Is LIC Kanyadan Policy Ideal For A Girl Child?

Your daughter is covered by the LIC Kanyadan policy. Unlike other insurance policies, this one serves as a safety net for your daughter's future marriage and education expenditures. The Kanyadan Policy was created by the Life Insurance Corporation of India (LIC) to help parents financially. The Kanyadan Policy protects you from dangers while also allowing you to save until the conclusion of the term. As a result, with extremely cheap premiums and high sum guaranteed options, it is an excellent plan for parents. To learn more about the LIC Kanyadan Policy, continue reading this page.

LIC Kanyadan Policy Eligibility

The LIC Kanyadan Policy can be purchased for a period of 13 to 25 years. The premium for the LIC Kanyadan policy must be paid for three years less than the policy period. The LIC Kanyadan Policy has a minimum premium of INR 1 lakh. To purchase this coverage, the child's father must be between the ages of 18 and 50, and the daughter must be at least one year old. The LIC Kanyadan Policy can be customized to the age of the parent and daughter. The policy's time restriction will be decreased in accordance with the daughter's age. This coverage allows you to pay a lower or higher premium depending on your needs.

Documents Required for LIC Kanyadan Policy Purchase

The following items are on the list:

• The girl child's birth certificate
• Proof of the parent's or legal guardian's identity (PAN card, voter ID card, etc.)
• Parental or legal guardian proof of address (Passport, Aadhaar card, etc.)
• Proof of the parent's or legal guardian's income (Bank statement, salary slip, form 16, etc.)

Characteristics of the LIC Kanyadan Policy

Several advantages are available with this insurance. To learn more about them, look at the pointers below.

• If a person dies after purchasing insurance, his or her family will not be responsible for paying the premium. In addition, LIC would pay his family members INR 1 lakh per year. LIC will pay the nominee INR 27 lakh once the insurance has been in force for 25 years. This policy is perfect for a father who wants to save money for his daughter's education and marriage.
• If the insured person dies, his or her family would receive INR 5 lakh right away.
• If the insured person is killed in an accident, his or her family would receive INR 10 lakh.
• If a person invests 75 rupees daily, 14 lakh rupees will be available at the time of the daughter's marriage after 25 years of monthly premium payments.
• After 25 years of premium payments, you would receive INR 51 lakh if you save INR 251 each day.
• Even if the female child marries, you can continue to pay the annual coverage payment.
• You may save INR 75 every day for your daughter's wedding, bringing the total to INR 11 lakh.
• The death benefit will be paid in yearly installments during the policy's term.
• You can profit from a bonus offered by LIC every year if you purchase this policy.

Conclusion

The LIC Kanyadan insurance provides excellent financial protection for your daughter at a low cost. Unlike other plans, this is a one-of-a-kind plan that organises a backup fund for your daughter's marriage and school expenditures. By expanding the policy's features and advantages, it is bringing people's attention to and trust in their ability to care for their daughters. This insurance is a pure endowment plan that provides risk coverage as well as the ability to save until the policy payout period expires. As a result, this plan is a suitable plan with cheap premiums and high Sum Assured choices to satisfy one's insurance needs, as well as the potential to realize a father's desire of providing a secure future for his daughter.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.