New Delhi: The LIC Kanyadan Policy is a carefully drafted scheme that provides for assurance of the child’s financial future with a Government guarantee. It’s a plan designed to secure and build your child’s future, which contains some key features like a government guarantee for the child’s future, an in-built premium waiver benefit, and a 3-year premium pay holiday. In addition to that, the policy offers Accidental and Disability Riders to provide further insurance coverage and has considerable tax benefits under Sections 80C and 10(10D).
LIC Kanyadan Policy eligibility, sum assured
This policy is eligible for persons between 18 and 50 years of age. The term of the policy shall be between 13 and 25 years, with a premium payable for a term of 3 years between 10 and 22 years. The minimum sum assured is Rs. 1,00,000, with no upper limit, and premiums may be paid annually, half-yearly, quarterly, or monthly by ECS. Loans and surrenders are admissible only after two years.
It offers comprehensive death benefits, including a sum assured on death, vested bonuses, and an annual income benefit which is payable equivalent to 10% of the Basic Sum Assured. The annual income will be payable from the policy anniversary after the death until it reaches maturity. If one survives to the end of the policy term, the sum assured will have to be paid with vested bonuses. Provided that you have paid for a premium of at least two years and wish to surrender your policy, the surrender value is payable to you. This shall be the higher of the guaranteed or special surrender value.
Some of the special features in this policy include a premium waiver that is inbuilt, free, and which allows assurance that in the event of death of the policyholder, future premiums are waived, and policy continues to benefit the child. It provides for a 3-year premium holiday, payable to give one financial flexibility. Additional riders exist to offer extra coverage and protection to the policyholder; these are such as Accidental and Disability Riders. In addition to this, premiums paid up qualify for tax benefits under Section 80C, and maturity amounts, and death claims are non-taxable under Section 10(10D).
You will need to have proof of address, ID, age, and a photograph to buy the LIC Kanyadan Policy online. Parents buy this policy to purchase peace of mind regarding their children’s future and ensure that they are financially stable and secure.
The LIC Kanyadan Policy offers a robust solution for securing your child’s financial future with comprehensive benefits, including premium waivers, tax advantages, and added protection. Explore this policy today to ensure a bright and stable future for your child. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
