LIC Kanyadaan Policy: If you are worried about your daughter’s education, her marriage and all other responsibilities, then LIC Kanyadaan Policy can be very helpful for you. Not only can you add a bigger fund than this, you can also avail many other benefits.
If you are looking for a good investment plan for the better future of your daughter, then LIC Kanyadaan Policy can be useful for you. Through this plan you can deposit a good amount of fund for your daughter. Apart from this, you can also avail tax benefits, loan facility and many other benefits. If your daughter’s age is between 1 year to 10 years, then you can invest in this policy. Know about LIC’s Kanyadaan policy.
Policy term from 13 to 25 years
The policy term of this scheme is 13-25 years. For this you can pay the premium monthly, quarterly, half yearly and annually. If you choose a term plan of 25 years, you will have to pay premium for 22 years. The scheme will mature after 25 years. At the time of maturity, the entire amount is paid along with Sum Assured + Bonus + Final Bonus. To take this policy, the age of the girl’s father should be at least 18 years and maximum 50 years.
Loan facility from third year onwards
Loan facility is also available from the third year after purchasing the policy. If you want to surrender the policy after completion of two years, that facility is also available. Apart from this, there is also a grace period for paying premium. Suppose if you forget to pay the policy premium in a month, you can pay the premium within the grace period of 30 days. During this period you will not be charged any late fee.
Two types of tax exemption
Not only this, by taking this policy, you get tax benefits in two ways. On depositing the premium, one gets the benefit of deduction under Section 80C and the maturity amount is tax free under Section 10D. The sum assured limit for the policy starts from a minimum of Rs 1 lakh and there is no maximum limit.
Understand with example how you will get benefit
Suppose you take a plan with a term of 25 years and pay an annual premium of Rs 41,367. In this case, your monthly premium will be around Rs 3,447. You will deposit this premium for 22 years. In such a situation, it will provide life insurance coverage of Rs 22.5 lakh during the term period of 25 years.
If the father dies during the policy term, the child will not have to pay premium for the subsequent term. In such cases the premium is waived. Apart from this, he will get Rs 1 lakh annually till the completion of the term of 25 years and lumpsum maturity amount will be given on the 25th year.
If the father dies due to a road accident, then the nominee will be given an accidental death benefit of Rs 10 lakh along with all the death benefits. For more information related to the policy, click on this link https://lifeinsuranceofindia.in/lic-kanyadan-policy/.
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