Kanyadaan
Features
The “LIC Kanyadan” plan is a customized financial solution primarily based on the LIC Jeevan Lakshya (Plan No. 933). It is designed to provide financial security for a daughter’s education and marriage.
Key Features & Eligibility (2025)
- Minimum Age of Entry: 18 years for the parent (Life Assured).
- Child’s Age: Minimum 1 year.
- Policy Term: Flexible, typically ranging from 13 to 25 years.
- Premium Paying Term (PPT): Policy term minus 3 years (e.g., if the term is 25 years, you pay for 22 years).
- Minimum Sum Assured: ₹1,00,000; no upper limit depending on income.
Core Benefits
- Maturity Benefit: A tax-free lump sum consisting of the Sum Assured + Accrued Bonuses + Final Additional Bonus (if any) paid at the end of the term.
- Financial Protection (In case of death):
- Premium Waiver: All future premiums are waived off immediately.
- Annual Income: The nominee (family) receives 10% of the Sum Assured every year until the original maturity date.
- Final Lump Sum: The full maturity amount is still paid to the nominee on the original maturity date.
- Accidental Death Benefit: If selected, an additional sum is paid immediately to the nominee if death occurs due to an accident.
Tax & Financial Advantages
- Section 80C: Premiums paid are exempt from income tax up to ₹1.5 lakh per annum.
- Section 10(10D): Maturity and death benefits are completely tax-free.
- Loan Facility: Available after 2 full years of premium payments.
- Surrender Value: The policy can be surrendered after 2 years of continuous premium payments.