Features of the LIC Kanyadan Plan
Print this article Recommend this article Comments Print this article Share this article on Facebook Share this article on Twitter Share this article on Linkedin Share this article on Reddit Share this article on Pinterest The LIC Kanyadan Plan is an excellent and thoughtful strategy for safeguarding our daughters’ futures. It only costs a small amount and gives daughters support and safety so that they can keep their plans for marriage and education. Our initiative is to assist and provide financial support to families so that our daughters’ dreams can be realized. It is the ideal present for our cherished daughters and a great relief for families because it provides significant financial support for our daughters’ improved future and welfare.
What is the plan for LIC Kanyadan?
For the welfare of your daughters in the future, this plan is the complete financial strategy. By investing in a fund with a lower premium, it supports your daughter’s education and marriage and helps organize her expenses.
What advantages does the LIC Kanyadan plan provide?
One of the most important goals for parents is to ensure their daughter’s future. Here, LIC offers the Kanyadan Policy for our daughter’s and our own financial freedom by supporting her education, marriage, and other significant life events. This plan has the following benefits:
It is a profit endowment assurance plan with a short premium-paying term. The premium-paying term is three years shorter than the policy term. There are several ways to pay the premium. If a policyholder dies before the policy matures, 10% of the basic sum assured will be paid out on each policy anniversary before the maturity date. 10 lakhs in the event of the policyholder’s death; premium waiver in the event of the policyholder’s death prior to the policy’s maturity. Are there any tax benefits associated with the LIC Kanyadan?
It is a tax-free policy under India’s tax exemption law. There are two tax advantages: First and foremost, the Rs. In accordance with Section 10 (10D), the maturity sum is also exempt from taxation, and premium payment is required to obtain 1,50,000 under 80 C.
Who may purchase this plan?
The policy can only be purchased by the daughter’s father, not by the daughter herself. When the father purchases the policy, the daughter must be at least one year old.
How old must you be to purchase the LIC Kanyadan plan?
The policy can only be purchased by people over the age of 18, and the maximum age at which it can be used is 50.
What is LIC Kanyadan’s locking period?
The policy’s locking period ranges from 13 to 25 years.
Which paperwork is required to purchase the LIC Kanyadan Plan?
The following documents are required: proof of age, address, and identity; proof of income; aadhar card; a passport-sized photograph; a proposal form; a birth certificate for a girl child; a first premium cheque or demand draft. Can I get a loan benefit from the Kanyadan Scheme?
If you have an active policy and have paid your premiums for three years in a row, you can get a loan.
Is there anything missing from the Plan?
If the policyholder takes their own life within a year of purchasing the policy, they will not be eligible for any additional benefits or claims.
How frequently does the premium need to be paid?
Depending on your suitability, the premium can be paid monthly, quarterly, semiannually, or annually.
Are NRI citizens eligible for this policy?
Yes, the program is available to citizens of NRI countries as well as Indian nationals.
For the LIC Kanyadan plan, are there any surrender benefits available?
Yes, the policy can be canceled after at least three years of premium payment. The total paid premium value, minus any rider benefits, is the surrender value.