LIC Kanyadan Policy : Secure The Future Of Your Daughter!

What Are The Benefits Of LIC Kanyadan Policy?

The Kalyadan Policy offers various benefits to the daughters of the policyholders. Let’s take a look at the different benefits.

• During Death

If the person insured under the LIC Kanyadan Policy passes away during the policy term, their family will receive a "Death Benefit." This amount is either 7 times the yearly premium paid or 110% of the Basic Sum Assured, whichever is higher.

This Death Benefit can be given to the family either as a lump sum when the policy matures or as an annual payment of 10% of the Basic Sum Assured.

• Maturity Benefit

If the person insured under the LIC Kanyadan Policy lives through the entire policy term, they receive a "Maturity Benefit." This amount is equal to the Basic Sum Assured. Along with this, any bonuses added during the policy term, like Simple Reversionary Bonuses and a Final Additional Bonus (if any), are also included in the payout.

• Assured Protection

If the policyholder of the LIC Kanyadan Policy passes away, all future premium payments are cancelled, meaning the family won't have to pay any more premiums. This helps reduce their financial burden.

Additionally, if the parent dies in an accident, the policy immediately pays Rs. 10 lakh to the family. If the death is due to natural causes, the family will receive Rs. 5 lakh. To support the family even further, the policy provides Rs. 50,000 every year until the policy matures.

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• Flexible Payouts

Under the LIC Kanyadan Policy, the insured person can choose how they want to receive the death benefit or maturity benefit. They can get it as a lump sum or in smaller instalments over time. These instalments can be paid monthly, quarterly, half-yearly, or yearly, providing a steady income flow based on their preference.

• Loan Facility

The policyholder can take a loan under this policy, but only if they’ve paid at least two years of premiums in full. The loan amount depends on the policy status, so they can borrow up to 80% of the surrender value if the policy is paid, and up to 90% if the policy is still active.

• Tax Benefits

The LIC Kanyadan Policy falls under Section 80C of the Income Tax Act, 1961. This means that the policyholders can claim tax deductions on the amount deposited as the premium. Tax benefits can be claimed on investments up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act.