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Through LIC's Kanyadan policy, you can collect ₹22.5 lakh or more for your daughter. Also, through this scheme, you can avail tax benefits, loan facility and many other benefits.

Every parent worries about their daughter's future. As soon as she is born, they start worrying about everything from her education to her marriage. To get rid of these worries, it is important to start financial planning for your daughter as soon as she is born. There are many such schemes available today which are run especially for daughters. One of those schemes is LIC's Kanyadaan Policy.

Through this scheme, you can collect ₹22.5 lakh or more for your daughter. Also, through this scheme, you can avail tax benefits, loan facility and many other benefits. If your daughter's age is between 1 year to 10 years, then you can invest in this policy. Know about LIC's Kanyadan policy.

Policy term from 13 to 25 years

The policy term of this scheme is 13-25 years. For this, you can pay the premium on monthly, quarterly, half-yearly and yearly basis. If you choose a 25-year term plan, you will have to pay the premium for 22 years. The scheme will mature after 25 years. At the time of maturity, the entire amount is given along with sum assured + bonus + final bonus. To take this policy, the age of the girl's father is at least 18 years and at most 50 years. 

Loan facility from the third year

On purchasing the policy, the facility of loan is also available from the third year. If you want to surrender the policy after completion of two years, then that facility is also available. Apart from this, there is also a grace period for paying the premium. Suppose if you forget to pay the premium of the policy in any month, then you can pay the premium in the grace period of 30 days. During this time, no late fee will be charged from you.

Two types of tax exemption

Not only this, there are two types of tax benefits on taking this policy. On depositing the premium, one gets the benefit of deduction under 80C and the maturity amount is tax free under section 10D. The sum assured limit for the policy starts from a minimum of Rs 1 lakh and there is no maximum limit.

Understand with an example how you will get benefit

Suppose you take a 25-year term plan and pay an annual premium of Rs 41,367. In this case, your monthly premium will be around Rs 3,447. You will pay this premium for 22 years. In this case, during the 25-year term period, you will get a life insurance coverage of Rs 22.5 lakh. 

If the father dies during the policy term, the girl child will not have to pay the premium for the subsequent term. In such a case, the premium is waived off. Apart from this, she will get Rs 1 lakh annually till the completion of the 25-year term and the lump sum maturity amount will be given on the 25th year. 

If the father dies due to a road accident, the nominee will be given an accidental death benefit of Rs 10 lakh along with all death benefits. For more information about the policy, click on this link https://lifeinsuranceofindia.in/lic-kanyadan-policy /.