LIC Kanyadan Policy: Securing Your Daughter’s Future with Unique Benefits

LIC (Life Insurance Corporation of India), the nation’s largest insurance provider, has introduced the LIC Kanyadan Policy, a special life insurance plan designed to safeguard the future of daughters. This plan is tailored for parents who want to ensure financial security for their girl child.

Under the LIC Kanyadan savings plan, the father of the girl child manages the account, and the child does not have access to it. However, in case of the father’s demise, the daughter receives post-death benefits from the plan, providing support to the family, especially the girl child. The policy has a term of 25 years, with a minimum of 13 years and a maximum of 25 years. The father should be between the ages of 18 to 50 to be eligible for this plan.

Key Features of LIC Kanyadan Policy:

1. No Premium on Father’s Death: If the father passes away during the policy term, there is no need to pay any further premiums.
2. Accidental Death Benefit: In case of accidental death, the policy provides an immediate payout of ₹10 lakh.
3. Non-Accidental Death Benefit: Even in the event of a non-accidental demise, the LIC Kanyadan Policy offers immediate financial assistance with a payout of ₹5 lakh, helping the family meet immediate expenses.
4. Annual Payouts: The policy provides annual payouts of ₹50,000 to support the policyholder’s daughter financially until the policy matures.
5. Wedding Savings: The plan offers a unique provision for wedding savings, allowing policyholders to save as little as ₹75 per day, accumulating a substantial amount of ₹14.5 lakh by the time of their daughter’s marriage. By saving ₹151 per day, they can secure ₹31 lakh for their daughter’s wedding expenses.

Eligibility and Other Details:

1. Any citizen, including NRIs, is eligible to contribute to their daughter’s wedding under this plan.
2. The account can be opened at any branch of a bank or post office that offers this service.
3. Only one account can be opened for a single girl child.
4. A maximum of 50% of the sum can be withdrawn for a girl’s higher education after the age of 18 years.
5. The account can be opened in the girl’s name before she turns 10 years old, with necessary documents such as a birth certificate and proof of identity.
6. To open an account, a minimum deposit of ₹250 is required.
7. The Sukanya Samriddhi Yojana account can be transferred to any location in India.
8. The account can be closed in the event of the girl’s death, and the deposited money can be given to the guardian along with interest.
9. Surrender Value: If needed, the policy can be surrendered after making payments for at least two years in a row, and the LIC will pay the higher of the Guaranteed Surrender Value or Special Surrender Value.
10. Free Look Period: If the policyholder is dissatisfied, they have 15 days to return the insurance bond and request a cancellation, with a refund of the premium money after deducting a specific amount.

The LIC Kanyadan Policy provides parents with a reliable and beneficial means to secure their daughter’s future and ensure financial stability during challenging times. With its attractive features and unique provisions, this policy offers a valuable investment in their child’s well-being.