LIC Kanyadan Policy: In today’s world, every parent aspires for their daughter to have a financially secure future. Thus, it’s essential to plan ahead for significant responsibilities such as her education, career, and marriage, ensuring she encounters no obstacles. Often, saving on time can ease future financial burdens.

With this necessity in mind, the Life Insurance Corporation of India (LIC) provides various plans designed to safeguard daughters’ futures through long-term savings. By investing in these plans over time, you can create a solid financial base for your daughter’s requirements.

What makes the LIC Kanyadan Policy significant?

The LIC Kanyadan policy is a scheme usually aimed at covering major expenses like a daughter’s education and marriage. In this plan, parents make regular small deposits, gradually building a considerable fund to address future financial demands.

If you save about Rs 121 each day, your monthly savings could total around Rs 3,600, leading to approximately Rs 43,560 after one year. If you continue this investment for 22 years, your total contributions might surpass Rs 9.5 lakh. Additionally, upon completion of the policy, you could receive a fund of up to Rs 27 lakh, which includes the assured sum, bonuses, and other advantages.

What is the duration for which you can hold the policy?

The investment duration for these plans generally spans from 13 to 25 years. Opting for a longer period enables you to grow your wealth. Moreover, investing in this plan can also provide you with tax benefits under Section 80C of the Income Tax Act. However, the final payout is contingent on the policy’s terms, duration, and bonuses.

What are the terms of the policy?

There are some important conditions for taking Kanyadaan policy.

The minimum age of the daughter should be 1 year.

The age of the father should also be within the limit set by the insurance company.

Documents required to take the policy

Passport size photo

Aadhaar card or other identity card

Daughter’s birth certificate

Income Certificate

Address proof.