LIC Kanyadan Policy

LIC Kanyadan is a term insurance plan offered by Life Insurance Corporation of India (LIC). It is a pure protection plan that provides financial security to the family of the policyholder in the event of the policyholder’s untimely demise. The policy pays a lump sum amount to the nominated beneficiary of the policy in the event of the policyholder’s death during the policy term.

The policy can be purchased by parents, grandparents, or other guardians to provide financial protection to their children or grandchildren. It is an affordable policy that provides financial security to the family in case of the policyholder’s untimely demise. The policy term can be chosen based on the policyholder’s need and can range from a minimum of 10 years to a maximum of 30 years.

Some of the key features of the LIC Kanyadan policy are:

1. The policy provides financial protection to the family of the policyholder in case of the policyholder’s untimely demise.
2. The policy term can be chosen based on the policyholder’s need and can range from a minimum of 10 years to a maximum of 30 years.
3. The policy offers various sum-assured options to choose from.
4. The policy provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
5. The policy offers an optional rider benefit, namely the Accidental Death and Disability Benefit Rider, which provides additional coverage in case of accidental death or disability.

It is important to carefully consider your insurance needs and the terms and conditions of the policy before purchasing any insurance product. It is advisable to seek the help of a financial advisor or insurance agent to understand the policy details and choose a policy that best meets your needs.

Some of the key benefits of the LIC Kanyadan policy are:

The LIC Kanyadan policy offers several benefits to the policyholder and the policy’s nominated beneficiary. Some of the key benefits of the policy are:

1. Financial protection: The policy provides financial protection to the family of the policyholder in case of the policyholder’s untimely demise. The policy pays a lump sum amount to the nominated beneficiary, which can be used to meet the family’s financial needs and provide for their future.
2. Flexible policy term: The policy term can be chosen based on the policyholder’s need and can range from a minimum of 10 years to a maximum of 30 years. This flexibility allows the policyholder to choose a policy term that best meets their needs.
3. Tax benefits: The policy provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. This means that the premium paid on the policy is eligible for tax deductions, which can help the policyholder save on taxes.
4. Optional rider benefit: The policy offers an optional rider benefit, namely the Accidental Death and Disability Benefit Rider, which provides additional coverage in case of accidental death or disability. This rider can provide additional financial protection to the policy’s nominated beneficiary in case of an accidental event.
5. Easy availability: The policy is available online, making it easy and convenient for policyholders to purchase the policy.

It is important to carefully consider your insurance needs and the terms and conditions of the policy before purchasing any insurance product. It is advisable to seek the help of a financial advisor or insurance agent to understand the policy details and choose a policy that best meets your needs.

Eligibility for LIC Kanyadan Policy

To be eligible for the LIC Kanyadan policy, the following conditions must be met:

1. Age of the policyholder: The policy can be purchased by parents, grandparents, or other guardians for their children or grandchildren. The minimum age of the policyholder should be 18 years, and the maximum age will depend on the policy term chosen.
2. Age of the insured: The minimum age of the insured (the child or grandchild for whom the policy is being purchased) should be 0 years, and the maximum age will depend on the policy term chosen.
3. Sum assured: The policy offers various sum assured options to choose from. The policyholder can choose the sum assured based on their insurance needs and financial capacity.
4. Policy term: The policy term can be chosen by the policyholder and can range from a minimum of 10 years to a maximum of 30 years.
5. Payment of premium: The policyholder is required to pay the premium on time to keep the policy in force. The premium can be paid on an annual, semi-annual, quarterly, or monthly basis.

It is important to carefully consider your insurance needs and the terms and conditions of the policy before purchasing any insurance product. It is advisable to seek the help of a financial advisor or insurance agent to understand the policy details and choose a policy that best meets your needs.

LIC Kanyadan Policy Premium Payment

LIC Kanyadan is a life insurance policy offered by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating, savings-cum-protection plan that provides financial protection to the policyholder’s family in case of the policyholder’s untimely death. The premium for the policy is the amount that the policyholder pays to keep the policy in force. Premium payments can be made on a monthly, quarterly, half-yearly, or yearly basis, as per the policy terms and conditions.

