LIC Kanyadan Plan is an ideal thoughtful plan to secure the life of our daughters. It is restricted to limited premium and provides support and security to daughters to sustain their future education and marriage plans. Our initiative is to help and financially support families to manage the expenses of our daughters in fulfilling their dreams. It is a perfect gift to our valued daughters and a big relief to families by providing major financial assistance for our daughters’ better future and welfare.
- What is the LIC Kanyadan plan?
This plan is the all-in-one financial plan for your daughters’ future welfare. It helps organize expenses for your daughter, supporting her education and marriage both by investing in a fund with less premium.
- What are the benefits of the LIC Kanyadan plan?
Securing a daughter’s future is one of the major Wishlist for parents. Here LIC brings Kanyadan Policy to benefit our daughter and ourselves to provide financial liberty by supporting her education, marriage, and other milestones. The benefits of this plan are:
- It is a profit endowment assurance plan with a limited premium paying term
- Premium paying term is three years less than the policy term
- Flexible modes of paying the premium
- In case of death of a policyholder before the maturity, 10% of the basic sum assured will be given on each policy anniversary before the maturity date
- Provides Rs. 10 lakhs in case of death of the policyholder
- Provide premium waiver in case of death of policyholder before the maturity of the policy
- Are there any tax benefits against LIC Kanyadan?
Under the tax exemption law of India, it is a tax-free policy. There are two tax benefits to offer: Firstly, The tax benefit of Rs. 1,50,000 under 80 C can be availed by paying premium, and Secondly, Under Section 10 (10D), Maturity sum is also tax-free.
- Who can buy this plan?
The policy can be bought by the father of the daughter only and not the daughter herself. The daughter’s age must be at least one year at the time of buying the father’s policy.
- What is the age limit for buying the LIC Kanyadan plan?
The minimum age to buy the policy is 18 years, and the maximum age up to which the policy can be availed is 50 years.
- What is the locking period of LIC Kanyadan?
The locking period of the policy is available from 13 to 25 years.
- Which documents are required to buy LIC Kanyadan Plan?
The following documents are required
- Age, address, and identity proof
- Income Proof
- Aadhar Card
- Passport size photo
- Proposal Form
- Girl child birth certificate
- Cheque or Demand Draft of the first premium
- Can I avail loan benefit against the Kanyadan Scheme?
Yes, you can borrow a loan if your policy is active and have paid a premium for three consecutive years.
- Is there any exclusion in the Plan?
Any additional benefits or claims cannot be taken if the policyholder commits suicide within 12 months of buying the policy.
- What is the frequency of the premium payment?
The premium can be paid monthly, quarterly, semi-annually, or annually depending upon your suitability.
- Is this policy available for NRI citizens?
Yes, the scheme is available for Indian nationals as well as NRI citizens.
- Are there any surrender benefits against the LIC Kanyadan scheme?
Yes, there is an option to surrender the policy after paying a premium for at least three years. The surrender value is the total paid premium value except for any rider benefits.
Article Source: http://EzineArticles.com/10417010