what is the LIC kanyadan plan?

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What is the LIC kanyadan plan?

LIC Kanyadan Plan is an ideal thoughtful plan to secure the life of our daughters. It is restricted to limited premiums and provides support and security to daughters to sustain their future education and marriage plans. Our initiative is to help and financially support families to manage the expenses of our daughters in fulfilling their dreams. 

What is Kanyadan plan?

This plan is the all-in-one financial plan for your daughters' future welfare. 

It helps organize expenses for your daughter, supporting her education and marriage both by investing in a fund with less premium.

What are the benefits?

It is a profit endowment assurance plan with a limited premium paying term

Premium paying term is three years less than the policy term

Flexible modes of paying the premium

In case of death of a policyholder before the maturity, 10% of the basic sum assured will be given on each policy anniversary before the maturity date

Provides Rs. 10 lakhs in case of death of the policyholder.

Are there any tax benefits?

Under the tax exemption law of India, it is a tax-free policy. There are two tax benefits to offer: Firstly, The tax benefit of Rs. 1,50,000 under 80 C can be availed by paying premium, and Secondly, Under Section 10 (10D), Maturity sum is also tax-free.

Who can buy this plan?

The policy can be bought by the father of the daughter only and not the daughter herself. The daughter's age must be at least one year at the time of buying the father's policy.

What is the age limit ?

The minimum age to buy the policy is 18 years, and the maximum age up to which the policy can be availed is 50 years.

What is the locking period?

The locking period of the policy is available from 13 to 25 years.

Which documents are required .

The following documents are required

Age, address, and identity proof

Income Proof

Aadhar Card

Passport size photo

Proposal Form

Girl child birth certificate

Cheque or Demand Draft of the first premium

Can I avail loan benefit ?

Yes, you can borrow a loan if your policy is active and have paid a premium for three consecutive years.

Is there any exclusion in the Plan?

Any additional benefits or claims cannot be taken if the policyholder commits suicide within 12 months of buying the policy.

What is the premium payment?

The premium can be paid monthly, quarterly, semi-annually, or annually depending upon your suitability.

Is this policy available for NRI citizens?

Yes, the scheme is available for Indian nationals as well as NRI citizens.

Are there any surrender benefits against the LIC Kanyadan scheme?

Yes, there is an option to surrender the policy after paying a premium for at least three years. The surrender value is the total paid premium value except for any rider benefits.