Planning for your daughter’s education and marriage becomes much easier with the right financial plan.
LIC offers a popular option known as the LIC Kanyadan Policy, which is based on the LIC Jeevan Lakshya Plan (Plan 933).
Many LIC agents market it as the LIC Kanyadan Policy because it is designed to help parents build a financial corpus for their daughter’s future.
Save ₹121 Daily to Build a Large Corpus
With this plan, you need to save around ₹121 per day, which comes to about ₹3,600 per month.
Over 22 years, your total investment will be around ₹9.58 lakh. If applicable bonuses are added, the maturity amount can reach around ₹27 lakh after 25 years. Premium payments stop three years before the policy matures.
Eligibility and Policy Rules
Parents can buy this policy for their daughter. The daughter cannot purchase the policy in her own name.
A father can buy the plan after his daughter turns one year old.
The policy term ranges from 13 to 25 years, while the maximum insurance coverage can continue up to 50 years, depending on the plan chosen.
The minimum sum assured is ₹1 lakh, and there is no maximum limit. However, the sum assured must be selected in multiples of ₹10,000.
Insurance Benefits and Tax Savings
The plan also provides financial protection to the family.
If the policyholder dies in an accident, the nominee receives an immediate payment of ₹10 lakh. In case of natural or non-accidental death, the immediate payout is ₹5 lakh.
Policyholders can also apply for a loan after paying premiums for two years.
Apart from insurance benefits, the plan offers tax benefits under Section 80C of the Income Tax Act.
Eligible investors can claim deductions of up to ₹1.5 lakh. The policy can also be surrendered within 15 days of purchase if needed.
How to Buy the Policy
Parents can purchase this policy either online or through an LIC agent after checking the plan details and eligibility conditions.
