India's premier insurance company, LIC, offers a variety of schemes from children to the elderly to amass considerable funds. Specially crafted for daughters, LIC's plans can alleviate worries right from education to wedding expenses. In India, the birth of a daughter often triggers concerns about her education and marriage. With LIC's Kanyadan Policy, you can put these worries to rest, ensuring that financial constraints don't mar your daughter’s wedding. Dive in to learn more about the incredible benefits of this policy...
A ₹27 Lakh Marriage Fund for Your Daughter
Investing in the LIC Kanyadan Policy can secure your daughter's future and free you from wedding expense worries. As the name suggests, this scheme provides a significant fund when it's time for her to tie the knot. By saving just ₹121 daily, which amounts to ₹3,600 monthly, you can build up a nest egg. After 25 years, the policy matures, rewarding you with a lump-sum of ₹27 lakh.
The Scheme's Maturity Period
This stunning LIC policy offers a maturity period between 13 and 25 years. While ₹121 daily can fetch ₹27 lakh for your daughter's future, even a modest saving of ₹75 daily, about ₹2,250 monthly, will mature into ₹14 lakh. You can adjust your investment according to your aspirations, directly influencing the end fund.
Enjoy Tax Benefits Too
Taking advantage of this plan for your daughter commences with the minimal age criteria for beneficiaries: The father should be at least 30 years old, while the daughter should be at least a year old. With the LIC Plan, you're not only gathering substantial funds but also reaping the benefits of tax deductions. Covered under Section 80C of the Income Tax Act 1961, the policy allows you to deduct up to ₹1.5 lakh from your taxable income.
Beyond these benefits, if the policyholder encounters unforeseen calamities or untimely demise before the maturity period, the provision allows family members to receive up to ₹10 lakh, with no further premium payments required. Upon policy maturity, the nominee is awarded the full amount of ₹27 lakh.
Here's How You Can Easily Opt for This Plan
When it comes to acquiring the LIC Kanyadan Policy, you’ll need certain documents. These include your Aadhaar or another identity proof, income certificate, proof of residence, passport-sized photos, and the daughter’s birth certificate.
