LIC Kanyadan policy PDF:- The LIC Kanyadan Policy is a thoughtful initiative by LIC (Life Insurance Corporation of India) aimed at empowering families and ensuring the financial security of the girl child. This policy addresses concerns related to future expenses such as education and marriage, providing parents peace of mind. Designed with affordability in mind, it caters to a wide demographic, from rural to urban regions, ensuring that everyone can secure their daughter’s future. Below, we delve into the details of this policy, its features, and benefits.
Table of Contents
What is LIC Kanyadan Policy?
The LIC Kanyadan Policy is a customized version of the LIC Jeevan Akshay Plan. It is a participating, non-linked life insurance plan that combines protection and savings. The policy aims to create a robust financial corpus to support crucial milestones in a girl’s life, such as higher education and marriage. Even in the unfortunate absence of the parent, the policy ensures that the financial needs of the girl child are met, offering stability and security.
Key Highlights of LIC Kanyadan Policy
- Exclusive to Parents: Only parents of the girl child can purchase this policy.
- Life Cover: Provides life coverage during the policy term.
- Waiver of Premium: Premium payments are waived if the father passes away during the term.
- Immediate Financial Support:
- ₹10 Lakhs in case of accidental death.
- ₹5 Lakhs for natural death.
- Annual Payout: ₹50,000 per year until maturity.
- Lump Sum Maturity Amount: A significant payout at the end of the policy term.
- Optional Riders: Additional riders to enhance coverage.
Eligibility Criteria
| Parameter | Specification |
|---|---|
| Parent’s Entry Age | 18 – 50 years |
| Daughter’s Entry Age | Minimum 1 year |
| Basic Sum Assured | ₹1 Lakh – No Limit |
| Maximum Maturity Age | 65 years |
| Policy Term | 13 – 25 years |
| Premium Payment Term | Policy Term – 3 years |
| Payment Modes | Monthly/Quarterly/Half-Yearly/Yearly |
Benefits of LIC Kanyadan Policy
1. Death Benefit
In case of the policyholder’s demise during the term:
- A death benefit equal to 7 times the annual premium or 110% of the Basic Sum Assured, whichever is higher, is paid.
- An annual income benefit (10% of the Basic Sum Assured) is provided until maturity.
2. Maturity Benefit
If the policyholder survives the term, the maturity benefit includes:
- The Basic Sum Assured.
- Accumulated bonuses and additional payouts.
3. Premium Waiver
If the parent (policyholder) passes away, all future premiums are waived, ensuring the family faces no financial burden.
4. Dual Advantage
Combines insurance protection and savings to address important life events and provide financial security.
5. Flexible Payout Options
Offers lump-sum payouts or installment-based payments, depending on the policyholder’s preference.
6. Loan Facility
Loans can be availed after paying premiums for at least two consecutive years:
- 80% of the surrender value for a paid-up policy.
- 90% of the surrender value for an active policy.
7. Tax Benefits
Premiums are exempt under Section 80C of the Income Tax Act, and payouts are tax-free under Section 10(10D)
LIC Kanyadan Policy PDF
The LIC Kanyadan Policy PDF contains comprehensive details about the plan, including the benefits, terms, conditions, and premium structures. It is an official document that explains the features of the policy and provides policyholders with all the essential information they need to understand how it works.
LIC Kanyadan Policy Calculator
The LIC Kanyadan Policy Calculator is a tool that helps potential policyholders estimate the premiums they need to pay and the maturity amount they can expect. This calculator simplifies the decision-making process by providing insights into how much will be paid during the policy term and what the final payout would be.
LIC Kanyadan Policy Price
The price of the LIC Kanyadan Policy depends on various factors, such as the policy tenure, premium amount, and sum assured. It provides flexible options for premium payments, including monthly, quarterly, or annual payments. The premium amount can vary based on the selected plan, making it important to review the options before committing.
LIC Kanyadan Policy 1000 Per Month
The option of paying 1000 INR per month as a premium in the LIC Kanyadan Policy allows policyholders to ensure a secure future for their daughter’s marriage. The sum assured and the maturity benefit depend on the policy term and the age of the child when the policy is initiated. This provides an affordable yet effective way to save for the future.
LIC Kanyadan Policy 833 Maturity Calculator
The 833 maturity calculator is a tool designed to help policyholders estimate the maturity benefits of the LIC Kanyadan Policy when paying 833 INR as a monthly premium. This calculator helps visualize the payout at the end of the policy term, making it easier to understand the returns on the investment.
LIC Kanyadan Policy Maturity Calculator
The maturity calculator helps determine the total amount that will be received at the end of the policy period. It calculates the sum based on the premiums paid, the chosen policy term, and the plan selected. This is a helpful tool for policyholders to understand the returns and plan for their financial future.
LIC Kanyadan Policy Premium Chart PDF
The premium chart PDF provides a clear and detailed breakdown of premium amounts for different coverage levels and policy terms. It helps policyholders compare the premium amounts and choose a plan that fits their financial capacity and goals.
LIC Kanyadan Policy Details
The LIC Kanyadan Policy details offer a full overview of the policy’s offerings. This includes information about eligibility, premium payment options, claim procedures, and the benefits available to the policyholder at maturity. These details are essential for those considering this policy to ensure they fully understand its structure and benefits.
Additional Features
- Free Look Period: A 15-day period to review and cancel the policy if dissatisfied.
- Surrender Value: Available after paying premiums for at least two years.
- Grace Period:
- 30 days for quarterly/half-yearly/annual payments.
- 15 days for monthly payments.
- Rebates: Discounts for higher sum assured and specific premium payment modes.
How LIC Kanyadan Policy Works
For instance, if a 35-year-old buys the policy for 15 years with a sum assured of ₹25 Lakhs:
- Premium payment term: 12 years (Policy Term – 3 years).
- Annual premium (excluding GST): ₹1,99,770.
- Upon maturity, the total payout (including bonuses) could exceed ₹50 Lakhs.
Exclusions
The policy does not cover:
- Suicide within 12 months of commencement or revival of the policy. In such cases, only 80% of the premiums paid or the surrender value is returned.
How to Buy LIC Kanyadan Policy
LIC Kanyadan Policy is available for purchase only offline. Visit the nearest LIC branch, connect with an authorized LIC agent, or contact LIC customer care for assistance.
Reviving a Lapsed Policy
A lapsed policy can be revived within five years of the first unpaid premium by:
- Paying all outstanding premiums with interest.
- The policy revival is subject to LIC’s approval.
Frequently Asked Questions
- Who can buy LIC Kanyadan Policy?
Only parents of the girl child are eligible. - Can I purchase the policy online?
No, the policy is available only through LIC branches or authorized agents. - What happens if I fail to pay premiums?
A grace period is provided, and the policy can be revived within five years.
The LIC Kanyadan Policy is a robust financial tool for securing the future of a girl child. With its blend of protection, savings, and flexibility, it is an ideal choice for parents who wish to plan ahead for their daughter’s key life events.
