LIC Kanyadaan policy is specially designed to provide financial security to daughters. Let's know the eligibility, limitations and benefits of this scheme.
Parents in India save money early for a girl child. Some of the money earned is kept aside for the future of the girl child. This money will be used for their education, marriage and future needs. However, some schemes are the best option for those who are looking to save money for their daughter's future. Life Insurance Corporation of India (LIC), the country's largest government insurer, offers an excellent scheme. LIC Kanyadaan policy is specially designed to provide financial security to daughters. Let's know the eligibility, limitations and benefits of this scheme.
LIC Kanyadan Policy Features
- Premium Payments: Premium can be paid based on your preference. There are monthly, quarterly, half-yearly, yearly payment options.
- Policy Term: The policy can be taken for a minimum of 13 years and a maximum of 25 years. If you choose the 25 year option, you will have to pay the premium for only 22 years.
- Eligibility: Parents or guardians between 18 to 50 years can apply for the policy. NRIs can also apply for this policy for their children. Only one policy can be taken in the name of a girl child.
- Maturity Benefits: At the end of the policy term, you will receive Maturity Bonus, Final Bonus and Sum Assured. The maturity amount will be useful for your daughter's future.
- Tax Benefits: Under Section 80C of the Income Tax Act, you can claim a tax deduction of up to Rs.1.5 lakh per annum on premiums paid.
What are the returns on investment?
If you pay a premium of Rs 3,450 per month, it will be Rs 41,400 per year. Over a period of 22 years (for a 25-year policy), your total investment will be Rs.9,10,800. When the policy matures after 25 years, your daughter will receive approximately Rs.25 lakh. This amount can be used for her higher education or other important expenses.
Another LIC scheme for women
LIC Aadhaar Shila Scheme is available exclusively for women. It provides both insurance and long term savings. By investing in this scheme, women can secure the future of their family and children.
In case of death of the policyholder, the nominee receives the sum assured. In case of death after 5 years of policy term, the nominee will also get the guaranteed bonus. At the end of the policy term the policy holder will get the sum assured along with the maturity, guarantee bonus. Minimum age to invest in this scheme is 8 years and maximum age is 55 years.
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