First and foremost, there is no such plan called the LIC Kanyadan Policy launched by the Life Insurance Corporation of India. It is just a customized version of the LIC JeevanLakshay policy used by many companies to sell their policy. LIC Kanyadan Policy is a perfect combination of protection and savings. It provides financial coverage for your beloved daughter with minimal premiums.
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
In India, the main point of concern for every parent of a girl child is her financial expenses and marriage. LIC Kanyadan policy is of great relief for the family of a girl child as it helps them financially while the child is growing up.
Let us discuss the key features and benefits of the LIC Kanyadan plan in detail to get a better understanding of the policy.
LIC Kanyadan Policy offers great features to the parents of the girl child so that they have no burden while raising her. It is every child’s right to have a good education and fulfill their future dreams.
Here are some features of the LIC Kanyadan policy that will give you more clarity.
Investing in LIC Kanyadan Policy will not only secure your daughter’s future but will also benefit you as a parent in many ways.
Here are some benefits of the LIC Kanyadan Policy that will offer your child financial security in terms of education, marriage as well as achieving special milestones in life.
Minimum Basic Sum Assured |
100,000 |
Maximum Basic Sum Assured |
No Limit |
(The Basic Sum Assured shall be in multiples of 10,000/-) |
|
Policy Term |
13 to 25 years |
Premium Paying Term |
(Policy Term – 3) years |
Minimum Age at entry |
18 years (last birthday) |
Maximum Age at entry |
50 years (nearer birthday) |
Maximum Maturity Age |
65 years (nearer birthday) |
Daughter's Minimum Age |
1 year |
If policyholder buys LIC Kanyadan Policy at the age of 30 and plans to opt for a 15-year policy term, here is how the returns would follow:
Policy Term |
15 Years |
Policy Purchase Year |
2019 |
Premium Payment Term (15-3) |
12 years |
Sum Assured |
Rs. 5 lakhs |
Premium Paid First Year |
Rs. 39966 + 4.50% GST |
Premium Amount second Year Onward |
44 years |
Maturity Amount (If policyholder survives) |
8,17,500 |
Maturity Amount (If policyholder Dies) |
8,67,500 |
Here are some other important details to be known about LIC Kanyadan Policy before buying it.
If the policyholder commits suicide within 12 months of the initiation of the policy, no benefits or additional coverages shall be paid
A free look of 15 days is provided under the LIC Kanyadan Policy from the date of commencement of the policy. If unsatisfied with the clauses, the policy shall be revoked.
The policyholder is allowed a grace period of 30 days for annual, half-yearly, or quarterly payments and 15 days for monthly premium payments. No late fees or penalty is charged upon the policyholder during the grace period. If the premium unpaid even after the grace period, the policy will be terminated without any further intimations.
Surrender value shall be paid only if the premiums are duly paid for at least 3 consecutive years before surrendering the LIC Kanyadan Policy. The guaranteed surrender value is the total percentage of premiums excluding rider premium which depends on the policy term and surrender year.
Just like SukanyaSmriddhiYojana, LIC Kanyadan Policy also focuses on the girl child, making these 2 schemes quite similar.
Although both the schemes focus on the girl child, here is a comparison between these 2 to make you understand the difference between the two much more clearly.
Criteria |
SukanyaSamriddhiYojna |
LIC Kanyadan Policy |
Age Eligibility |
Before 10 years of age |
Daughter - At least 1 Year |
Nationality Eligibility |
Indian Citizens only |
NRI's can also buy |
Account Holder |
Girl child until marriage |
Father of girl child |
Sum Assured Limit |
Limited as per payment made |
Min: 1 Lakh |
Payment Limit |
1.5 Lakhs in a financial year. |
No limit |
Account Maturity Tenure |
A girl child can manage the account until the age of 21 or until she is married after 18 years. |
13 Years - 25 Years |
Loan Facility |
No loan facility |
The loan can be availed after 3 consecutive premium payments |
Payment Term |
Maximum 1.5 Lakh every financial year |
3 years under the policy term |
Type of Scheme |
Launched by Government under "Bet Bachao, BetiPadhao" Plan |
Based on LIC JeevanLakshya, not originally launched by LIC |
In Case Of Death |
In case of demise of the girl child, the sum amount is paid to the parents at regular interest |
The premium is waived in case of the death of the father |
Compensation Offered ( In case the Account Holder Dies) |
No compensation is offered |
Natural demise: Immediate payment of INR 5 Lakhs |
LIC Kanyadan Policy is widely becoming popular even though LIC does not offer any such policy in its name. LIC JeevanLakshay policy is the policy on which LIC Kanyadan policy is based. Mainly because of the name focusing more on the girl child, LIC Kanyadan Policy is becoming famous amongst the buyers. A pure endowment plan, the Kanyadan plan offers great risk covers along with great saving options making it a good plan to buy for your daughter.
More Useful Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |