LIC Kanyadan policy is specially designed with keeping your daughter in mind. The policy provides a lump sum amount during your daughter’s wedding along with additional insurance coverage if something happens to the daughter’s guardian (policyholder).
Let us discuss this policy in detail and answer any queries that you may have. This article will cover the following points:
This policy can be availed by the guardian of a daughter. The guardian will have to pay a premium to LIC, and in exchange for the premium, LIC will provide a lump sum amount at maturity. You can use this amount during your daughter’s wedding. Further, if the daughter’s guardian passes away during the policy term, LIC will provide an additional amount to the daughter along with the maturity amount at policy maturity. You can understand this policy much better with an example.
Let us say that Mr. Rishi has taken a Kanyadan Policy for his 5-year-old daughter. He selected a policy term of 15 years. Mr. Rishi will now be eligible to receive the maturity amount when his daughter is 20 years old. He can use this amount towards his daughter’s marriage or even other affairs like further education, etc.
Let us say that Mr.Rajesh has taken a Kanyadan Policy for his 2-year-old daughter. He selected a policy term of 25 years. Let us assume that Mr. Rajesh met with an unfortunate accident and passed away when his daughter was 10 years old. His daughter would immediately get a Rs 10 Lakh death benefit. Along with this the daughter would also Rs.50000 every year till the policy matures, plus the daughter will also be eligible for the entire maturity amount on policy maturity. Further, all future premiums will be waived off.
Benefits of LIC Kanyadan Policy
Following documents are required while enrolling in this policy:
Further documents can be requested by the LIC officer.
Are you looking for a new LIC insurance policy or a policy renewal? Reach out to us and let us assist you.