Introducing LIC Kanyadan Policy: Safeguarding Daughters’ Future with Exclusive Benefits

Share this News:

Pune, 3rd August 2023: Life Insurance Corporation of India (LIC), the country’s largest insurance provider, has recently launched a specialized life insurance plan called LIC Kanyadan Policy. This unique policy aims to provide financial security for daughters and is tailor-made for parents who want to secure their girl child’s future.

Under this savings plan, the father manages the account, and the daughter does not have access to it. However, in the unfortunate event of the father’s demise, the daughter receives post-death benefits, offering crucial support to the family, especially the girl child. The policy has a 25-year term, with a minimum duration of 13 years and a maximum of 25 years. To be eligible for this plan, the father should be between 18 to 50 years of age.

Key Features of LIC Kanyadan Policy:

No Premium on Father’s Death: If the father passes away during the policy term, no further premiums need to be paid.

Accidental Death Benefit: In the case of an accidental death, the policy provides an immediate payout of ₹10 lakh.

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, aiding the family with immediate expenses.

Annual Payouts: The policy provides annual payouts of ₹50,000, ensuring financial support for the policyholder’s daughter until the policy matures.

Wedding Savings: The plan offers a unique wedding savings provision, allowing policyholders to save as little as ₹75 per day, accumulating a substantial amount of ₹14.5 lakh for their daughter’s marriage. By saving ₹151 per day, they can secure ₹31 lakh for wedding expenses.

Eligibility and Other Details:

Citizens, including NRIs, are eligible to contribute to their daughter’s wedding under this plan.
The account can be opened at any bank or post office branch offering this service.
Only one account can be opened for a single girl child.
A maximum of 50% of the sum can be withdrawn for a girl’s higher education after she turns 18.
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.
To open an account, a minimum deposit of ₹250 is required.
The Sukanya Samriddhi Yojana account can be transferred to any location in India.
In the event of the girl’s death, the account can be closed, and the deposited money along with interest can be given to the guardian.
Surrender Value: The policy can be surrendered after making payments for at least two years, and LIC will pay the higher of the Guaranteed Surrender Value or Special Surrender Value.
Free Look Period: If the policyholder is dissatisfied, they have 15 days to return the insurance bond and request cancellation, with a premium refund after deducting a specific amount.
The LIC Kanyadan Policy provides parents with a reliable and beneficial means to secure their daughter’s future, ensuring financial stability during challenging times. With its attractive features and unique provisions, this policy offers a valuable investment in their child’s well-being.