In a world where securing your child’s future is paramount, LIC (Life Insurance Corporation of India) has introduced the LIC Kanyadan Policy, an innovative initiative to help parents save for their daughter’s marriage and education. This article provides comprehensive information about the LIC Kanyadan Yojana 2023, covering its objectives, benefits, eligibility criteria, and application process.
Introduction to LIC Kanyadan Policy
The LIC Kanyadan Policy, also known as the LIC Kanyadan Yojana 2023, is a specialized insurance scheme aimed at helping parents save for their daughter’s marriage and education. This initiative by LIC, India’s largest insurance company, allows individuals to invest in their daughter’s future through a carefully designed plan.
Under this scheme, participants are required to save Rs 121 per day and pay a premium of Rs 3600. The policy duration is 25 years, with premium payments lasting for 22 years. Upon the completion of 25 years, the policyholder is entitled to receive Rs 27 lakh through LIC.
LIC Kanyadan Policy Scheme (Kanyadan Policy Scheme 2023)
The LIC Kanyadan Policy Scheme is open to individuals between the ages of 13 and 25. To be eligible, one must commit to paying the premium for a minimum of three years during the chosen policy period. The minimum sum assured for this policy is one lakh rupees.
LIC Kanyadan Yojana 2023 Highlights
Name of the Scheme: LIC Kanyadan Yojana 2023
Initiated by: Life Insurance Corporation of India
Registration Process: Online
Beneficiaries: Citizens of the country
Advantage: Rs 27 lakh will be provided after the policy’s maturity.
Policy Term: 13 years and 25 years
Official Website: www.licindia.in
Objectives of LIC Kanyadan Policy
The primary objective of the LIC Kanyadan Policy is to help parents save for their daughter’s marriage and provide financial security for their future. This policy aims to address financial concerns and ensure that the dreams and aspirations of young girls can be fulfilled without any financial constraints.
Benefits of LIC Kanyadan Policy Yojana
The LIC Kanyadan Yojana 2023 offers several key benefits:
Limited Premium Payment: The premium payment period is now shorter compared to the policy term.
Profitable Endowment Plan: This policy is a profitable endowment insurance plan.
Death Benefit: In case of the policyholder’s demise during the policy term, 10% of the sum assured is paid annually up to one year before the maturity date.
Flexible Premium Options: Monthly, quarterly, half-yearly, and annual premium payment options are available.
Policy Tenure: The policy can be chosen for 10, 15, and 20 years of coverage.Additional Benefits: If the policyholder passes away, additional benefits are eligible for their family members.
Features of Kanyadan Policy
The Kanyadan Policy offers the following features:
Financial Independence: Provides financial independence and security for daughters.
Protection Against Life Insurance: Offers life insurance protection for a fixed period before maturity.
Premium Waiver: In case of the father’s demise, no premium payments are required.
Accidental Death Benefit: Rs 10 lakh is paid immediately in the event of accidental death.
Maturity Payment: On maturity, the insured receives a lump sum payment.
Natural or Non-Accidental Death: Rs 5,00,000 is payable immediately in case of natural or non-accidental death.
Maturity Amount: The entire corpus amount is available at the time of insurance maturity.
Global Access: Even individuals living outside India can benefit from this scheme.
Similarity to LIC’s Lakshya Policy: Kanyadan Policy shares many similarities with LIC’s Lakshya policy.
Eligibility Criteria for LIC Kanyadan Policy
Age: Persons between 18 and 50 years of age can apply.
Gender: Only fathers of daughters can purchase this policy.
Sum Assured: The maximum sum assured during the policy term is unlimited.
Age of Father: The father must be at least one year of age at the time of policy purchase.
Minimum Sum Assured: At maturity, the minimum sum assured must be Rs 10 lakh.
Premium Payment Term: The policy term is three years longer than the premium paying term.
Required Documents for LIC Kanyadan Policy
Applicants will need the following documents when applying for LIC Kanyadan Policy:
A recent passport-size photograph
Check or cash for the first premium payment
Duly filled and signed proposal form for the scheme
How to Apply in LIC Kanyadan Policy Scheme
To apply for LIC Kanyadan Policy, follow these steps:
Visit the nearest LIC office.
Obtain detailed information about LIC Kanyadan Policy from the office representative.
Select the policy that best suits your needs and gather the required documents.
Fill out the application form for the chosen policy.
Attach all necessary documents to the form and submit it to the relevant authority.