Parents worry about their children’s futures due to ever-increasing inflation. LIC Scheme: Parents adopt many strategies to save for their children’s education and marriage. LIC has recently introduced a special policy for children. We are discussing LIC’s Kanyadaan Policy, a specially designed policy for daughters’ bright futures.
With this policy, you can deposit a fund of up to Rs 22.5 lakh for your daughter. In addition to this, the policy also offers tax benefits and loan facilities. This scheme allows you to invest in a daughter between the ages of 1 and 10.
Details of LIC’s Kanyadaan Policy
The LIC’s Kanyadaan Policy is a type of term insurance. It offers a tenure of 13 to 25 years. Additionally, you can invest in the policy on a monthly, quarterly, half-yearly, and annual basis. At maturity, the total amount received consists of the sum assured, the bonus, and the final bonus. To participate in this scheme, the daughter’s father must be less than 50 years old.
Learn about the policy’s benefits.
In this LIC policy, investors have access to a loan facility. Investors also have the option of surrendering after two years of the policy. In this policy, there is also an option to pay a premium in the grace period. If you fail to deposit the premium in a given month, you can still pay it without incurring any late fees. In this policy, there is a benefit of deducting the premium under 80C. Simultaneously, the maturity account receives a tax benefit under Section 10D.
How much of a benefit will maturity provide?
Let us tell you that if you invest at the age of 25 years, you will have to deposit a premium of Rs 41,367. As a result, you will have to deposit a premium of approximately Rs 3,447 per month. Following this, you will only need to deposit for 22 years to reach the 25-year maturity. After this, there will be a benefit of Rs 22.5 lakh on maturity.
A death benefit is available.
Whatever causes the father’s death, the daughter won’t have to pay the premium. After this, the daughter will receive Rs 1 lakh annually for 25 years. The daughter will then receive the maturity amount. Should the father pass away due to an accident, the beneficiary will receive a death benefit of Rs 10 lakh. The nominee receives this benefit.
