LIC Special Plan: Invest Rs 3000 & Secure Rs 22 Lakh for Your Daughter – Apply Today!

With inflation rising and the cost of education and marriage increasing, securing a child’s future has become a priority for many parents. To help alleviate these concerns, the Life Insurance Corporation of India (LIC) has introduced the LIC Kanyadan Policy—a special insurance plan designed to provide financial security for daughters. This plan ensures a lump sum amount at maturity, offers life insurance coverage, and provides various financial benefits like tax savings, loan facilities, and premium waivers in case of the policyholder’s demise.

In this article, we will explore the key features, benefits, and eligibility criteria of the LIC Kanyadan Policy to help you decide if it is the right choice for your child’s future.

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What is the LIC Kanyadan Policy?

The LIC Kanyadan Policy is a unique savings and insurance plan tailored for the financial security of a daughter. It is structured as a term insurance policy with a tenure ranging between 13 to 25 years. This policy helps parents systematically save for their daughter’s future while ensuring that she receives financial support even in the unfortunate event of the father’s demise.

Key Features of the LIC Kanyadan Policy

• Flexible Premium Payment Options: Investors can choose to pay premiums monthly, quarterly, half-yearly, or annually based on their convenience.
• Premium Waiver Benefit: If the father (policyholder) passes away during the policy term, the remaining premiums are waived off, ensuring that the daughter still receives the maturity amount.
• Guaranteed Maturity Benefit: Upon completion of the policy term, the Sum Assured + Bonus + Final Bonus is paid to the policyholder.
• Loan Facility: After three years of investing in the policy, the policyholder can take a loan against the policy.
• Surrender Option: The policy can be surrendered after two years if required.
• Grace Period: In case of a missed premium payment, the policyholder gets a grace period of 30 days to pay without a late fee.
• Tax Benefits: Investors can avail tax deductions under Section 80C of the Income Tax Act, and the maturity amount is tax-free under Section 10D.

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Eligibility Criteria for LIC Kanyadan Policy

To invest in the LIC Kanyadan Policy, the following conditions must be met:

• The father’s age should be below 50 years at the time of purchasing the policy.
• The daughter’s age should be between 1 and 10 years.
• The policy term should range from 13 to 25 years.

Benefits of LIC Kanyadan Policy

1. Maturity Benefit

This policy helps parents accumulate a substantial fund for their daughter’s future needs, such as education and marriage.

For instance, if an individual invests in LIC Kanyadan Policy for 25 years, they need to pay a premium of ₹41,367 per year (around ₹3,447 per month) for 22 years. At the end of the 25-year term, the investor will receive an approximate maturity amount of ₹22.5 lakh.

2. Death Benefit

The LIC Kanyadan Policy offers robust financial protection in case of the policyholder’s (father’s) untimely demise.

• If the father dies during the policy term, the daughter does not have to pay any future premiums.
• LIC provides a financial assistance of ₹1 lakh per year to the daughter until the end of the policy term.
• Upon policy maturity, the daughter also receives the lump sum amount.
• In case of accidental death, LIC provides an additional accidental death benefit of ₹10 lakh to the nominee.

3. Tax Benefits

One of the significant advantages of the LIC Kanyadan Policy is its tax benefits:

• Premium payments are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
• The maturity amount is tax-free under Section 10D, making it an excellent tax-saving investment.

4. Loan Facility

After three years of continuous premium payments, the policyholder can avail a loan against the policy. This feature provides financial flexibility in times of need.

5. Policy Surrender Option

• The LIC Kanyadan Policy can be surrendered after two years if the policyholder faces financial difficulties.
• However, surrendering the policy before maturity means the policyholder will receive only a reduced amount based on the surrender value.

How to Apply for LIC Kanyadan Policy?

Applying for the LIC Kanyadan Policy is simple. Here’s a step-by-step guide:

1. Visit the Nearest LIC Office or Agent

The policy is available through LIC agents and LIC branch offices. Interested individuals can contact an agent for detailed guidance.

