LIC Kanyathan Scheme : LIC Kanyathan scheme offers substantial benefits for financial planning for a daughter’s future. If you invest Rs.3,447 per month in this scheme, you can accumulate Rs.22.50 lakhs in 22 years.
Also, the LIC Kanyathan plan comes with tax exemptions, loan facility, life insurance and premium waiver in case of father’s death. That is, tax deductions are available under Section 80C for premiums paid and Section 10D for maturity benefits.
It is best for parents to start financial planning from birth to secure their daughter’s future. The premiums in this plan can be paid monthly, quarterly, half-yearly or annually.
Also, the loan facility is available from the third year of the policy onwards. Option to surrender the policy after two years.
In this scheme, the nominee will get an additional Rs 10 lakh in case of accidental death of the father. Also, if the father dies during the policy term, the premium is waived off.
Subsequently, the daughter will get Rs 1 lakh annually till the end of the policy term. Apart from this, a life cover of Rs.22.5 lakh is also provided during the policy term.
Of this, if you opt for a plan with a tenure of 25 years and an annual premium of Rs 41,367, your monthly premium will be approximately Rs 3,447. You will pay this premium for 22 years and during this period you will have a life cover of Rs 22.5 lakh.
If the policyholder (father) dies during the policy term, the child does not have to pay the premium for the remaining term. Premiums are waived in such cases. Additionally, till the end of the policy term after 25 years, the child will get Rs. 1 lakh and the total maturity amount will be paid at the end of the term.
