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Insurance Plans India 36373 views September 15, 2020
LIC Kanyadan Policy is designed for your daughter. Unlike other insurance plans, this policy acts as a backup fund for the future expenses of your daughter relating to her marriage and education. Life Insurance Corporation of India (LIC) has launched the Kanyadan Policy to provide financial assistance to the parents. The Kanyadan Policy covers risks along with the option of savings until the term ends. Hence, it is an ideal plan for the parents with very low premiums and high sum assured options. Read this post below to know further details of the LIC Kanyadan Policy.
Table of Contents
You can buy the LIC Kanyadan Policy for 13 to 25 years. Under the LIC Kanyadan Policy, you need to pay the premium for 3 years less than your policy term. The minimum premium for LIC Kanyadan Policy stands at INR 1 lakh. To buy this policy, the minimum age of the child’s father should be between 18 to 50 years and the minimum age of the daughter should be one year. LIC Kanyadan Policy can be purchased according to different ages of the parent and daughter. The time limit of this policy will be reduced according to the age of the daughter. You can pay less or more premium in this policy as per your suitability. The minimum Sum Assured at the time of policy maturity is INR 1 lakh. There is no limit for the maximum Sum Assured. It will depend on the premium amount you pay.
Under the LIC Kanyadan policy, you can increase or decrease the premium payment according to your income. You can pay the premium for Kanyadan Policy according to your convenience. The premium is to be paid daily, in 6 months, 4 months or 1 month. You can pay the premium at any of these intervals.
Under this policy, you can get several benefits. Look at the pointers below to know about them.
The entry age of the applicant should be between 18 and 50 years. And to purchase the Kanyadan Policy, you need to submit the following documents:
Yes, you can apply for a loan by pledging the Kanyadan policy as collateral. If the policy is active and you have paid the premium for three consecutive years, you can borrow a loan against the Kanyadan Policy.
Under Section 80C of the Income Tax Act 1961, you can claim tax exemption on your paid premiums for Kanyadan Policy. The maximum tax exemption available is INR 1.5 lakh. And you can get the tax exemption on the maturity or death of the insured under section 10(10D).
You can’t claim any benefits or additional coverage if you commit suicide within 12 months from the commencement of Kanyadan Policy.
Free Look Period
A free look period of 15 days is provided to you from the date of commencement. And if you are not satisfied with any of the Kanyadan policy terms and conditions, you can return the same within the free look period.
Grace Period
A grace period of 30 days is provided to you during which you are not charged with any late fees or penalty if the due date for premium payment is over. The grace period is allowed for annual, biannual, or quarterly premium payments. And 15 days of the grace period is allowed for monthly premium payments. If the policy grace period is expired, your Kanyadan Policy will be terminated.
Surrender Value
You can surrender the Kanyadan Policy anytime after paying the premium for at least 3 consecutive years. The guaranteed surrender value is the total percentage of total paid premiums excluding the rider premiums, which depend on your policy term and the year of policy surrender.
Kanyadan policy comes with great features. Some of them are mentioned below