LIC Kanyadan Policy: Know all about Eligibility Criteria, Core Benefits And Other Details

LIC (Life Insurance Corporation of India), the country's largest insurance provider, has introduced the LIC Kanyadan Policy, a special life insurance plan designed for parents who want to secure the future of their daughter.

The girl child's father manages the LIC Kanyadan savings plan. The youngster does not have access to the account in this situation. The daughter is given post-death benefits from the father under the plan. In difficult times, it supports the family, particularly the girl kid. It has a 25-year term. The insurance has a minimum term of 13 years and a maximum duration of 25 years. The father of the child should be in the age range of 18 to 50.

Features:

No Premium on Father's Death:

In the unfortunate event of the father's demise during the policy term, there will be no requirement to pay any further premiums.

Accidental Death Benefit:

In case of accidental death, the policy provides an immediate payout of 10 lakh rupees.

Non-Accidental Death Benefit:

Even in the event of a non-accidental demise, the LIC Kanyadan Policy ensures immediate financial assistance. The policy grants a payout of 5 lakh rupees, enabling the family to meet immediate expenses and obligations.

Annual Payouts:

To support the policyholder's daughter financially, the LIC Kanyadan Policy offers annual payouts. These payouts amount to 50,000 rupees per year until the maturity of the policy.

Wedding Savings:

One of the unique features of the LIC Kanyadan Policy is the provision for wedding savings. By saving as little as 75 rupees per day, policyholders can accumulate a substantial amount of 14.5 lakh rupees by the time of their daughter's marriage.
Save 151 rupees per day and get 31 lakh rupees to support their daughter's wedding expenses.

Eligibility

• Any citizen, even NRIs, is eligible to contribute to their daughter's wedding under this programme.
• Any branch of a bank or post office that offers this service is where the account can be opened.
• A single girl child is not allowed to have two accounts open.

Other details-

• A maximum of 50% of the sum may be withdrawn for a girl's higher education after the age of 18 years.
• Before being 10 years old, a girl's name may be used to open an account.
• Documents such as a birth certificate, the girl's and her guardian's addresses, and a proof of identity must be provided at a post office or bank after being checked.
• To open an account, a deposit of at least Rs. 250 is necessary.
• After 25 years of paying the monthly premium, by making a daily investment of Rs. 75, you can amass Rs. 14 lakhs for your daughter's wedding.
• The Sukanya Samriddhi Yojna account can be transferred to any location in the country (India).
• The account can be closed in the event of a girl's death, along with a copy of the death certificate, and the money deposited can be given to the guardian together with interest. 2. In the event of a life-threatening illness, the account may be closed in 5 years.

Surrender Value-

If you are unable to keep up with your LIC Kanyadan policy, you may surrender it at any time as long as you have made payments for at least two years in a row. The LIC will pay the higher of the Surrender Value, which is equivalent to Guaranteed Surrender Value or Special Surrender Value, upon surrender of the policy.

Free Look Period -

If you are unhappy with the LIC Kanyadan insurance, you have 15 days from the date you received the insurance bond to return it, together with a statement of your grievances. The insurer will cancel your coverage and reimburse your premium money after deducting a specific amount upon receiving the same.