LIC Kanyadan Plan is an ideal thoughtful plan to secure life for our daughters. It is restricted to a limited premium and provides daughters with support and security to support their future education and marriage plans. Our initiative is to help and financially support families to manage the expenses of our daughters in fulfilling their dreams. It is a perfect gift for our precious daughters and a great relief for families by providing significant financial assistance for a better future and well-being of our daughters.
- What is LIC Kanyadan plan?
This plan is the all-in-one financial plan for the future well-being of your daughters. Help organize the daughter’s expenses, support her education and her marriage by investing in a fund with a lower premium.
- What are the benefits of the LIC Kanyadan plan?
Securing the future of a daughter is one of the main wishes of parents. Here, LIC brings Kanyadan’s policy to benefit our daughter and ourselves to provide financial freedom by supporting her education, marriage and other milestones for her. The benefits of this plan are:
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It is a guaranteed benefit endowment plan with a limited period of premium payment.
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The premium payment term is three years less than the policy term
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Flexible premium payment methods
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In the event of the death of a policyholder before expiration, 10% of the basic sum insured will be delivered on each anniversary of the policy before the expiration date
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It provides Rs. 10 lakhs in case of death of the policy holder
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Provide waiver of premium in case of death of the policyholder before the expiration of the policy
- Are there tax benefits against LIC Kanyadan?
As per India’s tax exemption law, it is a tax free policy. There are two tax benefits to be offered: firstly, the tax benefit of Rs 1,50,000 under 80C can be availed by paying the premium, and secondly, under Section 10 (10D), the sum Due date is also tax free.
- Who can buy this plan?
The policy can only be purchased by the daughter’s father and not by the daughter herself. The daughter’s age must be at least one year old at the time the father’s policy is purchased.
- What is the age limit to buy the LIC Kanyadan plan?
The minimum age to contract the policy is 18 years and the maximum age up to which the policy can be contracted is 50 years.
- What is the lock period of LIC Kanyadan?
The policy lock period is available from 13 to 25 years.
- What documents are required to purchase the LIC Kanyadan Plan?
The following documents are required
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Proof of age, address and identity
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proof of income
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aadhar card
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passport size photo
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proposal form
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girl’s birth certificate
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Check or draft at sight of the first premium
- Can I take advantage of the loan against the Kanyadan Scheme?
Yes, you can borrow a loan if your policy is active and you have paid a premium for three consecutive years.
- Are there any exclusions in the Plan?
No additional benefits or claims can be taken if the policyholder commits suicide within 12 months of purchasing the policy.
- What is the premium payment frequency?
The premium can be paid monthly, quarterly, semi-annually or annually, depending on your suitability.
- Is this policy available to NRI citizens?
Yes, the scheme is available for Indian citizens and NRI citizens.
- Is there any bailout benefit against LIC Kanyadan scheme?
Yes, there is the option to redeem the policy after paying a premium for at least three years. The surrender value is the full value of the premium paid except for any additional benefits.