policy for their daughters, with the child’s age ranging from 1 year, and the parents’ age between 18 to 50 years. The minimum guaranteed amount is ₹1 lakh, and investors can choose to invest in the policy for a duration of 13 to 25 years.
Benefits of LIC Kanyadan Policy:
In the unfortunate event of the beneficiary’s demise due to natural causes, the LIC beneficiary’s family will receive a death benefit of ₹5 lakh. In case of an accidental death, the family will be entitled to ₹10 lakh as the death benefit.
Policy Maturity Amount:
Upon completion of 25 years of coverage, the policy matures and provides a corpus of ₹27 lakh to the nominee.
To achieve this, investors can invest a total of ₹10 lakh and pay ₹3,901 every month for 22 years. At maturity, after 25 years, the investment will yield ₹26.75 lakh.
The LIC Kanyadan Policy also offers tax exemption under Section 80C of the Income Tax Act 1961 on the investors’ payments, with a tax exemption limit of ₹1.50 lakh under 80C.
Required Documents:
To avail of the Kanyadan Bima Yojana, the investor must be at least 30 years old, and the daughter must be at least 1 year old. Necessary documents such as Aadhaar card, proof of income, identity card, and birth certificate will be required to apply for the LIC Kanyadan Policy.
Secure Your Daughter’s Future Today:
Investing in LIC Kanyadan Policy ensures financial security for your daughter’s education and marriage expenses. Start planning now to build a corpus of ₹27 lakh, so you can gift her a bright and promising future.
