LIC kanyadan Policy is also known as Jeevan Lakshya Plan. The plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.
LIC kanyadan Policy (LIC Jeevan Lakshya Plan) is the best gift for your daughter which provides her financial benefits in higher education and Marriage.
It is natural for parents to worry about their daughter’s marriage. Because, the expenses on marriage are very troubling. Kanyadan Policy of Life Insurance Corporation of India can remove your tension.
Eligibility for LIC kanyadan Policy
|Minimum Sum Assured||₹100,000|
|Maximum Sum Assured||No limit|
|Minimum age at entry||1 Year|
|Maximum age at entry||60 Years (nearer birthday)|
|Maximum Maturity age||65 years (nearer birthday)|
|Minimum Maturity age||18 years (Completed)|
|Policy Term||13 to 25 years|
|Premium Paying Term||Policy Term less then 3 years|
|Mode of payment||Yearly, Half Yearly, Quarterly and Monthly (National Automated Clearing House- NACH only)|
|Surrender||The policy can be surrendered at any time during the Policy Term provided at least three full year’s premium have been paid.|
|Loan||Loan facility is available under this plan, after payment of premiums for atleast three full year’s have been paid.|
Key Features Of LIC Kanyadan Policy
- This policy will provide risk cover for a period up to 3 years prior to the maturity date.
- Under this policy, a lump sum amount will be provided to the insured at the time of maturity.
- If the father dies under the LIC Kanyadan policy, then the premium will be waived off.
- If the beneficiary dies due to the accident, then his family will be provided Rs.100000 immediately.
- ₹5 lakh paid immediately in case of non-accidental or natural demise
- Indian citizens living outside India can also take advantage of LIC Kanyadan policy.
- Premium paid under this plan is eligible for TAX rebate under section 80c.
- Maturity under this plan is free under sec 10(10D).
Benefits under LIC Jeevan Lakshya Plan
Benefits payable on death:
Sum Assured on Death + Bonuses and Final Additional Bonus, if any, shall be payable in following manner. Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity).
- Assured Absolute Amount of 110% of Basic Sum Assured, payable
- Along with Bonuses and Final Additional Bonus, if any, on maturity.
On survival Basic Sum Assured + Vested Bonus + FAB if any.
Original plan is “LIC Jeevan Lakshya” (Plan No. 933, UIN No. 512N297V02) launched on 01-Feb-2020