LIC Kanyadan Scheme: At Rs 3447/month for 22 years, get Rs 22.50 lakh corpus in 25 years; learn how with calculations
The plan provides tax benefits, flexible terms, and life insurance coverage. Premium waivers and additional benefits apply in case of the father's accidental death, ensuring comprehensive support for the family. Read more.
The LIC Kanyadan Scheme offers substantial benefits for financial planning for a daughter's future. With a premium of Rs 3,447 per month for 22 years, parents can accumulate a corpus of Rs 22.50 lakh over 25 years. This plan includes tax exemptions, a loan facility, life insurance coverage, and premium waivers in case of the father's demise.
Tax Benefits
![Tax Benefits Tax Benefits](https://cdn.zeebiz.com/sites/default/files/2024/07/26/306983-tax-19.jpg)
Early Financial Planning
![Early Financial Planning Early Financial Planning](https://cdn.zeebiz.com/sites/default/files/2024/07/26/306984-early-financial-planning.jpg)
Eligibility
![Eligibility Eligibility](https://cdn.zeebiz.com/sites/default/files/2024/07/26/306990-age.jpg)
Flexible Policy Term
![Flexible Policy Term Flexible Policy Term](https://cdn.zeebiz.com/sites/default/files/2024/07/26/306994-flexible.jpg)
Accidental Death Benefits
![Accidental Death Benefits Accidental Death Benefits](https://cdn.zeebiz.com/sites/default/files/2024/07/26/307001-dea.jpg)
Premium Waiver
![Premium Waiver Premium Waiver](https://cdn.zeebiz.com/sites/default/files/2024/07/26/307003-son-dau.jpg)
Life Insurance Coverage
![Life Insurance Coverage Life Insurance Coverage](https://cdn.zeebiz.com/sites/default/files/2024/07/26/307005-life-insurance.jpg)
Understanding the benefits with an example
![Understanding the benefits with an example Understanding the benefits with an example](https://cdn.zeebiz.com/sites/default/files/2024/07/26/307020-dau.jpg)
Let's say you opt for a plan with a 25-year term and an annual premium of Rs 41,367. This means your monthly premium would be approximately Rs 3,447. You will pay this premium for 22 years, and during this period, you will have life insurance coverage of Rs 22.5 lakh.
If the policyholder (the father) passes away during the policy term, the child will not need to pay the premiums for the remaining term. The premiums are waived in such cases. Additionally, the child will receive Rs 1 lakh annually until the policy term ends after 25 years, along with a lump sum maturity amount at the end of the term.