There is no such policy called the LIC Kanyadan Policy introduced by the LIC (Life Insurance Corporation of India). This is a customized version of the LIC Jeevan Lakshay Plan used by LIC to sell its policies. LIC Kanyadan Policy is a family protection plan that offers dual protection of savings and protection under a single plan. The plan provides financial coverage to your girl child at low premium rates.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The plan offers unique features. Here’s a quick laydown:
Let’s understand this plan with the help of an example:
If Mr. Rahul decides to purchase LIC Kanyadan Policy for 25 years policy tenure at 30 years of age for a basic sum assured amount of Rs. 25 Lakhs. The annual premium to be paid by Rahul is Rs. 112066 + GST. During the 25-year policy term, Mr. Rahul would have paid a premium of Rs. 25,23,436. He will receive the basic sum assured amount of Rs. 25 lakhs along with Rs. 28,75,000 as bonus and Rs 11,25,000 as final additional bonus. The total amount received by Mr. Rahul in such a case would be 65,00,000.
In case of death of Mr. Rahul., the nominee will receive Rs. 25 lakhs instantly under natural death, Rs. 50 lakhs in case of accidental death and all the future due to premiums will be waived off. 10 percent of the sum assured will also be paid to the nominee till the 24th policy year and the nominee will receive Rs. 67,50,000 in the 25th year of the policy.
Two riders are also available under the plan:
Free Look Period – If the policyholder is not satisfied with the terms and conditions, features, and benefits of the policy, then 15 days of free look period is provided to the insured from the date of inception of the policy.
Grace Period – 30 days of grace period is allowed for annual, half-yearly, quarterly payments and 15 days for the monthly payment of premiums. No penalty or late fees is charged upon the insured during the grace period. In case of non-payment of premium even after the grace period, the plan will be closed without any prior information.
Surrender Value - Surrender value is allowed to be paid if the premium amounts are duly paid for at least 3 years consecutively before surrendering the policy. The guaranteed surrender value is the total % of premium exclusive of rider premiums that depends on the surrender year and policy tenure.
If an insured commits suicide within 12 months of the policy commencement, no additional coverages or benefits shall be paid under this plan.
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