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Do you have an adoring daughter? Life Insurance Corporation of India (LIC) has come up with a unique plan specially designed for your girl child. LIC understands that your beloved daughter deserves a prized gift for her entire life.

So, they have introduced theĀ LIC Kanyadan Policy, to provide financial freedom to your darling daughter. Even if you are not around to take care of her, this Kanyadan Policy by LIC will always escort her.

The Kanyadan Policy promises fiscal independence to your child for a lifetime, even after marriage.

Payment of premiums has to be made only for a short duration- like 20, 15, 10 or for 6 years in all.

This plan from LIC is a gift, which will last your daughter for her lifetime.

How LIC Kanyadan Policy Works?

Kanyadan Policy by LIC watches all the financial responsibilities for your beloved girl child in your absence as well as in your presence. When you are around, you have to save money for your beloved daughter and watch over her education and higher education. When you are not around, it offers your loved ones a lump sum immediately, Life Insurance Corporation of India savesfunds for your female child and also makes payment of a handsome sum every year to your loved ones for her education.

It is the best LIC policy for your girl child.

Features of LIC Kanyadan Policy:

Kanyadan Policy is designed for themarriage or education of your daughter. It has the following key features:

  • This plan by LIC is an exclusive blend of a money back plan and whole life plan.
  • The Kanyadan plan lasts even when the market interests fall. This plan is an idealtax-free gift.
  • In the plan, risk coverremains for a lifetimeto the extent of loyalty bonus and additions along with sum assured.
  • The best thing about this plan is that this policy keeps on paying your beloved daughter even after she gets married. Every year until lifetime.

Below is an illustration to make the scheme clear for you:

Suppose,

Age of father is 30 years

Age of daughter is 1 year

Sum Assured is INR 7.5 lakhs

Term of the policy is 20/20 without any rider

Benefit: If the father of the girl child is saving INR 100 every dayconstantly for 20 years, the girl child will get back INR 7.2 lakhs. Later on, an amount of INR 41,250 is guaranteed for lifetime up to the age of hundred.

Or it can be said, if you are saving INR 60 everyday for 25 years (INR 1844 per month as premium), you can get back a maturity amount of INR 13.5 lakhs (when you just made investment of INR 4,68,375 in 25 years).

What if you start saving INR 10,000 everyday for your daughter?

The advantages and benefits after 15 or 20 years will be as under:

Education Fees Benefit:

Your daughter will get INR 50 lakhs every year once she attains an age of 16 years.The girl can avail this benefit until she turns 26 years old.

Pension Plan:

Your beloved daughter gets a lifetime pension benefit of INR 45,000 every month once she attains an age of 26 years. The whole-life insurance plan of INR 1crore is an add-on to the cover.

Written By: PolicyBazaar - Updated: 08 September 2017