LIC Policy: Every parent strives to ensure a secure and bright future for their children. This concern intensifies when it comes to daughters. Parents start planning early for their education, marriage, and other future responsibilities. Keeping this need in mind, the Life Insurance Corporation of India (LIC) has introduced a special scheme known as the Kanyadaan Policy.
What is LIC’s Kanyadaan Policy?
LIC’s Kanyadaan Policy is specifically designed to secure the future of daughters. This policy allows you to build a substantial fund over the long term by investing small amounts. The scheme aims to provide financial support for the daughter’s higher education, marriage, and other essential expenses.
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How a Monthly Investment of Rs. 1000 Creates a Large Fund
If a parent invests just Rs. 1000 per month in this policy for a period of 25 years, the total investment amounts to Rs. 3 lakhs (Rs. 12,000 annually). This investment is expected to yield an annual return of approximately 6 to 7%. Due to the long duration, the benefit of compounding is realised, and the total amount at maturity can reach approximately Rs. 12 to 15 lakhs.
Who Can Avail This Policy?
Certain conditions have been set for availing the Kanyadaan Policy. The father taking the policy must be at least 30 years old, while the daughter must be at least one year old. Any eligible person can invest in this scheme after fulfilling the stipulated conditions.
Benefits in Case of Death
The biggest advantage of this policy is its safety net. If, for any reason, the policyholder dies during the policy term, the daughter receives financial assistance. Furthermore, all future premiums are waived, and the policy continues until its scheduled maturity.
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Tax Benefits
Investing in LIC’s Kanyadaan Policy also provides tax benefits. This policy offers tax exemption on premiums under Section 80C of the Income Tax Act. Additionally, the maturity amount is tax-free under Section 10(10D).
How to get the Kanyadaan Policy
To obtain this policy, you can visit your nearest LIC branch. You can start the policy by submitting the necessary documents and getting complete information from the agent.
