To reduce the financial burden for the daughter’s marriage, people like to invest in LIC’s Kanyadaan policy. But in reality there is no such scheme, in fact it is a customized version of another scheme of LIC policy.
LIC Policy
Marriage of a daughter is a very big responsibility for every parent. That’s why they start saving for it right from the beginning. To make their investment safe and profitable, many types of schemes are run by LIC. One of which is very popular LIC Kanyadan policy. But in reality there is no such scheme. Actually, this is a customized version of Jeevan lakshya policy of LIC. It is called the Kanyadaan scheme to sell agent policy to more and more people. It attracts people more towards the policy.
The objective of running this scheme on behalf of LIC is to reduce the financial burden on the parents in daughter’s weddings. In this, you can get up to millions of rupees in returns. This policy can be run for 13 to 25 years. You can make this installment more or less as per your choice. If the investor dies after taking the policy, then 1 lakh rupees are given to the family every year.
Daughter must be 1 year old
To take this policy, the daughter’s age must be at least one year. In this, any person can take insurance of at least 1 lakh rupees. Premium will have to be paid for less than 3 years of term. Under this policy, premium is also exempted under section 80C of Income Tax Act 1961.
Benefits of policy
1. If the insured dies after taking the policy, then his family will get 5 lakh rupees. This amount will be given in the annual installment.
2. If the insurance holder dies in an accident, the family will get 10 lakh rupees.
3. If this policy is taken for 15 years, then the premium will have to be paid for only 12 years.
4. If you want to surrender this policy, then it can be done after three years.
What is life goals policy
LIC’s Jeevan Lakshya Yojana is a traditional savings plan. In this scheme, you get savings as well as safety. It is a non-linked scheme. This means investors’ money is not invested in the stock market. If the policy holder dies before maturity then his family gets returns on an annual basis.
These benefits will be with death benefit
In this policy, the nominee gets the death benefit. In which the deposit is at least 105 per cent of the premium. This amount is received on completion of the maturity period. Apart from this, every year, there is also the benefit of bonus declared by LIC. Loan facility is also available on the basis of this policy. If the policy holder dies, then every year 10% of the sum assured is available till one year before the maturity period.
Also read: PM-SYM Yojana: You will get 3000 rupees every month on investment in this government scheme, know how to apply and what is the process
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