LIC Kanyadaan policy is a commonly used name for LIC savings plans such as LIC Jeevan Lakshya, LIC Amritbaal, and in some cases LIC Jeevan Labh. These plans help parents build a financial corpus for their daughter's education or marriage while providing life insurance protection. This guide explains how these plans work, their eligibility, premium details, maturity benefits, and how they compare with other savings options for a girl child, helping you make an informed decision.
Benefits of LIC Kanyadaan Plan
LIC Kanyadaan Plan offers a range of benefits, including:
- Limited premium payment term
- Disability rider
- Death benefits
- Maturity benefits
- Tax benefits
- Choice of sum assured
Which Plans are Included in the LIC Kanyadaan Yojana?
| Plan |
Best For |
| LIC Jeevan Lakshya |
Child's education & marriage |
| LIC Amritbaal |
Long-term savings for children |
| LIC Jeevan Labh |
Guaranteed savings with bonuses |
Key Features
There are various benefits to buying the LIC Kanyadaan Plan. Let’s understand each of them in detail:
- Protects the financial future of your daughter: It offers financial protection to your daughter even in your absence.
- Loan Facility: LIC Kanyadaan policy loans are available only after acquiring surrender value, typically 3 years.
- Disability Rider: This plan offers a disability rider to the base policyholder so that your loved ones are well taken care of.
- Free Look Period: It is available within 30 days from policy commencement.
Limited Premium Payment Tenure
LIC Kanyadaan Plan provides you the option to choose limited premium payment tenure.
Additional Benefits
If the policyholder commits suicide within 12 months from the initiation of the policy, 80% of the premium will be paid by the corporation, except for the surrender value or taxes, whichever is higher.
Surrender Value
If the policyholder commits suicide within 12 months from the initiation of the policy, 80% of the premium will be paid by the corporation, except for the surrender value or taxes, whichever is higher.
Tax Benefits
LIC Kanyadaan Plan offers term insurance tax benefits under section 80C of the Income Tax Act, 1961, for up to 1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Kanyadaan Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
How to Buy LIC Kanyadaan Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Retirement Planning'.
- Click on the 'Jeevan Kanyadan Plan'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
- If premiums are not paid within the grace period and the policy is not revived, benefits may be reduced or the policy may lapse, depending on the plan terms.
- The insurer may reject or cancel the policy if material facts such as age, health, or personal details are misrepresented at the time of purchase.
Documents Required
-
Photo ID Proof
Passport, Aadhaar card, PAN card, Driving license.
-
Age Proof
Passport, Aadhaar card, PAN card, Driving license.
-
Address Proof
Utility bill, passport, voter ID, ration card.
-
Medical Records
Medical records of the policyholder, if requested.
-
Income Proof
Bank statement, last three months' salary slips (if salaried).
Plan at a Glance
| What’s Good Here |
What’s Missing |
| Limited Premium Payment Term |
Premium Offset |
| Choice of policy tenure |
High sum assured rebate |
| Disability Rider |
Auto cover continuance |
| Loan Facility |
Top-up premium |
In a Nutshell
In this article, we have discussed the LIC Kanyadaan policy, which is similar to LIC Jeevan Lakshya policy. Most of the articles on the internet related to the Kanyadaan policy are based on LIC Jeevan Lakshya policy only. There is no such policy that exists on LIC’s website. The LIC Kanyadaan plan is becoming famous because of the LIC agents who are selling the Jeevan Lakshya policy with this name.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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