In India, To be a parent of a girl child is a great responsibility, where they mainly focus on their marriage and education. As a girl born parents start saving money for their marriage. Considering all these points LIC started a new programme known as LIC Kanyadan Policy. For the family of a female child, the Policy is a wonderful comfort since it provides financial support as the kid matures. Your daughter will benefit greatly from the LIC Kanyadan Policy, which has a very low premium. This is a special plan that develops reserve money for your daughter’s future needs in support of her marriage and education, unlike other plans. In this post, we cover all the major points regarding LIC Policy, its benefits, Objectives, Application Process and much more.
About LIC Kanyadan Policy
The Life Insurance Company of India launched the LIC Kanyadan Policy Scheme to finance the education and marriage of daughters. Anyone can contribute to the marriage of his daughter under this programme. This strategy has a 25-year duration. By saving Rs. 121 every day, participants in this programme would be required to pay a premium of Rs. 3600 per month, but only for 22 years. After this LIC Kanyadan insurance has been in effect for 25 years, you will receive 27 lakhs. The father must be at least 18 years old and the daughter must be at least 1 year old to enrol in the LIC Kanyadan Policy Scheme. The duration of this strategy is 25 years. Per the difference in ages between you and your daughter, this scheme may also be accessible.
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Objective of LIC Kanyadan Policy
The main objective of LIC Kanyadan Policy is to provide financial support for the daughter’s marriage. As you know that saving for a daughter’s marriage is very difficult, so Life Insurance Corporation of India Company has started a policy to invest in a daughter’s marriage. You can add money for your daughter’s bright future. Through this Kanyadan Policy, the father will be able to fulfil all the future needs of his daughter and you will be able to fulfil all the dreams of your daughter and you will be free from the troubles regarding money in your daughter’s marriage.
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Key Highlights of LIC Kanyadan Policy
| Launched By | Life Insurance Company of India |
| Name of Scheme | LIC Kanyadan Policy |
| Objective | To provide financial support for girls’ education and marriage |
| Benefits | 27 LAKH after 25 years |
| Eligibility Criteria | The applicant (father) must be above 18 years and the daughter must be 1 year old. |
| Beneficiaries | Girls |
| Official Website | LIC Kanyadan Website |
Benefits of LIC Kanyadan Policy
You will get several advantages as a parent by investing in the Policy in addition to securing your daughter’s future.The LIC Kanyadan Policy has a number of advantages that will give your child financial stability for college, marriage, and other significant life milestones:
- Limited time for paying premiums
- Three years are subtracted from the insurance payment period for premium payments.
- Annual, half-yearly, quarterly, or monthly payments are all acceptable.
- In the event of the policyholder’s passing, while the policy is still in effect, 10 per cent of the Sum Assured must be paid yearly until one year before to the account’s maturity date (the account maturity period ranges from 13 to 25 years).
- The option for the policyholder is a 6, 10, 15, or 20-year plan.
- Additional benefits in the event of the policyholder’s death during the term of the policy
- Disability If the premium tenure is at least five years, the rider benefit is eligible.
- Apart from the surrender value or the tax amount, whichever is larger, the company pays 80% of the premiums if the policyholder dies by suicide within a year of the policy’s start date.
- If the policyholder pays the premium for three years in a row while the policy is still in effect, they may apply for the loan.
Eligibility Criteria for LIC Kanyadan Policy
- The daughter’s father can acquire the insurance.
- The minimum and maximum ages for purchasing the plan are 18 and 50, respectively.
- Daughters should be at least a year old when insurance is purchased.
- The minimum amount guaranteed at maturity is Rs. 1 lakh.
- There is no cap on the maximum sum guaranteed at maturity.
- The applicant has access to policies with tenures ranging from 13 to 25 years.
- Three years shorter than the insurance term makes up the premium-paying term.
- The policyholder must pay the premium for 12 years if the policy duration is 15 years.
Additional Information
- Exclusions– No benefits or extra coverages will be given if the policyholder dies by suicide within a year of the policy’s start date.
- Free Look Period– The Policy offers a 15-day free look period starting on the day the policy began. The policy must be cancelled if you are unhappy with the clauses.
- Grace Period– For payments made annually, half-yearly, or quarterly, the policyholder has a grace period of 30 days; for payments made monthly, the grace period is 15 days. Throughout the grace period, the policyholder is not assessed any late fees or penalties. The insurance will be cancelled without further notice if the premium is not paid, even during the grace period.
- Surrender Value– Only if the premiums have been properly paid for at least three years in a row prior to relinquishing the LIC Kanyadan Policy will the surrender value be paid. The proportion of all premiums paid, excluding rider premium, which is dependent on the policy term and surrender year, constitutes the guaranteed surrender value.
Key Facts of LIC Kanyadan Policy
- Through the LIC Kanyadan Policy, you can make your daughter’s future financially independent.
- This policy will provide life risk cover for a period of up to 3 years before the maturity date.
- Under this policy, a lump sum amount will be provided to the insured at the time of maturity.
- In the Policy, the premium will not have to be paid if the father dies.
- If the beneficiary dies due to the accident, then 1000000 rupees will be provided to his family.
- If the death of the beneficiary is due to natural cause then in this case ₹ 500000 will be provided.
- A premium of ₹ 50000 per annum will pay till the date of maturity.
- Indian citizens residing outside India can also take advantage of the LIC Kanyadan policy.
Features of LIC Kanyadan Policy
- Under this policy, if a person dies after taking part, then his family will not have to pay a premium in this policy.
- And his family will be given Rs 1 lakh every year by the LIC company and after the completion of 25 years of the policy, Rs 27 lakh will be given separately to the nominee of the policy.
- Any person can invest under this scheme for the marriage of his daughter.
- This is a unique scheme that creates a fund for your daughter’s marriage and education.
Documents Required
- Aadhar Card
- Income Certificate
- Identity
- Proof Address
- Passport Size Photo
- Duly Filled and Signed Form for Proposal of Scheme
- To fill 1st premium submit the Cheque or case
- Birth Certificate
Application Procedure for LIC Kanyadan Policy
Beneficiaries who have an interest in applying under this Policy should call their local LIC office or LIC agent, and then visit them to express their desire to purchase a LIC Kanyadan Policy. Then he will present you with a LIC Kanyadan policy, which you must select based on your salary. The LIC agent will then provide all the essential information about the policy and the supporting documentation required before filling out the application form. Now you have to fill out the form, and you will join the LIC Kanyadan Policy in this manner. You may go to their LIC Kanyadan website to learn more about the programme.
Conclusion
LIC Kanyadan Insurance is rapidly gaining popularity despite the fact that LIC does not really provide any such policy. The policy upon which the LIC Kanyadan Policy is based is the LIC Jeevan Lakshay policy. The LIC Kanyadan Policy is gaining popularity with purchasers mostly due to its name, which emphasises girl children. The Kanyadan plan, a pure endowment plan, provides excellent risk coverage and fantastic saving choices, making it a superb plan to purchase for your daughter.