This special scheme of LIC will improve the future of the daughter. By investing in this scheme, parents can manage the expenses from the daughter’s education to marriage. Investing here is risk free.
Life Insurance Corporation of India (LIC) offers policies for every class. LIC has policy plans for everyone from children to the elderly. There are many such policy schemes, under which from tax benefits to a strong amount on maturity is available. Today we are going to tell about one such policy plan. This policy plan will give Rs 22.5 lakh on maturity and the premium will have to be paid less.
This special scheme of LIC will improve the future of the daughter. By investing in this scheme, parents can manage the expenses from the daughter’s education to marriage. Investing here is risk free. This popular scheme of LIC is LIC Kanyadaan Policy. Let us know how you can get lakhs of rupees on maturity under this scheme.
Term plan from 13 to 25 years
Under the Kanyadan policy, you can pay premium on monthly, quarterly, half-yearly and yearly basis. If you choose a 25-year term plan, then you will have to pay premium for 22 years. This scheme matures after 25 years, because the term plan under this policy is for 13-25 years. At the time of maturity, the entire amount is given along with sum assured + bonus + final bonus. To take this policy, the age of the girl’s father must be at least 18 years and maximum 50 years.
Loan benefit is also available
If you buy this policy, then you can avail the loan from the third year. On the other hand, if you want to surrender the policy, then this facility is also given after 2 years of taking the policy. Apart from this, there is a grace period of 30 days for paying the premium of this policy. In such a situation, you are less likely to pay late fees.
Tax exemption is also available
Tax exemption is also available on taking this policy. On depositing the premium, deduction is available under 80C and maturity amount is tax free under section 10D. The limit of sum assured for the policy starts from a minimum of Rs 1 lakh and there is no maximum limit.
How to get the benefit of Rs 22.5 lakh
If you take a 25-year term plan under this policy and pay an annual premium of Rs 41,367. If calculated monthly, the premium will be around Rs 3,445. Now you will have to deposit this premium for 22 years. In such a situation, during the term period of 25 years, it will provide life insurance coverage of Rs 22.5 lakh.
If the father dies, then further premiums do not have to be paid. Apart from this, he is given Rs 1 lakh annually till the completion of the 25-year term. Lumpsum maturity amount will be given on the 25th year. If the father dies in a road accident, then the nominee will be given an accidental death benefit of Rs 10 lakh along with all the death benefits.
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