LIC Kanyadan Policy Scheme
Overview
LIC kanyadan policy has been designed for the girls. As compared to other insurance plans, this policy can work in a bit different manner which can benefit your daughter. It is more like a backup fund for the expenses that are likely to happen in your daughter’s future associated with education and marriage. The Life insurance corporation of India has come up with Kanyadan Policy Scheme to offer financial aid to the patients. The policy covers the maximum risk along with other saving options till the time term ends. That is why this is one of the best plans that parents have come up with for the low premium and quite a high sum assured choices.
Before you apply for the Kanyadan Policy Form, you must have clarity about this scheme. Well, this insurance plan is for 13 to 25 years of age. Under this scheme, the daughter can get some financial aids but for this, you need to pay the premium for 3 years over the term chosen. The person can get insurance up to 1 lakh. However, these are eligibility criteria and documents that need to be uploaded during the applications which we shall explore now.
The objective of LIC Kanyadan Policy 2021
The primary aim of this scheme is to offer better saving for the wedding of the daughter which is the biggest challenge. The Life insurance corporation of India Company has come up with a policy to invest in the wedding of the daughter. This way people can invest in such schemes which of course can add money for the bright future. Using such a policy the father can even get all the future needs fulfilled for the daughter without any financial stress.
Eligibility for LIC Kanyadan Policy
Since you wish to apply for the Kanyadan Policy Scheme Apply, it is important to have clarity about the terms and conditions associated with it.
You can purchase the LIC Kanyadan Policy for 13 to 25 years.
In this policy, it is important to pay the premium which needs to be at least less than 3 years of the policy terms.
You can even purchase this policy at the premiums amour of Rs.1 lakh.
To purchase such policy, the minimum age of the kid’s father needs to be between 18 to 50 years and the minimum age of the daughter should be 1 year
It is possible to purchase the policy as per the different ages of the daughter and patent.
There is a time limit of such a policy which will lessen down as per the suitability.
There is a minimum sum assured during the maturity of the policy which is Rs 1lkh.
There will not be any limit for the maximum Sum Assured since it depends on the premium amount you pay.
Features of LIC Kanyadan Policy
In this policy, there are ample advantages that you need to know. Talking of which some of them are:
If the person who subscribed to this family dies his family members won’t have to pay the premium.
If the insured dies, his/her family will get INR 5 lakh immediately
In this Policy, you can get the benefit of a bonus declared by LIC yearly
During the policy, the death benefit will be paid in an annual instalment
If you save INR 251 daily, you will be given INR 51 lakh after 25 years of premium payment
You can save INR 75 per day to get INR 11 lakh for your daughter’s wedding
If a person deposits 75 rupees daily, then after 25 years of monthly premium payments, 14 lakh rupees will be provided at the time of the marriage of the daughter.
The LIC shall be paying 1 lakh every year to the family member
It empowers the financial future of your girl child
It gives a lump sum amount at the time of policy maturity
It gives INR 10 lakh in the case of accidental demise of the policyholder
Once the policy finishes 25 years, LIC will be paying off the nominee 27 lakh separately
You can keep paying the policy premium every year even after the girl child is married
It offers the full amount at the time of maturity
This is an ideal policy for those who want additional funds for their daughter’s education and marriage.
If the insured dies in an accident, his/her family gets INR 10 lakh
It covers the policyholder from life risk up to 3 years before the maturity
It gives waived off premium if the daughter’s father is expired
It gives INR 5 lakh in case of non-accidental/natural demise of the policyholder
It offers INR 50,000 every year until the maturity date after the demise of the policyholder
What are the Documents needed for the LIC Kanyadan Policy
Those who are considering this kind of policy seriously and wish to apply for it needs to understand there is some process of applying for it. Some important documents need to be submitted so that the process gets approved in a shorter time. This includes
Address proof
Cheque or Demand Draft of the first premium
Income certificate
Duly filled and signed form of the proposal for the scheme
Aadhar Card
Identity card
Passport size photo
Girl child birth certificate
Exclusions from LIC Kanyadan Policy
It is not possible to claim any kind of additional coverage or advantages if the person commits suicide within 12 months from the initiation of the Kanyadan Policy.
Free Look Period: This is 15 days which is given from the commencement date. If you are not happy with any of the Kanyadan policy terms and conditions you can then return the same in that span of free look period.
Grace Period: This is basically 30 days which is given at the time when you are not charged with any kind of penalty or late fees if the premium payment due date is over. This is allowed for annual, biannual, or quarterly premium payments. The 15 days grace period is allowed for the premium payments that are done on a monthly basis. If the grace period of the policy experiences, then Kanyadan Policy will be terminated.
Surrender Value: It is possible to surrender the Kanyadan Policy anytime once the premium for at least 3 consecutive years is paid. The assured surrender value of the overall percentage for the complete paid premium does not include the premium that eventually depends on the policy term and the policy surrender year.
What are the benefits of the LIC Kanyadan Plan
The premium will get waived off if the girl’s father expires.
In case of accidental demise, Rs.10 lakhs will be paid immediately.
During maturity, you are entitled to get the complete maturity amount.
The insured girl will immediately get the lump sum amount after the maturity time.
In case of natural or non-accidental demise, Rs.5 lakhs will be paid immediately.
This policy offers a plan to protect the future of the daughters.
The policy offers the cover for the lifetime risk of the daughter up to 3 years before the date of maturity.
Conclusion
It is easy to go ahead with the LIC Kanyadan Policy Scheme Apply. But you need to understand that the policy can have an increase or decrease of the premium payment which may change as per the income. You can even make the payment for the premium for the Kanyadan Policy as per convenience. The premium needs to be paid in months, 4 months, or 1 month while you can pay the premium as per your wish.
Questions and Answers
How to apply for LIC Kanyadan Policy 2021?
Those who are interested in such a policy must get in touch with the nearest LIC offer or the agent who can guide you right on this. The agent shall explain to you in-depth about the investment to be done in LIC kanyadaan policy. He can further help you with the LIC kanyadaan policy term and make you do the choice as per the income. This way the LIC agent will give you all the details about the documents required and any other further information that is needed. After complete understanding, you can then go ahead and fill-up the form.
Why Choose LIC Kanyadaan plan?
LIC is one of the biggest insurance corporation companies in the country that has quite a huge number of people attached to different policies. It recently came up with some additional offering for more customers. They have even started with the young girls' plan for encouraging support to females in an Indian family. The name of such policy is called the Kanyadaan policy. It covers the daughters for which the decided premium is also less. This plan varies from other plans and its unique part is the future expense which it covers for the girl’s education and marriage.
How to make use of LIC Kanyadan Policy 2021?
If the beneficiary wants to make use of beneath the protection, they simply would have to get in touch with the closest LIC agency. The beneficiary can even visit the office and inform the agent about the investment they want to make on the LIC grant protection. They can then simply use the LIC grant protection which you can choose during the income response then the agent shall give all possible information and paperwork that will help you fill-up the variety.