LIC Kanyadan Yojana : Planning your daughter’s future is one of the biggest responsibilities of a parent. In a country like India, where education and marriage are significant milestones, financial security becomes crucial. The LIC Kanyadan Yojana is a unique scheme that aims to ease this burden by allowing parents to invest a small amount daily and receive a lump sum at maturity. Let’s dive into how you can turn a daily ₹75 investment into ₹14 lakh with this special LIC plan.
What is LIC Kanyadan Yojana?
LIC Kanyadan Yojana is a specially designed life insurance cum savings scheme offered by the Life Insurance Corporation of India. While it is not an official standalone product listed on LIC’s portal, it is a customized version of LIC’s Jeevan Lakshya policy tailored for parents of girl children.
This plan provides both insurance coverage and a maturity benefit, helping parents build a substantial fund for their daughter’s education or marriage. The flexibility of the policy and the relatively low premium make it accessible for middle-class families who want to secure their daughter’s future.
Key Features of LIC Kanyadan Yojana
- Designed for parents with a girl child.
- Requires daily investment as low as ₹75 (or approximately ₹2,250 monthly).
- Sum assured can go up to ₹14 lakh at maturity.
- Offers life risk coverage to the father during the policy term.
- In case of the father’s demise, future premiums are waived off.
- Maturity benefit paid at the end of the policy term.
- Additional bonuses declared by LIC may also be included.
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Benefits of the LIC Kanyadan Yojana
LIC Kanyadan Yojana offers a range of benefits that make it a compelling choice for parents. These include:
- Death Benefit: In the unfortunate event of the father’s demise during the policy term, the family receives the death benefit immediately, and no future premiums are required.
- Maturity Benefit: If the father survives the policy term, a lump sum including bonuses is paid at the end.
- Premium Waiver: Premiums are waived off if the parent (policyholder) dies during the policy term.
- Tax Benefits: Premiums paid are eligible for deductions under Section 80C, and the maturity amount is tax-free under Section 10(10D).
Eligibility Criteria for LIC Kanyadan Policy
To ensure that only the right candidates can avail of the scheme, certain eligibility parameters are put in place.
| Criteria | Details |
|---|---|
| Minimum Entry Age of Father | 18 Years |
| Maximum Entry Age of Father | 50 Years |
| Minimum Maturity Age of Daughter | 18 Years |
| Policy Term | 13 to 25 Years |
| Premium Paying Term | Policy Term – 3 Years |
| Minimum Sum Assured | ₹1 Lakh |
| Maximum Sum Assured | No Limit |
LIC Kanyadan Yojana Investment & Return Table
Here’s an illustrative example to show how investing a small amount daily can result in a large corpus at the end of the term.
| Daily Investment | Monthly Premium | Policy Term | Total Investment | Approximate Maturity Amount |
|---|---|---|---|---|
| ₹75 | ₹2,250 | 25 Years | ₹6,75,000 | ₹14,00,000 |
| ₹100 | ₹3,000 | 25 Years | ₹9,00,000 | ₹18,60,000 |
| ₹125 | ₹3,750 | 25 Years | ₹11,25,000 | ₹23,20,000 |
| ₹150 | ₹4,500 | 25 Years | ₹13,50,000 | ₹27,80,000 |
| ₹200 | ₹6,000 | 25 Years | ₹18,00,000 | ₹37,00,000 |
| ₹250 | ₹7,500 | 25 Years | ₹22,50,000 | ₹46,50,000 |
| ₹300 | ₹9,000 | 25 Years | ₹27,00,000 | ₹56,00,000 |
| ₹500 | ₹15,000 | 25 Years | ₹45,00,000 | ₹93,00,000 |
Note: Returns are indicative and based on LIC’s bonus and benefit declarations over the years. Actual results may vary.
How Does LIC Kanyadan Yojana Work?
Let’s say a father of a 1-year-old girl invests ₹75 per day in this scheme, which amounts to ₹2,250 per month. He chooses a 25-year policy term. The benefits work in the following way:
- During Policy Term: If the father passes away, LIC will pay ₹1 lakh (immediate death benefit), and all future premiums are waived.
- Annual Support: LIC pays ₹10,000 annually to the daughter till maturity.
- At Maturity: The daughter receives a lump sum amount (including bonuses), potentially reaching ₹14 lakh or more.
This ensures both financial support during the policy term and a maturity corpus that can support higher education or marriage expenses.
Premium Calculation & Policy Customization
Premiums under this plan depend on factors such as the father’s age, policy term, sum assured, and mode of premium payment. LIC offers various customization options so you can choose:
- Sum Assured
- Policy Term (13 to 25 years)
- Premium Payment Mode (Monthly, Quarterly, Half-Yearly, Yearly)
Here’s a table for approximate premium calculation:
| Father’s Age | Sum Assured | Policy Term | Monthly Premium | Total Premium Paid |
|---|---|---|---|---|
| 30 Years | ₹5 Lakh | 20 Years | ₹1,600 | ₹3,84,000 |
| 35 Years | ₹7 Lakh | 20 Years | ₹2,250 | ₹5,40,000 |
| 40 Years | ₹10 Lakh | 25 Years | ₹3,500 | ₹10,50,000 |
| 45 Years | ₹7 Lakh | 15 Years | ₹3,000 | ₹5,40,000 |
| 50 Years | ₹5 Lakh | 13 Years | ₹2,800 | ₹4,36,800 |
| 30 Years | ₹10 Lakh | 25 Years | ₹3,000 | ₹9,00,000 |
| 35 Years | ₹14 Lakh | 25 Years | ₹4,250 | ₹12,75,000 |
Why Choose LIC Kanyadan Yojana?
- Trust of LIC: LIC is a government-backed insurer with a strong track record.
- Affordable Premiums: Low daily investments that suit average Indian households.
- High Returns: Long-term savings with life insurance benefits.
- Family Security: Offers peace of mind in case of unfortunate events.
- Tax Benefits: Helps in saving tax under applicable sections.
How to Apply for LIC Kanyadan Yojana
Applying for this plan is simple. You can either visit your nearest LIC branch or contact an authorized LIC agent. Documents typically required include:
- Identity Proof (Aadhaar, PAN, etc.)
- Address Proof
- Birth Certificate of Daughter
- Passport Size Photographs
- Bank Details for ECS
LIC Kanyadan Yojana is an ideal investment for parents who want to create a financially secure future for their daughters. It combines the benefits of insurance and long-term savings, offering peace of mind and a guaranteed fund for life’s key milestones. By starting early, even a small daily investment like ₹75 can grow into a substantial sum of ₹14 lakh or more.
LIC Kanyadan Yojana is not a separate official plan listed on LIC’s website but a modified version of the LIC Jeevan Lakshya policy. All figures and benefits mentioned above are for illustrative purposes. Please consult an LIC advisor or branch office for personalized plan details and the latest updates before investing.