2. Choose the Policy Term & Premium Payment Mode

• Select the desired policy tenure (13-25 years).
• Decide whether to pay premiums monthly, quarterly, half-yearly, or yearly.

3. Fill Out the Application Form

The applicant must provide personal details, KYC documents, and medical information as required.

4. Undergo a Medical Examination

In some cases, LIC may require a medical examination to assess the applicant’s health before approving the policy.

5. Pay the First Premium

Once the application is approved, the applicant needs to pay the first premium to activate the policy.

Is LIC Kanyadan Policy a Good Investment?

The LIC Kanyadan Policy is an ideal option for parents who want to systematically save for their daughter’s education and marriage while securing financial protection.

Pros:

✔ Financial Security: Ensures that the daughter receives financial assistance in case of the father’s demise.
✔ Lump Sum Savings: Helps accumulate a substantial amount for the daughter’s future needs.
✔ Tax Benefits: Provides tax deductions under Section 80C and tax-free maturity benefits under Section 10D.
✔ Flexible Premium Payment Options: Allows premium payments based on convenience.
✔ Loan Facility: Offers financial support in emergencies.

Cons:

❌ Limited to Fathers Only: The policy is available only to fathers, which may be a limitation for single mothers or guardians.
❌ Long-Term Commitment: Requires a long-term investment, which may not be suitable for those looking for short-term returns.
❌ Returns Depend on Bonus Declarations: The final maturity amount depends on LIC’s bonus declarations, which can fluctuate.

Conclusion

The LIC Kanyadan Policy is an excellent investment-cum-insurance plan that helps parents secure their daughter’s financial future. With benefits like premium waivers, tax deductions, loan facilities, and death benefits, it offers a comprehensive safety net.

For parents looking to build a strong financial foundation for their daughters, this policy is a highly recommended choice. To get started, visit the nearest LIC office or agent today!

LIC Kanyadan Policy: A Detailed Guide for Secure Future Planning

Financial planning for a child’s future is a top priority for parents, especially in a country like India, where the cost of education and marriage continues to rise. The LIC Kanyadan Policy is one such plan designed specifically for fathers who want to secure their daughter’s future financially. This policy offers high returns, life insurance coverage, and tax benefits, making it a comprehensive investment-cum-insurance plan.

In this detailed guide, we will explore all aspects of the LIC Kanyadan Policy, including benefits, eligibility, premium structure, payout options, and frequently asked questions.

Why Should You Invest in LIC Kanyadan Policy?

The LIC Kanyadan Policy is a modified version of the LIC Jeevan Lakshya policy, designed to help fathers save for their daughter’s education and marriage while also ensuring financial security in case of an unfortunate event. Here are some reasons why this policy is worth considering:

✔ Future Security: The policy provides financial support to the daughter even if the father is no longer around.
✔ Large Maturity Payout: The lump sum amount received at maturity can be used for higher education, marriage, or other financial needs.
✔ Tax-Free Benefits: The maturity amount and premium payments are tax-exempt under Section 80C and Section 10(10D) of the Income Tax Act.
✔ Accidental Death Benefit: In case of accidental death of the father, the daughter receives an additional ₹10 lakh as a lump sum.
✔ Premium Waiver: If the father passes away during the policy term, no further premiums need to be paid, and the daughter still gets the full sum assured at maturity.

Key Features of LIC Kanyadan Policy

1. Policy Term and Premium Payment Options

• The policy term ranges from 13 to 25 years.
• The premium payment period is generally 3 years shorter than the policy term. For example, if you choose a 25-year policy term, you only need to pay premiums for 22 years.
• Premiums can be paid monthly, quarterly, half-yearly, or annually, depending on your convenience.

