LIC Kanyadan Policy Scheme has been started by the Life Insurance Company of India to invest for the marriage and education of daughters. Under this scheme, any person can invest for his daughter’s wedding. This plan is for 25 years.
LIC Kanyadan Policy Scheme 2021
You can take this insurance plan for 13 to 25 years. Under this LIC Kanyadan Policy Scheme, you have to pay the premium for 3 years less than your chosen term. Any person can get insurance of at least Rs 1 lakh. Dear friends, through this article, we are going to share all the information related to this scheme like application process, documents, eligibility etc. with you. So, read this article carefully.
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 demise.
- 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.
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.
Documents of Kanyadan Policy Scheme 2021
- The entry age of the applicant should be between 18 and 50 years.
- Policy term 13 to 25 years
- Aadhar Card
- income certificate
- identity card
- address proof
- Passport size photo
- Duly filled and signed form of the proposal for the scheme
- Check or hair to fill the first premium
- Birth certificate
How to apply for LIC Kanyadan Policy 2021?
- Interested beneficiaries who want to apply under this policy can contact your nearest LIC office / LIC agent and you have to go there and state that you want to invest in LIC Kanyadan policy.
- Then he will tell you the term of LIC Kanyadan policy.
- You have to choose it according to your income then LIC agent has to give you all your information and your documents then he will fill your form.
- This is how you can join LIC Kanyadan Policy Scheme 2021
- You can visit the official website of LIC for more information related to the scheme
Important Link :
LIC Kanyadan Policy Premium Payment.
Under the LIC Kanyadan policy, you can increase or decrease the premium payment according to your income. You can pay the premium for Kanyadan Policy according to your convenience. The premium is to be paid daily, in 6 months, 4 months, or 1 month. You can pay the premium when you want.