The Life Insurance Corporation of India does not sell any product by the name of LIC Kanyadan Policy. It is in fact a version of LIC’s Jeevan Lakshya plan that can help a parent save for their daughter’s education or marriage. The premium amount and the benefits under this plan can be estimated before purchase using LIC’s online calculator.Read more
Before discussing the LIC Kanyadan Policy calculator, here is a brief rundown of the policy benefits.
Annual Income Benefit - The plan offers an income benefit for the family every year, primarily to fulfill the needs of the life assured’s children after his/her demise.
Maturity Benefit - A lump sum amount is payable at the end of the policy term regardless of whether the life assured is alive or not.
Bonus Amount - The benefit offered on the date of maturity is paid along with accrued bonuses. These bonuses are added based on the profits made by the company.
You can estimate the premiums payable against the desired sum assured using the LIC Kanyadan Policy calculator. Note that it does not reflect the bonus amount as the company’s profits cannot be constant every year.
It is an online tool offered by LIC to give new insurance buyers an idea of the premiums charged as per their chosen coverage. Here are the main reasons why buyers should make use of the LIC Kanyadan Policy calculator -
It helps customers estimate if they can afford the sum assured needed to meet their future needs.
The calculator thereby assists in the early stages of financial decision-making.
It also helps them compare the premiums of one policy with another so that customers choose only the best LIC policy for themselves.
Premium calculation is done using the following inputs from the user -
Current age - The age of the buyer directly impacts the premium charged. The amount keeps increasing with age. A person in their 30s will be charged a less amount than someone in their 40s. This is because as the person grows older, the risk of insuring them increases.
Sum Assured - With LIC Jeevan Lakshya, or the Kanyadan Policy, the minimum sum assured is Rs. 1 Lakh. There is no limit to the maximum sum one can assure. Make sure that the sum assured reflects your daughter’s future goals, expenses, and covers for any unfulfilled debts on your end.
Policy Term - Customers have the flexibility to choose a policy term in the range of 13 to 25 years. You can align this based on when you are likely to need the most amount of financial assistance.
Premium Paying Term - This is the duration for which you will have to pay premiums. With the LIC Kanyadan Policy, the premium paying term depends on the policy term. It will be 3 years less than the policy term chosen by you.
It is available online and can be accessed from the comfort of one’s home.
It eliminates third-party agents, thereby reducing the chances of misselling.
It is free of cost and offers instant results.
It offers customized results based on the inputs of each user.
It displays premiums along with applicable taxes.
It shows premiums payable annually, half-yearly, quarterly and monthly.
It is important to continue premium payments to keep the policy in force. Therefore, anyone planning to buy the policy should first use the LIC Kanyadan Policy Calculator to identify the premiums chargeable against various factors. This will help you understand how much you will have to save aside every month.
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