The LIC Kanyadaan Policy symbolizes the progressive strides women are taking alongside men in various sectors across the nation. In today’s age, there’s hardly any sector where women are not making their mark. However, if there’s an area where daughters are not earning their due, it becomes a cause of concern for parents. To address this concern, the Life Insurance Corporation of India (LIC) presents the Kanyadaan Policy, providing an opportunity to secure their daughter’s education, marriage, and create a substantial fund for future expenses.
LIC’s Kanyadaan Policy – Key Information
To invest in LIC’s Kanyadaan Policy, the father’s age should be a minimum of 30 years, and the daughter should be at least one year old. This policy can be availed for a period ranging from 13 to 25 years. Notably, investors can claim an income tax exemption on this policy, allowing a tax benefit of up to ₹1.5 lakhs.Moreover, in the unfortunate event of the policyholder’s demise, the family members are exempted from paying premiums. As per the policy rules, the family receives ₹10 lakhs in case of accidental death and ₹5 lakhs in the event of natural death.
Accumulating ₹27 Lakhs – A Step-by-Step Guide
Investors can accumulate ₹27 lakhs by depositing a modest amount of ₹121 daily in the LIC Kanyadaan Policy. Monthly, this sums up to ₹3,600, and annually, it reaches ₹43,200. Over the years, this investment strategy results in a substantial amount, ultimately yielding ₹27 lakhs upon policy maturity.
Documents Required for LIC’s Kanyadaan Policy
Father’s Aadhar Card
Identity Proof
Income Certificate
Residential Proof
Passport-sized Photos
Daughter’s Birth Certificate
LIC’s Kanyadaan Policy not only secures the future of the daughter but also acts as a financial safeguard for parents. With minimal daily investments, it paves the way for accumulating a significant fund, ensuring financial well-being for the family in the long run.