LIC Kanyadan Policy Scheme Apply | Kanyadaan Policy Registration | Kanyadan Policy Form | LIC Kanyadan Policy Eligibility and Benefits
LIC Kanyadan Policy Scheme has been started by the life insurance company of India to invest for the marriage and education of daughters. Under this scheme, any person can invest for the marriage of his daughter. This plan is for 25 years. Under this scheme, people will have to pay a premium of Rs 3600 per month by saving Rs 121 per day, but people will have to pay the premium only for 22 years. 27 lakhs will be given to you after the completion of 25 years of this LIC Kanyadan policy .
LIC Kanyadan Policy Scheme 2022
You can take this insurance plan for 13 to 25 years. Under this LIC Kanyadan Policy Scheme , you will have to pay the premium for less than 3 years of your chosen term. Any person can take insurance up to a minimum of Rs 1 lakh. Dear friends, today through this article we are going to share with you all the information related to this scheme like application process, documents, eligibility etc. So read our article carefully.
Life Insurance Corporation Kanyadan Policy Scheme 2022
To take the policy under LIC Kanyadan Policy Scheme , the minimum age of the father should be between 18 to 50 years and the minimum age of the daughter should be 1 year. This plan will be available for 25 years. This LIC Kanyadan policy scheme can also be available according to the different age of you and your daughter. The time limit of this policy will be reduced according to the age of the daughter. If a person wants to pay more or less premium then he can join this policy plan and can take advantage of this plan.
Objective of LIC Kanyadan Policy 2022
The main purpose of this scheme as you know that it is very difficult to save for the daughter’s marriage , so the Life Insurance Corporation of India company has started the policy of investing for the daughter’s marriage, so that people invest in this scheme. Can add money for bright future of daughter. Through this LIC Kanyadan Policy , the father will be able to fulfill all the needs of his daughter’s future and you will be able to fulfill all the dreams of your daughter and you will be free from money related problems in your daughter’s marriage.
Additional Details of LIC Kanyadan Policy
- Exclusions: If the policy holder commits suicide within 12 months of the commencement of the policy, then no benefit of this policy will be provided to him.
- Free Look Period: A free look period of 15 days is provided to the policy holder from the date of commencement of the policy. If that policyholder is not satisfied with any of the terms and conditions of the policy, he/she can opt out of the policy.
- Grace Period: A grace period of 30 days is provided under this policy in case of annual, quarterly payments. A grace period of 15 days is provided in case of monthly payments. No late fee is collected from the policyholder during the grace period. If the policyholder does not pay the premium before the expiry date of the grace period, his policy will be terminated.
- Surrender Value: Permission: The policy holder is allowed to surrender the policy under this plan after paying the premium for 3 years.
Difference between LIC Kanyadan Policy and Sukanya Samriddhi Yojana
|serial number||Base||Sukanya Samriddhi Yojana||LIC Kanyadan Policy|
|1.||Citizenship||Only Indian citizens can apply.||It is not mandatory for the applicant to be an Indian citizen to get the benefit of this scheme.|
|2.||age||This plan can be purchased before the daughter completes 10 years of age.||Daughter’s age at least 1 year Father’s age from 18 years to 50 years|
|3.||account holder||The account holder will be the daughter under the Sukanya Samriddhi Yojana.||Under the LIC Kanyadan policy, the account holder will be the father of the daughter.|
|4.||sum assured limit||limited as per payment made||Minimum one lakh, no maximum limit.|
|5.||boundary||Rs 150000 lakh||No limits.|
|6.||Account Maturity Period||The account can be operated by the girl child till she attains the age of 21 years or till she gets married after the age of 18 years.||13 to 25 years|
|7.||loan facility||Not available.||Loan can be availed after 3 years of purchase of the policy.|
|8.||payment terms||The maximum investment that can be made under this scheme is Rs 1.5 lakh per annum.||3 years within the term of the policy.|
|9.||type of plan||This is a savings scheme started for the education and marriage of the girl child.||The features of Jeevan Lakshya plan are combined in this plan.|
|10.||in case of death||If the account holder dies, the amount is paid at regular interest to the parents of the account holder.||The premium is waived off in the event of the death of the father.|
|11.||compensation||No compensation is provided.||₹ 500000 if death occurs due to natural cause, ₹ 1000000 if death occurs due to an accident.|
LIC Kanyadan Policy Income Tax Benefits
Under LIC Kanyadan, exemption on premium is provided under Section 80C of the Income Tax Act 1961. This exemption can be availed up to a maximum of 1.5 lakh rupees. Along with this, exemption is also provided on maturity or death claim amount under section 10(10D).
Till what age will LIC Kanyadan Policy be available?
To take LIC Kanyadan policy, your minimum age should be 30 years and your daughter’s minimum age 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. Friends, let us tell you that it is not necessary that you get this policy done only when your daughter is 1 year old. You can take this policy at any time. The term of this policy can be increased or decreased depending on the age of your daughter.
