LIC’s kanyadan policy is a scheme introduced by the Life Insurance Corporation of India Limited to invest in daughters’ marriage and education. Under this policy, individuals can invest in their daughter’s marriage, with a total duration of 25 years. The premium is set at ₹100 per month, equivalent to ₹121 per day, payable until the age of 22. Upon completion of the 25-year term, beneficiaries will receive a sum assured of Rs 2,700,000.
LIC Kanyadan Policy 2024
LIC kanyadan Policy Scheme can be given for 13 to 25 years. Under this policy, you will have to pay the premium for the first 3 years of your chosen plan. For example, if you have taken an insurance plan for 25 years, then you will have to pay its premium for 22 years.
LIC’s kanyadan policy Under this scheme, any person can take insurance up to at least ₹ 100000. Today in this article we will tell you all the information related to LIC Kanyadan Policy like application process, required documents, eligibility criteria etc. Therefore, if you also want to know in detail about LIC kanyadan Policy 2024, then read our article carefully.
Table of Contents
Overview LIC Kanyadan Policy
| Article Title | LIC Kanyadaan Policy |
|---|---|
| Initiated By | Life Insurance Corporation of India (LIC) |
| Year | 2024 |
| Beneficiaries | Citizens of the country |
| Registration Process | Online |
| Objective | Policy for daughters’ education and marriage |
| Category | Central Government Schemes |
| Official Website | https://www.licindia.in |
Objective of LIC kanyadan Policy
Getting a daughter married becomes a very difficult task for every parent and if the parents belong to a middle class family then it becomes more difficult. Similarly, Life Insurance Corporation of India Company has started LIC Kanyadan Policy to invest for daughter’s marriage. Through this policy, only after the birth of the daughter, her parents can add money for her bright future.
Through LIC Kanyadaan Policy, the father will be able to easily fulfill all the future needs of his daughter and money will not be a hindrance in realizing his daughter’s dreams. Along with this, parents will also be freed from financial problems related to their daughter’s marriage.
LIC kanyadan Policy Additional Details
Exclusions: If the policy holder commits suicide within 12 months of the commencement of the policy i.e. within 1 year, then in such a situation the benefit of LIC Kanyadan Policy will not be provided to him.
Free look period: After the inception of the policy, the holder is provided a free look period of 15 days. Within this time, if the policy holder is not satisfied with any of the terms and conditions of the policy, he can easily exit the LIC kanyadan policy.
Grace period: In case of annual and quarterly payment, a grace period of 30 days is provided under LIC kanyadan Policy 2024. No late fee is recovered from the policy holder during the grace period. In case of monthly payment, this grace period is 15 days. If the policy holder does not pay his premium before the expiry date of the grace period, then his policy is terminated.
Surrender Value: Under LIC Kanyadan Policy 2024, the policy holder is allowed to surrender the policy after paying premium for 3 years.
Benefits related to age and income tax
To avail the benefits of LIC Kanyadaan Policy, the minimum age of the applicant should be 30 years and the minimum age of their daughter should be 1 year.
You get this policy for a period of 25 years under which you have to pay premium only for 22 years. To avail the benefits of LIC kanyadan Policy, it is not mandatory that you start this policy only when your daughter turns 1 year old, you can take this policy anytime. The duration of this policy can be increased or decreased according to the age of your daughter.
Under LIC kanyadan, exemption on premium is given under Section 80C of the Income Tax Act 1961 and this exemption can be availed up to a maximum of Rs 1.5 lakh. Apart from this, exemption is also given on maturity or death claim amount under section 10(10D), if you want to avail the benefit then you will have to apply on its official website.
Time to pay premium
Under LIC Kanyadaan Policy, you can pay the premium as per your convenience. If you want, you can also pay daily premium. Instead, you can choose to pay the premium in 6 months or 4 months with a period of 1 month.
Benefits and features of LIC kanyadan Policy
Through LIC Kanyadan Scheme, after the death of the policy holder, his family will be given Rs 5 lakh as assistance.
The death benefits offered through this plan will be paid in annual installments which will be able to meet the financial support and needs of the family after the death of the policy holder.
Through LIC kanyadan Policy, you will also get the benefit of the bonus declared through this scheme every year. If the policy holder dies in an accident, his family will be given Rs 1 lakh.
If a citizen deposits Rs 75 daily, then under this scheme he will get Rs 14 lakh as assistance at the time of his daughter’s marriage after 25 years.
Under this scheme, if a citizen deposits Rs 251 daily, then after 25 years he will be given Rs 51 lakh in monthly premium.
If the LIC kanyadan policy holder dies within the age of 25 years, then 10 percent of the sum assured will be given to his family every year of the year of death till the date of maturity.
This investment plan through LIC kanyadan Policy is for approximately 25 years, and the age to invest in the policy should be only 22 years.
Under this policy, people will have to deposit Rs 121 daily i.e. approximately Rs 3600 per month.
In case of death of the LIC kanyadan policy holder, the family will not have to pay any premium.
Under this scheme, daughters will be given a benefit of Rs 1 lakh every year during the remaining years of the policy.
On completion of maturity of the policy, you will get Rs 27000 after 25 years.
LIC kanyadan Policy Required Documents (Eligibility)
- Applicant’s age should be between 18 to 50 years
- Policy term 13 to 25 years
- Aadhar card
- income certificate
- identity certificate
- Address proof
- passport size photo
- Duly filled and signed form
- Check or cash to pay first premium
- Birth certificate
LIC kanyadan Policy 2024 Application Process
If you also want to apply under LIC Kanyadan Policy, then you will have to contact your nearest LIC office or LIC agent. By going there you will have to tell that you want to invest in LIC Kanyadaan Policy and get detailed information about its terms.
The concerned officer will give you information about the plants available according to your income and you can choose one of these plans. After this, give all your information and necessary documents to the LIC agent and he will fill your form. In this way you will be able to easily connect with LIC Kanyadan Policy 2024. For more information related to the scheme, you can also visit the official website of LIC.