LIC Kanyadan Policy It is an adapted version from the LIC Jeevan Lakshay policy sold by LIC agents. It is a comprehensive and comprehensive policy that was specifically designed to provide financial aid for girls in need with an affordable cost.
In the United States, when the girl child comes into the world, the very first thing that is on our minds is the cost of her education as well as her wedding. However, to put you at comfort, LIC of India has provided this customized plan, LIC Kanyadan Policy, a participation-based, individual non-linked, life insurance plan that offers a mix of savings and protection. This policy are not only able to manage the growing costs of your daughter even in the absence of you, but it also helps with liquidity requirements by providing loans.
Overview of LIC Kanyadan Policy for Girl Child
|Article about||LIC Kanyadan Policy|
|Started by||Central Government|
|Objective||Policy for education and education of daughters|
|Category||State Govt. Schemes|
What Are the Key Benefits of LIC Kanyadan Policy?
In addition to protecting your daughter’s future this policy provides a variety of advantages to help you reach different milestones as well as to meet the various requirements of your daughter’s in various ways. For more information regarding the coverage, and particularly the main LIC Kanyadan Policy benefits, take a look below listed.
- In the event of the tragic and premature death of the parent insured the premiums are reduced to ease costs.
- In the event of the death from the policy’s Life Assured in the policy’s term of active, “Sum Assured on Death” as the death benefit is paid out by the policy. However, the “Sum assured upon Death” can be defined as seven times the annualized premium, or Sum Of 110% the Basic Sum Assured. This sum will be due on the day of maturity, and an Annual Income benefit equal to 10 percent of the Sum Assured in Basic or the greater amount.
- Death benefit is the Simple Reversionary Bonuses vested in the policy and Final Additional Bonus , if there is one.
- The policy will pay Rs. 10 lakhs in the event in the event of an accidental death of the parent insured.
- In the event of an accident incidental death the sum of Rs. 5 lakh is payable immediately.Until expiration date,, Rs. 50k is paid annually.
- In the event that the Life Assured is able to last the whole term of an active policy the “Sum Assured on Maturity” which is equivalent to the Basic Sum Assured and Simple Reversionary bonuses that have been vested as well as the Final Bonus, should there be applicable is paid in the form of a maturity reward.
- In this plan, a variety of Riders are offered to strengthen the security of the policy and give additional security.
- The plan gives you the possibility of receiving the death benefit in an amount in one lump sum or in installments each month, quarterly, half-yearly and every year to provide regular income for a specified duration of time.
- This is an endowment with a profit insurance plan that offers benefits from insurance, along with savings benefits.
- LIC has produced an electronic version of the policy in Hindi language, in order to make it more easily accessible to a larger number of citizens.
- Premium charts of the Kanyadan Policy of LIC is designed in an approach that it can be easily understood.
- In accordance with this policy the Loan facility is offered if at least two years’ worth of premiums have been paid . It will be subject to the conditions and terms set forth by the Corporation. The maximum amount of loan as proportional to surrender value will be at * for in-force policies 90% premiums paid up – 20%.
- Tax exemption benefit can be availed through this policy in accordance with the Income Tax Law of India 1961.
Exclusions of The LIC Kanyadan Policy?
Although LIC Kanyadan Policy has come with a bag full of benefits, there are specific exclusions too. We’ll let you know about the policy’s exclusions below.
- If the insured parent’s suicide within 12 months of the date of the risk’s commencement the Corporation will not consider any claims under the policy, except the 80% portion of total premiums paid , provided that the policy is in effect.
- In contrast should the parent who is insured dies within 12 months of the date of the revival the amount will be 80 percent of the total amount of premiums that were paid until when the death date occurs or surrender value as of when the death occurred or the higher amount, is due. The insurer is not able to be able to take care of any other claims under the policy.
Purpose of LIC Kanyadan Policy
The process of getting a daughter married is an extremely challenging task for any parent, and becomes even more difficult when parents are from an upper-middle class family. In the same way, Life Insurance Corporation of India Company has launched LIC Kanyadan Policy to invest to ensure the daughter’s wedding. This policy will be in effect only following the birth of their child, her parents will be able to invest in to help her build a promising future. With the help of the LIC Kanyadan Policy dad is able to satisfy all the needs for the future of his daughter , and the cost of living will not hinder the realization of his daughter’s goals. In addition, parent will additionally be relieved from financial worries during their daughter’s marriage.
LIC Kanyadan Policy Premium Amount
Anyone can alter or reduce the amount of their fee under the LIC Kanyadan Policy. Under this policy the person applying for it is obliged to make a deposit of an amount of Rs.121 per day. If the applicant wishes to pay a premium greater than the amount specified in the LIC Kanyadaan policy and wants to benefit more by paying a premium more than the amount. Additionally however, there are also plans under this scheme that have the cost that is less than 121 rupees which means that if you can’t make a deposit of Rs 121, you may also choose the plan that has a price that is lower than that. For more information about this scheme, find the entire information on their official site at LIC. In addition you can also obtain all the details by contacting an LIC agent.