If you are looking for a good investment plan for your daughter’s future, then LIC Kanyadaan Policy can be useful for you. Through this scheme, you can deposit a significant amount for your daughter. Also, tax benefits, loan facility and many other benefits can also be taken. If your daughter is between 1 year to 10 years old, then you can invest in this policy. Know about LIC’s Kanyadaan Policy.
Policy period 13 to 25 years
The policy period of this scheme is 13-25 years. For this you can pay monthly, quarterly, half -yearly and annual premiums. If you choose a 25 -year term plan, then you have to pay a premium for 22 years. This scheme will be matured after 25 years. At the time of maturity, the entire amount is paid with the insurance amount+bonus+final bonus. To take this policy, the age of the girl’s father should be at least 18 years and more than 50 years.
Loan facility from third year
On purchasing the policy, loan facility is also available from third year. If you want to surrender the policy on completion of two years, then that facility is also available. In addition, it also provides a discount period to fill the premium. Suppose if you forget to fill the premium of the policy in a month, then you can pay the premium during the 30 -day discount period. During this time no delay fee will be charged from you.
Tax exemption in two ways
Not only this, tax benefit is available in two ways on taking this policy. On depositing the premium, there is a benefit of deduction under Section 80C and maturity amount under Section 10D is tax free. The limit of insurance amount for the policy starts at a minimum of Rs 1 lakh and does not have a maximum limit.
Understand how to get benefits from the example
Suppose you take a plan of 25 years duration and pay an annual premium of Rs 41,367. In such a situation, your monthly premium will be around Rs 3,447. You will submit this premium for 22 years. In such a situation, he will get life insurance coverage of 22.5 lakhs during a period of 25 years.
If the father dies during the policy period, the daughter will not have to pay the premium for the next period. In this situation the premium is waived. Apart from this, they will get Rs 1 lakh annually by the completion of 25 years period and a lump sum maturity amount will be given on the 25th year.
If the father dies due to road accident, the nominee will be given a casual death benefit of Rs 10 lakh along with all other death benefits. For more information related to the policy, click on this link https://lifeinsuranceofindia.in/lic- kanyadan-policy/.
