Life Insurance Corporation (LIC) offers its guardians and parents a unique opportunity to build wealth in preparation for the marriage of their daughter.
The scheme is officially called the LIC Kanyadaan Policy, after India’s biggest insurance company. The organisation claims that the plan is tailored to the daughter’s requirements as she moves forward in life, particularly those associated with marriage.
You might choose to invest merely three years’ worth of premiums in the LIC Kanyadaan Policy and get returns at maturity. Investing roughly Rs 50,000 per year for three years is required to get the scheme’s benefits.
Investors in a Kanyadaan insurance must be at least 30 years old, making this a crucial eligibility requirement. The investor’s daughter must also be at least 1 year old.
There is a wide range of premiums available for LIC Kanyadaan Policies, with a minimum maturity term of 13 years and a maximum of 30 years. Aadhar Card, Income Certificate, Identity Card, and Birth Certificate are only few of the papers needed to get a LIC Kanyadaan Policy.
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Your monthly payment would be Rs 3,901 for 22 years if you invest a total of Rs 10 lakhs. Three years from now, or 25 years after the insurance was first issued, you would earn Rs 26.75 lakh at maturity.
The premiums paid by investors in a LIC Kanyadaan Policy qualify for tax relief under section 80C of the Income Tax Act 1961. There is a limit of Rs 1.50 million on the amount that may be earned tax-free.
