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Every parent worries about their daughter's future. As soon as a daughter is born, worries about her education and marriage start to haunt them. To get rid of these worries, it is important to start financial planning for the daughter as soon as she is born. Today, there are many schemes available which are run especially for daughters. One of these schemes is the LIC Kanyadan Policy.
Through this scheme, you can raise a sum of ₹22.5 lakh or more for your daughter. Also, through this scheme, you can avail tax exemption, 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 Kanyadaan policy.
Policy term 13 to 25 years
The policy term of this plan is 13-25 years. For this, you can pay premium on monthly, quarterly, half-yearly and yearly basis. If you choose a 25-year term plan, then you will have to pay premium for 22 years. This plan 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 should be at least 18 years and maximum 50 years.
Loan facility from the third year
On purchasing the policy, loan facility 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, grace period is also available for paying the premium. Suppose you have forgotten 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 exemptions
Not only this, there are two types of tax benefits on taking this policy. On paying the premium, deduction benefits are available 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 benefit from it.
Suppose you take a 25-year term plan and pay an annual premium of Rs 41,367. In such a situation, your monthly premium will be around Rs 3,447. You will pay this premium for 22 years. In such a situation, it will provide life insurance coverage of Rs 22.5 lakh during a period of 25 years.
If the father dies during the policy term, the child will not have to pay the premium for the future period. In such a situation, the premium is waived off. Apart from this, he will get Rs 1 lakh annually till the completion of the period of 25 years and a lump sum maturity amount will be given in the 25th year.
If the father dies in 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/.
