LIC Kanyadan Policy: Given the ever-rising inflation in the country, parents are investing in various ways to secure their children’s future. The expenses for children’s education, higher education, and marriage are significant, making it crucial to build a strong and secure fund in time. Keeping this need in mind, Life Insurance Corporation, the country’s largest insurance company, has designed a special plan for the bright future of daughters, known as the LIC Kanyadan Policy. This plan offers secure returns, tax benefits, and adequate coverage.

Read More- Make Uttarakhand’s Special Pahadi Aloo Ke Gutke In Winter – Spicy And So Tasty

What is the LIC Kanyadan Policy?

LIC’s Kanyadan Policy is a specially designed insurance plan that helps build a secure fund for a daughter’s future. It operates as a term plan, with a tenure of 13 to 25 years. This plan is considered suitable for families with daughters between the ages of 1 and 10. Premium payments in this policy can be made monthly, quarterly, half-yearly, or annually. Bonuses and a final bonus are added to the sum assured upon maturity, resulting in a substantial sum assured.

Investment Eligibility

The maximum age for the father of a daughter to invest in this plan is 50 years. This requirement is imposed to ensure smooth completion of the policy term and timely access to funds to meet the daughter’s needs.

Features Available in the Kanyadan Policy

LIC has included several useful features in this plan. Investors can avail a loan facility from the third year of policy purchase, which is very helpful in case of an emergency. Investors also have the option to surrender the policy after two years. There’s no need to worry about delays in premium payments, as this plan offers a grace period where you can make payments within 30 days without incurring late fees. Additionally, premium payments are eligible for deductions under Section 80C of the Income Tax Act, and the maturity amount is tax-free under Section 10D.

Maturity Benefit

If a family invests in this plan for a period of 25 years, they need to deposit approximately ₹41,367 annually, which translates to approximately ₹3,447 per month. During this period, the investor only needs to pay premiums for 22 years, while maturity occurs after 25 years. Upon completion of the policy term, a benefit of approximately ₹22.5 lakh is received, which includes the sum assured and various bonuses. This amount proves extremely useful for major expenses such as the daughter’s education, career, or marriage.

Death Benefit Details

If the father dies during the policy term, the daughter does not have to pay further premiums. The premium is completely waived, and the policy continues to provide benefits. In this case, ₹1 lakh is paid annually for 25 years, and a lump sum amount is paid separately upon maturity. If the father dies in a road accident, an accidental death benefit of ₹10 lakh is added to the regular death benefit, which is paid to the nominee.

Read More- Motorola G69 5G Black Friday 2025 Offer – The Shocking Deal No One Expected

Why is the Kanyadan Policy beneficial?

This plan is specifically designed for families who want long-term, secure funds for their daughter’s future. This policy is not just an investment, but a combination of protection and trust, including tax benefits. The death benefit further enhances its value.