LIC Kanyadan Policy Detail: There is no such plan, says insurer; Check this shocking truth

The internet is flooded with reports and articles on LIC 'Kanyadan Policy' for the girl child. A simple Google search of 'LIC Kanyadan Policy' yields 30,800 results. A number of local LIC agents have also been found selling some of the LIC schemes to the customers as 'Kanyadan Policy', promising big returns for the girl child at the time of her marriage. 

However, you may not be aware of the shocking truth that there is no such LIC scheme named as 'Kanyadan Yojana'. To verify this, you can browse through the LIC official website where there is no such scheme directed at the marriage of the policy holders' daughter.

Zeebiz.com asked the Life Insurance Corporation for a clarification on the so-called 'Kanyadan Policy' being sold by agents. 

When asked whether it is legal to sell LIC policies to customers in some other name, LIC told us via e-mail: "Selling of LIC policies by any name, other than that approved is not permitted."

*Google Search screen grab

Does LIC plan to take any action against such agents who mislead customers in the name of 'Kanyadan Policy?' LIC said in an official response, "Action is taken against perpetrators as and when such incidents come to our notice."

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Before investing in any insurance policy, you should read the offer document carefully. According to the Insurance Regulatory and Development of India, while buying a policy, it is important to look at a few things. These include, "Whether or not there is availability of guarantee of return, what the lock-in period is, details of premium to be paid, what would be implications of premium default, what the revival conditions are what the policy terms are, what are the charges that would be deducted, would loan be available etc."