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LIC kanyadan policy details and features :
Age limit:-
The daughter’s father can acquire the insurance.
The minimum and maximum ages for purchasing the plan are 18 and 50, respectively.
Daughters should be at least a year old when insurance is purchased.
Premium Payment Term:-
The applicant has access to policies with tenures ranging from 13 to 25 years.
Three years shorter than the insurance term makes up the premium-paying term.
The policyholder must pay the premium for 12 years if the policy duration is 15 years.
Free Look Period:-
Kanyadan LIC policy offers a free look period of 15 days, allowing the policyholder to return the policy to the corporation if they are not satisfied with the terms and conditions.
Grace Period:-
A 30-day grace period is offered for quarterly, half-yearly and annual premiums and 15 days for monthly premiums from the date of the first unpaid premium.
Tax Benefits:-
The premiums paid towards the Kanayadaan policy LIC are exempted under Section 80C of the Income Tax Act, 1961,
Maturity benefits are tax-free
Loan Facility:-
The loan can only be availed if at least two years of premiums are fully paid and as per the terms and conditions of the corporation.
The maximum loan amount for a paid-up policy is 80% of the surrender value, and for an in-force policy, it is 90% of the surrender value.
Assured Protection:-
If a person dies after taking part, then his family will not have to pay a premium in this policy. The further premiums are waived off
In case of accidental demise, to ensure the financial stability of the family, the Kanayadan Policy LIC pays Rs. 10 Lakh immediately.
In case of non-accidental or natural death, financial help of Rs. 5 lakh is provided immediately.
Moreover, the family is provided with Rs. 50,000 per year until the date of maturity
Maturity Benefit:-
In case the life assured survives the complete policy tenure, a Sum Assured on Maturity equal to the Basic Sum Assured is paid to the life assured as the Maturity Benefit, along with Simple Reversionary Bonuses and Final Additional Bonus, if any.
Example:-
By saving Rs. 121 every day, participants in this programme would be required to pay a premium of Rs. 3600 per month, but only for 22 years. After this LIC Kanyadan insurance has been in effect for 25 years, you will receive 27 lakhs..
Death Benefit:-
In case of the unfortunate death of the life assured during the policy term, a sum assured as the ‘Death Benefit’ is offered to the family.
This Sum Assured on Death is 7 times the annualized premium or an amount equal to 110% of the Basic Sum Assured.
This death benefit is paid at the time of policy maturity or as an Annual Income Benefit of 10% of the Basic Sum Assured, whichever is higher.
The death benefit includes applicable Simple Reversionary Bonuses and Final Additional Bonuses.
Flexible Payouts:-
Under LIC Kanyadan Policy, the life assured has the option to receive the death benefit or maturity benefit either as a lump sum amount (one-time payment) or in instalments to avail a regular flow of income.
The instalments can be spread over a period of a month, quarterly, half-yearly, or annually.
Surrender Value:-
If you cannot continue the LIC Kanyadan Policy, you can surrender it anytime after paying the premiums for at least two consecutive years.
LIC Kanyadan Policy Exclusions:-
Suppose the insured parent commits suicide at any time within 12 months from the date of commencement of risk. In that case, the corporation will not pay any claim under LIC Kayandan Policy except for 80% of the total premium paid.
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