LIC Kanyadan Policy Premium Amount
Under the LIC Kanyadan policy, the applicant can increase or decrease the amount of premium according to his income. It is not necessary that the applicant should deposit only ₹ 121 per day. If he can deposit more than this, then he should deposit more. If he cannot deposit ₹121, then he can take a plan with a premium less than this. Friends, if you want to get other information related to LIC Kanyadaan policy, then you can visit the official website of LIC or you can also meet LIC agent.
When will the premium be paid?
You can pay the premium under this plan as per your convenience. You can either pay the premium daily or in 6 months or in 4 months or in 1 month. You can pay the premium as you like.
Key Facts of LIC Kanyadan Policy
- Through LIC Kanyadan Policy, you can make your daughter’s future financially independent.
- This policy will provide life risk cover for a period up to 3 years prior to the maturity date.
- Under this policy, a lump sum amount will be provided to the insured at the time of maturity.
- Under LIC Kanyadaan policy, no premium will have to be paid in case the father dies.
- If the beneficiary dies due to the accident, then his family will be provided Rs.1000000.
- If the death of the beneficiary is due to natural cause then in this case ₹ 500000 will be provided.
- Premium of ₹ 50000 per annum will be paid till the date of maturity.
- Indian citizens residing outside India can also take advantage of LIC Kanyadan Policy.
Features of Life Insurance corporation Kanyadan Policy 2022
- Under this policy, if a person dies after taking part, then his family will not have to pay the 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 which creates a fund for your daughter’s marriage and education.
Benefits of LIC Kanyadan Policy 2022
- Under this policy, if the insured dies, his family will be given Rs 5 lakh immediately.
- The death benefit received by the policyholder during the plan is paid in annual installments, which meet the financial needs of the family of the policyholder after the death of the policyholder.
- In this plan, you also get the benefit of bonus declared by LIC every year.
- If the insured dies in an accident, then his family will be given 10 lakh rupees.
- If a person deposits Rs 75 per day, then after 25 years of paying monthly premium, Rs 14 lakh will be provided at the time of daughter’s marriage.
- If a person saves Rs 251 daily, then after 25 years of paying monthly premium, Rs 51 lakh will be given.
- This LIC Kanyadaan policy keeps paying every year for the rest of your life even after you get married.
- If the death of the insured occurs between the term of 25 years, 10% of the Basic Sum Assured will be given every year from the year of death till the date of maturity.
- Any person can save Rs.75 per day and get Rs.11 lakh for the marriage of his daughter.
- The premium payment term under LIC Kanyadan policy is limited.
- This policy is a for-profit endowment insurance plan that comes with insurance and savings.
- The premium paying term is 3 years less as compared to the policy term.
- There are different premium payment modes under LIC Kanyadan policy which are Monthly, Quarterly, Half Yearly and Yearly.
- If the beneficiary of this plan dies within the term of the policy, 10% of the Sum Assured is payable every year up to 1 year before the maturity date.
- The term of LIC Kanyadan policy is between 13 to 25 years.
- The policy holder can choose to pay as per his requirement. Which is 6, 10, 15 or 20 years.
- The benefit of disability rider can also be availed under this plan. This benefit can be availed only if the premium paying tenure is at least 5 years.
- The premium chart of LIC Kanyadan policy is very simple which can be understood easily.
- Under this plan, if the policy is active and the policy holder has paid the premium for 3 years, then loan can also be obtained through this policy.
- This policy is completely tax free.
Eligibility for LIC Kanyadan Policy
- This policy can be bought only by the father of the daughter.
- The age limit under this scheme is 18 to 50 years.
- Daughter’s age should be at least 1 year to buy LIC Kanyadan policy.
- Minimum Sum Assured at the time of maturity should be ₹100000.
- There is no limit on the maximum Sum Assured at the time of maturity.
- There is a policy term of 13 to 25 years under this plan.
- The term of the policy under LIC Kanyadan policy is 3 years more than the premium paying term. If the policy term is 15 years, then the policy holder will have to pay the premium for 12 years only.
Documents of Kanyadan Policy Scheme 2022
- Aadhar Card
- income certificate
- identity card
- address proof
- Passport size photo
- Duly filled and signed form of proposal for the scheme
- Check or cash to pay the first premium
- Birth certificate
How to apply for LIC Kanyadan Policy 2022?
Interested beneficiaries who want to apply under this policy, then you can contact your nearest LIC office / LIC agent and you have to go there and tell that you want to invest in LIC Kanyadan policy. Then he will tell you the term of the LIC Kanyadaan policy , you have to choose it according to your income, then the LIC agent will have to give you all your information and your documents, after that he will fill your form. In this way you can join LIC Kanyadan Policy Scheme 2022 . , To get more information related to the scheme, you can visit the official website of LIC.