LIC Scheme for Daughter: This scheme will give ₹ 22.5 lakh on a premium of ₹ 3,447, and will save tax in two ways..
Every parent worries about their daughter's future. With her birth, worries start to haunt her from education to marriage. To get rid of these worries, it is important to start financial planning for the daughter as soon as she is born. There are many such schemes available today that are run especially for daughters. One of those schemes is the LIC Kanyadaan Policy.
Through this scheme, you can collect ₹ 22.5 lakh rupees or more for your daughter. Also, through this scheme, you can avail of tax benefits, loan facilities, and many other benefits. If your daughter is between 1 year to 10 years of age, then you can invest in this policy. Know about LIC's Kanyadaan Policy.
Policy term from 13 to 25 years
The policy term of this scheme is 13-25 years. For this, you can pay the premium on a monthly, quarterly, half-yearly, and yearly basis. If you choose a 25-year term plan, then you will have to pay the premium for 22 years. The scheme will mature after 25 years. At the time of maturity, the entire amount is given along with the sum assured + bonus + final bonus. To take this policy, the girl's father's age is at least 18 years and a maximum of 50 years.
Loan facility from the third year
On purchasing the policy, a loan facility is also available from the third year. If you want to surrender the policy after the completion of two years, then that facility is also available. Apart from this, there is also a grace period for paying the premium. Suppose you forget to pay the premium of the policy in any month, then you can pay the premium in the grace period of 30 days. During this time, no late fees will be charged to you.
Two types of tax exemption
Not only this, tax benefits are available in two ways on taking this policy. On depositing the premium, deduction benefits are available under 80C and the maturity amount is tax-free under section 10D. The sum assured limit for the policy starts from a minimum of Rs 1 lakh and there is no maximum limit.
Understand how you will get the benefit with an example.
Suppose you take a 25-year term plan and pay an annual premium of Rs 41,367. In such a case, your monthly premium will be around Rs 3,447. You will deposit this premium for 22 years. In such a case, during the term period of 25 years, it will provide life insurance coverage of Rs 22.5 lakh.
If the father dies during the policy term, then the child will not have to pay the premium for the further term. In such a case, the premium is waived. Apart from this, he will get Rs 1 lakh annually till the completion of the term of 25 years and a lump sum maturity amount will be given on the 25th year.
If the father dies due to a road accident, the nominee will be given an accidental death benefit of Rs 10 lakh along with all the death benefits. For more information related to the policy, click on this link https://lifeinsuranceofindia.in/lic-kanyadan-policy/.
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