LIC Kanyadan Scheme: If you’re checking out kanyadan yojana 2023 then you’re at the proper place here is all information available about LIC Kanyadan Scheme Like Eligible criteria, important document, benefits, rules, and also LIC kanyadan policy online apply so this is often the right place to understand about this scheme.
LIC Kanyadan Scheme Save 121 Rs Per Day for Daughters’ Marriage
Using LIC kanyadan yojana calculator you’ll calculate installment, premium, benefits, and more. Also, LIC kanyadan policy premium chart Available on the LIC Policy document so you’ll easily know it . Sukanya Samriddhi schem and LIC kanyadan policy are different but both are the simplest Scheme for the daughter.
LIC Kanyadan Yojana the way to Apply ?
In India, when a daughter is born, the householder gets very worried, for which she is afraid of giving birth to girls. The biggest reason for this is dowry, which is very difficult for a middle-class family to collect. But those who are a little poorer have a little more trouble with their daughter’s marriage.
But now there is good news for her parents for a better future for their daughters, which is why LIC will be investing in them. Today we are going to tell you about it in which you will get this good return of LIC. The name of this LIC plan is Kanyadan Policy.
Learn a few special things about the policy
The age for taking the LIC Kanyadan policy should be from one year to 20 years, and this plan will be up to 5 years. But the premium has to be paid for 3 years only. But you also get the policy according to the different ages of your second daughter, in which the time limit of this policy will be reduced according to the age of the daughter.
LIC Kanyadan Scheme : Click Here
Add Rs 151 per month for daughters’ marriage: In this LIC Kanyadan policy, you can get a plan of around Rs. 200 per month at Rs. 151 per day.
Be sure to visit the nearest LIC office once and for all and you will find answers to other related questions.
- So take a look at this policy
- 1. Premium has to be paid for 5 years.
- 151 per day or Rs. 500 per month.
- In the meantime, if the insured dies, the family will not have to pay any premium.
- If the insured dies, the daughter will get Rs 1 lakh every year during the year between the policies.
- Upon completion of the policy, the nominee will get Rs 5 lakh.
- This policy can be taken with more or less premium.
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Key Features of LIC Kanyadan Policy
- The plan comes out with great features. Some of them are mentioned below
- Offers to protect your daughter’s future financially independent.
- It offers cover for life risk over a certain period of time up to 3 years before the maturity date.
- The insured will get a lump sum amount at the time of maturity.
- In case the father expires, then the premium is waved off.
- Immediate payment of Rs. 10 lakhs in the case of an accidental demise.
- Immediate payment of Rs. 5 lakhs in the case of non-accidental/natural dmise.
- Rs. 50,000 will be paid every year until the maturity date.
- Full maturity amount will be availed at the time of maturity.
- Those who stay outside India can also go for this plan without visiting in the country.
- The policy also has some mix features of the LIC Jeevan Lakshya policy.
What Are the Benefits of LIC Kanyadan Policy?
Investing in LIC Kanyadan policy will secure your daughter’s future and will benefit you in many ways. Read the LIC Kanyadan policy details 2019 to know how the LIC Kanyadan policy can let you plan better to give your daughter complete financial liberty in terms of her education, marriage as well as to meet the special milestones in life.
- In this policy, the premium paying term is limited.
- This is a with-profits endowment insurance plan that comes with insurance and savings.
- The premium paying term is less by 3 years than the policy term.
- Various premium paying modes are available such as monthly, quarterly, half-yearly and annual.
- If the applicant dies within the policy tenure, 10% of the Sum Assured is payable every year till 1 year before the maturity date.
- The policy tenure for this plan is between 13 to 25 years.
- The policyholder has the option to pay for 6, 10, 15 or 20 years.
- Additional benefits will be provided to the family if the policyholder i.e. the father of the daughter dies within the policy tenure.
- Disability rider benefit is also applicable if the premium paying tenure is at least 5 years.
- If the policyholder commits suicide within 12 months from the initiation of the policy, 80% of the premium will be paid by the corporation except for the surrender value or taxes, the one which will be higher of the two.
- It is also available in Hindi language PDF to be understood by the people easily.
- LIC Kanyadan policy premium chart is self-explanatory.
- If the policy is active and the policyholder has paid the premiums for 3 consecutive years, a loan can be availed against the policy.
- It is a perfectly tax-free policy under the tax exemption laws of India, 1961.
Eligibility Criteria for LIC Kanyadan Yojna
- The policy can be purchased only by the father of the daughter and not by the daughter herself.
- The age limit for buying the plan should be at least 18 years and not more than 50 years.
- Daughter’s age should be at least 1 year at the time of purchasing the policy.
- The minimum Sum Assured at the time of maturity is Rs. 1 lakh.
- The maximum Sum Assured at the time of maturity has ‘No Limit’ (depends on the cost of premiums paid by the policyholder).
- Policy tenure for 13 to 25 years is available for the applicant.
- Premium paying term is 3 years less than the policy term e.g. if the policy term is 15 years, then the policyholder has to pay the premiums for (15-3)=12 years.
Understanding LIC Kanyadan Policy
This simple example will let you know how LIC Kanyadan policy can be beneficial for you.Suppose Mr. Vivek Mittal has taken a Kanyadan Yojana when his age is 30 years and he decided to take the policy for a policy term of 15 years. The investment for maximum Sum Assured of the policy is Rs. 5 lakhs.
i) If the applicant survives the policy tenure
- The policy will mature in the year 2033 when the father becomes 44 years of age. If Mr. Vivek Mittal survives the policy tenure until maturity, he will be liable to get Rs. 8, 17, 500 as the maturity amount.
ii) If the applicant dies after (commencement of the policy) 8th years during the policy tenure
- The family of Mr. Mittal shall receive Rs. 50,000 every year which 10% of the Sum Assured. In 2033, his family shall receive Rs. 5 lakhs as the Sum Assured along with the additional bonuses. Hence, the total maturity amount shall be equal to Rs. 8,67,500.
Additional Details of LIC Kanyadan Policy
- Any benefit or additional coverage shall not be provided in the case If the policyholder commits suicide within 12 months from the initiation of the policy.
Free Look Period
- A free look period of 15 days is provided to the policyholder from the date of commencement of the policy if he/she is not satisfied with the clauses of the policy or any related information.
- During the grace period the policyholder is not charged with any late fees or penalty if the due date for payment is over. The policy allows a grace period of 30 days for annual, biannual or quarterly premium payments and 15 days for monthly premium payments. Without asking further questions, the policy will be terminated if the policyholder is unable to pay the premium before the expiry date of the grace period.
- The policyholder is allowed to surrender the policy anytime after paying the premium for at least 3 consecutive years. The guaranteed surrender value will be the total of the percentage of total premiums excluding rider premiums that depends on the policy term and surrendered policy year.
- LIC Kanyadan Scheme : Click Here