LIC Kanyadan Policy 2024
Life Insurance Corporation of India (LIC) has launched the LIC Kanyadan Policy 2024 Scheme to provide financial support for the marriage and education of daughters. This scheme allows any citizen, including non-Indian residents, to invest in their daughter’s future. The policy provides a life cover to the account holder and combines the features of the Jeevan Lakshya plan. In this article, we discuss the LIC Kanyadan Policy 2024, including its features, eligibility, premium plan chart, and more.
LIC Kanyadan Policy Scheme 2024
LIC Kanyadan Policy is a great scheme for parents who want to invest in the education and marriage of their daughters. The scheme provides various benefits such as a tax-free policy, life risk cover, bonus, etc. The premium plan chart shows that the premium amount depends on various factors such as age, policy term, sum assured, etc. The application process is easy and can be done both offline and online. Overall, LIC Kanyadan Policy is a good investment option for parents who want to secure their daughter’s future.
Premium Plan Chart:
The premium payment for the LIC Kanyadan Policy can be done monthly, quarterly, half-yearly or annually. The premium paying term is for 3 years less than the policy term. For example, if the policy term is 25 years, then the premium paying term will be 22 years. The minimum premium payment is Rs. 121 per day or Rs. 3600/- per month.
LIC Kanyadan Policy Calculator:
The LIC Kanyadan Policy Calculator helps individuals to calculate the premium payment required for this policy. It helps in estimating the premium payment based on the sum assured, age of the father and daughter, and policy term. This calculator is available on the official website of LIC.
Highlights of LIC Kanyadan Policy Scheme 2024
| Feature | Details |
|---|---|
| Policy Type | Non-linked, Non-participating, Individual |
| Entry Age | Minimum: 0 years (parents can avail policy for their newborn daughter), Maximum: 45 years |
| Maturity Age | Maximum: 60 years |
| Policy Term | 25 years |
| Sum Assured | Minimum: Rs. 1,00,000/-, Maximum: No limit |
| Premium Payment Term | 25 years |
| Premium Payment Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Premium Rebate | 2% on yearly and half-yearly modes |
| Loan Facility | Available after payment of premiums for at least 3 full years |
| Surrender Value | Available after payment of premiums for at least 3 full years |
| Death Benefit | Sum Assured along with Accrued Guaranteed Additions and Terminal Bonus, if any |
| Maturity Benefit | Sum Assured along with Accrued Guaranteed Additions and Terminal Bonus, if any |
| Guaranteed Additions | 20% of Sum Assured, compounded annually |
| Terminal Bonus | May be declared at the end of the policy term |
Features of LIC Kanyadan Policy Calculator 2024
The LIC Kanyadan Policy offers several benefits to its account holders, including:
- Premium Waiver: If the account holder’s father dies, the premium payment for the policy will be waived off.
- Yearly Income Benefit: The LIC company provides INR 1 lakh per year to the account holder’s family.
- Maturity Benefit: After the completion of 25 years of the policy, the nominee of the policy will receive INR 27 lakh.
- Accidental Death Benefit: If the beneficiary dies due to an accident, INR 10,00,000 will be given to the family.
- Natural Death Benefit: If the beneficiary dies due to natural causes, then INR 5,00,000 will be provided to the family.
- Life Risk Cover: The policy provides life risk cover till three years before the maturity date.
- Lump Sum Amount: The policy provides a lump sum amount at the time of maturity.
Eligibility for LIC Kanyadan Policy
To be eligible for the LIC Kanyadan Policy, the following criteria must be met:
- Age: The age of the daughter must be more than 1 year, and the age of the father must be between 18 to 50 years.
- Sum Assured: The minimum sum assured limit has been fixed at INR 1 lakh, and no maximum sum assured limit has been fixed.
- Policy Term: The maturity period for the account has been fixed from 13 to 25 years.
LIC Kanyadan Policy Apply Online
The LIC Kanyadan Policy can be applied for both online and offline. Interested individuals can visit the official website of LIC and fill the online application form. Alternatively, they can visit the nearest LIC branch and submit the required documents to apply offline.
Documents Required for LIC Kanyadan Policy
The following documents are required to apply for the LIC Kanyadan Policy:
- Aadhar card
- Address proof
- Passport size photo
- Income certificate
- Birth Certificate, etc.
Benefits of LIC Kanyadan Policy Calculator 2024
The LIC Kanyadan Policy offers several benefits to its account holders, including:
- Tax-free Policy: The policy is completely tax-free.
- Death Benefit: On the death of the insured, INR 5 lakh will be given to the family. If the insured dies due to an accident, INR 10 lakh will be made available to the family.
- Marriage Fund: If you make a daily deposit of INR 75, then after 25 years of paying the monthly premium, INR 14 lakh will be made available for your daughter’s marriage.
- Bonus: The policy provides the benefit of a bonus declared by LIC every year.
- Maturity Benefit: If you save INR 251 per day after 25 years of the monthly premium, you will be given INR 51 lakh.
- Premium Plan Chart for LIC Kanyadan Policy
Application Process for LIC Kanyadan Policy
To apply for LIC Kanyadan Policy, you can either visit the nearest LIC office or visit the official website of LIC.
Offline Application Process:
- Visit the nearest LIC branch office and ask for the LIC Kanyadan Policy application form.
- Fill the application form correctly with all the required details.
- Submit the application form along with the required documents such as Aadhar card, address proof, passport size photo, income certificate, birth certificate, etc.
- Pay the premium amount as per the chosen plan and policy term.
Online Application Process:
- Visit the official website of LIC.
- Click on the “LIC Kanyadan Policy” option.
- Fill the online application form correctly with all the required details.
- Upload the required documents such as Aadhar card, address proof, passport size photo, income certificate, birth certificate, etc.
- Pay the premium amount as per the chosen plan and policy term through the online mode.
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