Month: May 2021

LIC Kanyadan Plan

LIC Kanyadan Plan is a great thoughtful intend to secure living of our daughters. It is tied to limited premium and gives support and security to daughters to sustain their future education and marriage plans. Our initiative is usually to help and financially support families to regulate the expenses individuals daughters in fulfilling their dreams. It can be a perfect gift to your valued daughters along with a big relief to families by major tax assistance for our daughters’ better future and welfare.

What could be the LIC Kanyadan plan?

This plan could be the all-in-one financial plan for the daughters’ future welfare. It helps organize expenses for the daughter, supporting her education and marriage both by investing in a fund with less premium.

What include the benefits with the LIC Kanyadan plan?

Securing a daughter’s future is probably the major Wishlist for mothers and fathers. Here LIC brings Kanyadan Policy to profit our daughter and ourselves to supply financial liberty by supporting her education, marriage, as well as other milestones. The important things about this plan are:

It can be a profit endowment assurance plan that has a limited premium paying term
Premium paying term is four years less than the insurance policy term
Flexible modes of coughing up the premium
In case of death of an policyholder prior to maturity, 10% on the basic sum assured will be provided on each policy anniversary prior to a maturity date
Provides Rs. 10 lakhs in the case of death in the policyholder
Provide premium waiver in the event of death of policyholder ahead of the maturity of a policy

Are there any tax benefits against LIC Kanyadan?

Under the tax exemption law of India, it is usually a tax-free policy. There are two tax benefits to offer: Firstly, The tax benefit from Rs. 1,50,000 under 80 C may be availed by paying premium, and Secondly, Under Section 10 (10D), Maturity sum can also be tax-free.

Who can buy this course of action?

The policy might be bought through the father in the daughter only but not the daughter herself. The daughter’s age need to be at least one year before buying the father’s policy.

What would be the age limit for getting the LIC Kanyadan plan?

The minimum age to buy the protection is 18 years, as well as the maximum age as much as which a policy can be availed is fifty years.

What could be the locking amount of LIC Kanyadan?

The locking period of the protection is available from 13 to twenty-five years.

Which documents are required to get LIC Kanyadan Plan?

The following documents are required

Age, address, and identity proof
Income Proof
Aadhar Card
Passport size photo
Proposal Form
Girl child birth certificate
Cheque or Demand Draft from the first premium

Can I avail loan benefit resistant to the Kanyadan Scheme?

Yes, it is possible to borrow credit if your policy is active and also have paid limited for three consecutive years.

Is there any exclusion within the Plan?

Any additional benefits or claims can not be taken should the policyholder commits suicide within twelve months of buying the insurance policy.

What could be the frequency on the premium payment?

The premium is usually paid monthly, quarterly, semi-annually, or annually depending on your suitability.

Is this insurance policy available for NRI citizens?

Yes, the scheme can be obtained for Indian nationals along with NRI citizens.

Are there any surrender benefits contrary to the LIC Kanyadan scheme?

Yes, it comes with an option to surrender the insurance policy after paying reduced for at least several years. The surrender value would be the total paid premium value with the exception of any rider benefits.