LIC Kanyadan Policy : In today’s rapidly changing world, every parent dreams of securing their child’s future. With rising education and marriage costs, financial planning for your daughter becomes crucial. LIC’s Kanyadan Policy offers a unique investment opportunity where you can invest as little as ₹75 per day and potentially receive up to ₹14 lakh at maturity. This comprehensive guide will walk you through all aspects of this beneficial policy, ensuring you understand its features, benefits, and application process clearly.
What is LIC Kanyadan Policy?
LIC Kanyadan Policy is a specially designed life insurance plan intended to support parents in securing their daughter’s financial future. Although it’s not a standalone plan, it’s a customized version of the LIC Jeevan Lakshya policy with added benefits tailored for a girl child’s needs.
The plan combines life insurance coverage for the father (policyholder) with a savings plan to accumulate a substantial corpus by the time the daughter reaches a marriageable or educational age.
Key Highlights of LIC Kanyadan Policy
- Ideal for parents (especially fathers) with a daughter aged 1 year or more
- Affordable premium starting at ₹75 per day (approx ₹2,250/month)
- Lump-sum payout of up to ₹14 lakh at the end of the policy term
- Life cover for the parent (policyholder) throughout the term
- Premium waiver in case of the father’s death
- Additional financial support in the form of annual payouts after the policyholder’s demise
See more : LIC Jeevan Lakshya
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum age of policyholder | 18 years |
| Maximum age of policyholder | 50 years |
| Minimum policy term | 13 years |
| Maximum policy term | 25 years |
| Daughter’s age | Minimum 1 year |
| Premium Payment Term | Policy Term – 3 Years |
| Minimum Sum Assured | ₹1 lakh |
| Maximum Sum Assured | No limit (based on eligibility) |
How the LIC Kanyadan Policy Works
Let’s say a father starts investing ₹75 per day (around ₹2,250 monthly). Over the course of 25 years, the total investment adds up to approximately ₹6.75 lakh. At maturity, depending on the bonus rates and policy structure, the policyholder can receive up to ₹14 lakh.
Example Breakdown:
| Year | Monthly Premium | Total Investment (till year) | Estimated Returns at Maturity |
|---|---|---|---|
| 1 | ₹2,250 | ₹27,000 | – |
| 5 | ₹2,250 | ₹1,35,000 | – |
| 10 | ₹2,250 | ₹2,70,000 | – |
| 15 | ₹2,250 | ₹4,05,000 | – |
| 20 | ₹2,250 | ₹5,40,000 | – |
| 25 | ₹2,250 | ₹6,75,000 | ₹13-14 lakh |
Note: The returns are based on past bonus performance and may vary slightly.
Benefits of LIC Kanyadan Policy
1. Financial Security for Your Daughter
The plan ensures that your daughter’s major life milestones such as higher education or marriage are financially supported.
2. Premium Waiver in Case of Father’s Death
If the policyholder dies during the policy term, LIC waives off all remaining premiums. The family continues to receive benefits without making any further payments.
3. Annual Payout After Policyholder’s Death
In the unfortunate event of the father’s demise, the family receives 10% of the Sum Assured annually till maturity, ensuring regular income.
4. Tax Benefits
Premiums paid under the policy are eligible for tax deductions under Section 80C. Maturity and death benefits are also exempt under Section 10(10D), subject to prevailing tax laws.
5. Loan Facility
Policyholders can avail of a loan against the policy in case of emergencies, once the policy acquires a surrender value.
Documents Required to Apply
To apply for the LIC Kanyadan Policy, the following documents are usually needed:
- Identity proof (Aadhaar, PAN, Passport, etc.)
- Address proof
- Birth certificate of daughter
- Income proof (Salary slip/ITR)
- Passport-size photographs
- Proposal/application form
How to Apply for LIC Kanyadan Policy
You can apply for this policy both online and offline. Here’s how:
Offline Process:
- Visit your nearest LIC branch.
- Consult a LIC agent or advisor.
- Fill out the application form and submit required documents.
- Undergo a simple medical test (if required).
Online Process:
- Visit LIC’s official website.
- Navigate to the ‘Insurance Plans’ section.
- Select Jeevan Lakshya or consult customer care for Kanyadan-specific options.
- Fill in personal and policy details.
- Submit documents and complete the process.
Comparison with Other Child Plans
| Feature/Plan | LIC Kanyadan Policy | LIC Jeevan Tarun | PPF for Girl Child | Sukanya Samriddhi Yojana |
|---|---|---|---|---|
| Age of Entry | 18-50 years | 0-12 years | Any | 0-10 years |
| Premium Flexibility | Moderate | Flexible | Highly Flexible | Fixed |
| Tax Benefits | 80C + 10(10D) | 80C + 10(10D) | 80C + Tax-free | 80C + Tax-free |
| Risk Cover Included | Yes | Yes | No | No |
| Returns | Moderate to High | Moderate | Moderate | High |
| Loan Facility | Yes | Yes | Yes | No |
Is LIC Kanyadan Policy Right for You?
If you’re a father planning to build a secure and guaranteed fund for your daughter’s future, the LIC Kanyadan Policy is a great option. It offers the combined benefits of life insurance and savings, ensuring peace of mind and financial support even in your absence.
It’s especially suitable for salaried individuals who prefer disciplined monthly savings and guaranteed returns rather than market-linked risks.
LIC’s Kanyadan Policy is a thoughtfully designed plan that not only safeguards your daughter’s future but also ensures that your family is financially protected in the face of uncertainties. With low premiums, tax benefits, and a significant payout, this plan can serve as a cornerstone in your financial planning for your child.