Features
Gemini said
The LIC Kanyadan Policy (technically known as the LIC Jeevan Lakshya plan) is one of the most popular life insurance products in India, specifically designed to secure a daughter’s future education and marriage. Its unique selling point is the triple protection it offers in the event of the father’s (proposer’s) demise.
Here is the detailed description and breakdown based on your specific requirements.
📋 Policy Overview: Case Study
Based on your scenario: Father (30 years old), Daughter (5 years old), and Sum Assured of ₹1 Crore.
💰 Benefits at Maturity (Survival Scenario)
If the father survives the policy term of 20 years, he will receive a massive tax-free corpus for his daughter’s marriage.
Sum Assured: ₹1,00,00,000
Vested Bonus: Based on current LIC rates (approx. ₹45 per thousand per year), this accumulates to roughly ₹90,00,000.
Final Additional Bonus (FAB): A one-time loyalty bonus for a long-term policy, estimated around ₹25,00,000 – ₹35,00,000.
Total Estimated Maturity: Approximately ₹2.15 Crore to ₹2.25 Crore (Tax-Free).
🛡️ Financial Protection (In Case of Father’s Demise)
The real “Kanyadan” (Gift to Daughter) aspect kicks in if the father passes away during the policy term. The family receives the following:
Immediate Relief: No more premiums need to be paid. All future premiums are waived by LIC.
Annual Support: LIC will pay 10% of the Sum Assured (₹10 Lakh every year) to the daughter until the date of maturity. This ensures her education and lifestyle are not compromised.
Full Maturity: Even though premiums stopped and the family received ₹10 Lakh annually, LIC will still pay the Full Maturity (approx. ₹2.2 Crore) at the end of the 20th year.
✅ Key Advantages
Tax Benefits: Premiums paid are exempt under Section 80C. The maturity amount is 100% tax-exempt under Section 10(10D).
Limited Premium: You only pay for 17 years for a 20-year cover.
High Liquidity: You can take a loan against the policy after 2 years if you face a financial crunch.