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 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 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.
Tax exemption in two ways
Not only this, tax benefits are available in two ways on taking this policy. On depositing the premium, the benefit of deduction is available under 80C and the maturity amount is tax free under section 10D. The limit of sum assured for the policy starts from a minimum of Rs 1 lakh and there is no maximum limit.
Understand how you will get the benefit with an example
Suppose you take a plan with a term of 25 years 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, you will get a life insurance coverage of Rs 22.5 lakh during the term period of 25 years.
If the father dies during the policy term, the girl 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 a lump sum maturity amount will be given on the 25th year.
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