2. Death Benefit (In Case of Father’s Demise)

• If the father passes away during the policy term, the premium payment stops immediately.
• The daughter receives ₹1 lakh per year as financial assistance until the policy matures.
• At the end of the policy term, she will receive the full maturity amount (₹22.5 lakh in a 25-year policy scenario).
• In case of accidental death, an additional ₹10 lakh is paid to the nominee.

3. Maturity Benefit

• At maturity, the total amount paid includes:
  • Sum Assured
  • Bonus
  • Final Bonus
• If you invest ₹41,367 annually for 22 years, you will receive ₹22.5 lakh after 25 years.

4. Loan Facility

• After 3 years of continuous premium payments, you can avail of a loan against the policy.
• The loan amount depends on the surrender value of the policy.

5. Surrender Option

• If needed, the policyholder can surrender the policy after 2 years of premium payments.
• However, surrendering the policy early will reduce the final payout amount.

6. Tax Benefits

• Premiums paid qualify for tax deductions under Section 80C (up to ₹1.5 lakh per year).
• Maturity payouts and death benefits are tax-free under Section 10(10D).

LIC Kanyadan Policy Premium & Payout Example

Let’s take an example to understand how much you need to invest and the potential returns:

Example Breakdown (25-Year Policy Term):

• Policy Term: 25 years
• Premium Payment Term: 22 years
• Annual Premium: ₹41,367 (~₹3,447 per month)
• Maturity Amount: ₹22.5 lakh

This payout structure ensures that you systematically build a large financial reserve for your daughter’s education, marriage, or other needs.

How to Apply for LIC Kanyadan Policy?

Applying for the LIC Kanyadan Policy is a simple process. Here’s what you need to do:

Step 1: Visit an LIC Branch or Agent

You can buy the policy through an LIC agent or by visiting the nearest LIC branch office.

Step 2: Choose the Policy Term & Payment Mode

Select a policy term between 13 to 25 years and decide your payment frequency (monthly, quarterly, half-yearly, or yearly).

Step 3: Submit Documents

You will need to provide:

• Age proof (Aadhaar, PAN, Birth Certificate)
• Identity proof (Voter ID, Passport, Driving License)
• Address proof
• Income proof (Salary Slip, ITR, or Bank Statement)
• Medical history report (if required)

Step 4: Medical Examination

Depending on your age and the sum assured, LIC may ask for a medical test before approving the policy.

Step 5: Pay the First Premium & Receive Policy Document

Once approved, pay the first premium and receive your LIC Kanyadan Policy document.

Frequently Asked Questions (FAQs)

1. Can a mother buy the LIC Kanyadan Policy for her daughter?

No, this policy is specifically designed for fathers. However, mothers can explore other LIC child plans.

2. What happens if I fail to pay the premium on time?

LIC offers a 30-day grace period. If the premium is not paid within this time, the policy may lapse, but it can be revived within 2 years.

3. Can I withdraw money before maturity?

Yes, you can surrender the policy after 2 years, but the payout will be based on the surrender value and will be lower than the maturity benefit.

4. Is the LIC Kanyadan Policy a government scheme?

No, this is an insurance policy offered by LIC, a government-owned insurance provider, but it is not a government welfare scheme.

5. Is there any online application option for LIC Kanyadan Policy?

Currently, LIC Kanyadan Policy is not available for online purchase. You need to contact an LIC agent or visit a branch.

Final Verdict: Should You Invest in LIC Kanyadan Policy?

The LIC Kanyadan Policy is an excellent long-term financial plan that helps parents systematically save for their daughter’s future while also offering life insurance coverage.

✔ Best for: Fathers who want to secure their daughter’s education, marriage, or other future financial needs.
✔ Not ideal for: Those looking for short-term returns or higher interest rates like mutual funds.

Overall, this policy is a safe, tax-saving, and reliable investment for parents who want guaranteed financial security for their daughters.

To apply, visit your nearest LIC branch or contact an LIC agent today!