New Delhi: Life Insurance Corporation (LIC) is offering a unique scheme for guardians or parents of a daugher/s in which the state-owned firm is providing an option to deposit and grow money for her marriage.
The largest insurer in India has named the scheme – LIC Kanyadaan Policy. According to the company, the scheme is specially curated to meet the needs of the future of the daughter, especially her marriage.
Invest only for 3 years
In the LIC Kanyadaan Policy, you can select to pay a premium only for three years to get returns at the time of maturity. An investor has to deposit around Rs 50,000 a year for three years to benefit from the scheme.
One of the extremely important conditions for Kanyadaan policy is that the minimum age of the investor should be at least 30 years or more. Also, the age of the investor’s daughter should be at least 1 year.
Maturity of LIC Kanyadaan Policy
The minimum maturity period of the LIC Kanyadaan Policy is 13 years while the premium varies for different sum assured.
Documents required for LIC Kanyadaan Policy
You’ll have to submit a few documents such as Aadhar Card, Income Certificate, Identity Card, and Birth Certificate, among others, to invest in the LIC Kanyadaan Policy.
Returns on investment in LIC Kanyadaan Policy
If you’re planning to invest a total sum of Rs 10 lakhs, then you’ll have to pay a monthly instalment of Rs 3,901 for 22 years. After three years, i.e., after 25 years of the policy beginning, you’ll receive Rs 26.75 lakh at the time of maturity.
Tax benefits of LIC Kanyadaan Policy
Under the LIC Kanyadaan Policy, investors get tax exemption on the premium paid under section 80C of the Income Tax Act 1961. Tax exemption is capped at up to Rs 1.50 lakh.