New Delhi. If you are also the lucky father of a daughter, then Life Insurance Corporation of India has presented a wonderful scheme for you. The name of this scheme of LIC is – LIC Kanyadaan Policy. This scheme is specially designed to meet the needs of the future of the daughter and her marriage.
Under LIC Kanyadaan policy, an investor has to deposit the premium. The major condition for Kanyadaan policy is that the minimum age of the investor should be 30 years. Also the age of the investor’s daughter should be at least 1 year.
Explain that for applying for this scheme, important documents like Aadhar Card, Income Certificate, Identity Card, Birth Certificate are required. This is an LIC policy, so you get tax exemption on the premium paid under section 80C of the Income Tax Act 1961. Tax exemption is maximum up to Rs 1.50 lakh.
Also Read: LIC Policy Statement 2021: How To Check Your LIC Policy Statement Status, Here’s All Need To Know
Features of LIC Kanyadan Policy
- This scheme makes your daughter financially secure.
- Under the scheme, the policyholder gets a lump sum amount on maturity.
- Exemption from premium payment in case of death of father or guardian.
- In case of accidental death, Rs 10 lakh is paid immediately.
- In case of normal death 5 corpse is paid Rs.
- 50000 is paid every year till maturity.
- The entire maturity amount is paid at the time of maturity.
Post office’s PPF scheme is also beneficial
The government has now declared an interest rate of 7.10 percent on PPF under the rates announced on small deposits. The government changes it from time to time. But despite these changes, the interest rates in this scheme do not come down much.
A person can open only one account under this scheme. Where you can make a minimum of 500 rupees in a financial year under PPF. You can deposit any maximum amount in it. But you will get exemption under Section 80C of Income Tax up to a maximum of Rs 1.5 lakh. The interest income on maturity will also be completely tax free. It has a maturity period of 15 years and can be extended thereafter in blocks of 5 years.