1. To pay the premium for your LIC Kanyadan policy, you can follow these steps:
2. Visit the official website of LIC (www.licindia.in).
3. Click on the “Pay Premium Online” link on the homepage.
4. Enter your policy number and date of birth, and click on the “Proceed” button.
5. Select the mode of payment (credit card, debit card, net banking, or UPI).
6. Enter the required details and complete the payment process.

You can also pay your premium through other channels such as an LIC branch office, an authorized collection center, or by setting up an ECS (Electronic Clearing Service) mandate. It is important to pay the premium on time to keep the policy in force and ensure that the coverage continues. If you have any questions or need assistance with the premium payment process, you can contact the LIC customer care center for assistance.

What Documents Do I Need for the LIC Kanyadan Policy?

o apply for a LIC Kanyadan policy, you will need to submit certain documents as proof of identity, age, and address. The specific documents required may vary depending on the type of policy and your personal circumstances. Here are some common documents that may be required for a LIC Kanyadan policy:

1. Proof of identity: This could include a government-issued photo ID such as a PAN card, Aadhaar card, passport, or driving license.
2. Proof of age: This could include a birth certificate, school leaving certificate, or passport.
3. Proof of address: This could include a utility bill, bank statement, or rental agreement.
4. Medical records: Depending on the coverage you are seeking, you may need to undergo a medical examination and provide medical records as part of the application process.

It is important to provide accurate and complete information and documents when applying for a LIC Kanyadan policy. This will help to ensure that your application is processed smoothly and efficiently. If you have any questions about the documents required for your policy, you can contact the LIC customer care center for assistance.

Tax Benefits of LIC Kanyadan Policy

Life Insurance Corporation (LIC) of India’s Kanyadan policy is a term insurance plan that provides financial protection to the policyholder’s family in case of his or her untimely death. The policy also offers tax benefits to the policyholder under certain circumstances.

1. Under section 80C of the Income Tax Act, 1961, premiums paid on a life insurance policy are eligible for a tax deduction up to a maximum of INR 1.5 lakh per financial year. This means that if you pay premiums on a Kanyadan policy, you may be able to claim a tax deduction on the premiums you pay, subject to the INR 1.5 lakh limit.
2. In addition, the death benefit received by the policyholder’s family is tax-free under section 10(10D) of the Income Tax Act, 1961. This means that the policyholder’s family will not have to pay any income tax on the death benefit they receive from the Kanyadan policy.

It is important to note that the tax benefits of a life insurance policy are subject to change based on the provisions of the Income Tax Act, 1961 and any amendments made to it. It is advisable to consult a financial advisor or a tax professional to understand the tax implications of a Kanyadan policy in your specific situation.

Exclusions from LIC Kanyadan Policy

The exclusions of the LIC Kanyadan policy depend on the specific terms and conditions of the policy that you have purchased. In general, insurance policies have exclusions that are designed to limit the insurer’s liability and protect them from financial losses. These exclusions may include:

1. Pre-existing conditions: Any health issues or conditions that the insured person had before purchasing the policy may be excluded from coverage.
2. Suicide: Most insurance policies exclude coverage for suicide or self-inflicted injuries.
3. War or terrorism: Some policies may exclude coverage for losses caused by war or acts of terrorism.
4. Illegal activities: Losses resulting from illegal activities may also be excluded from coverage.
5. Alcohol or drug use: Insurance policies may exclude coverage for losses that occur while the insured person is under the influence of alcohol or drugs.

It is important to carefully review the exclusions of your insurance policy to understand what is not covered. If you have questions about the exclusions of your policy, you should contact your insurance provider or an insurance broker for more information.

Key Features of LIC Kanyadan Policy

1. It is made to empower the girl child financially
2. At policy maturity, a lump sum amount is paid
3. The premium gets waived off in case the daughter’s father is expired
4. It covers the policyholder from life risk up to 3 years before maturity
5. It offers INR 5 lakh in case of non-accidental/natural demise of the policy subscriber
6. It offers INR 50,000 every year until the maturity date after the demise of the policyholder
7. It offers INR 10 lakh in the case of accidental demise