Last Updated on 03/08/2024 by wccexam Desk
Life Insurance Corporation of India (LIC) offers policies for every class. LIC has policy plans for everyone from children to the elderly. There are many such policy schemes under which you get tax benefits as well as a huge amount on maturity. Today we are going to tell you about one such policy plan. This policy plan will give Rs 22.5 lakh on maturity and the premium will be less.
This special scheme of LIC will improve the future of the daughter. By investing money in this scheme, parents can manage the expenses from the daughter’s education to marriage. Investing here is risk free. This popular scheme of LIC is LIC Kanyadaan Policy. Let us know how you can get lakhs of rupees on maturity under this scheme.
Term plan from 13 to 25 years
Under the Kanyadan policy, premiums can be paid on a monthly, quarterly, half-yearly or yearly basis. If you choose a 25-year term plan, you will have to pay premiums for 22 years. This scheme matures after 25 years, because the term plan under this policy is for 13-25 years. At the time of maturity, the entire amount is paid along with sum assured + bonus + final bonus. To avail this policy, the girl’s father must be at least 18 years old and at most 50 years old.
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You also get the benefit of loan
If you buy this policy, you can avail the loan from the third year onwards. If you want to surrender the policy, this facility is also provided after 2 years of purchasing the policy. Apart from this, a grace period of 30 days is also available for paying the premium of this policy. In such a situation, you are less likely to pay late fees.
You also get the benefit of tax exemption
Taking this policy also provides the benefit of tax exemption. On depositing the premium, one gets the benefit of deduction 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.
How to get the benefit of Rs 22.5 lakh
If you take a 25-year term plan under this policy and pay an annual premium of Rs 41,367, then the premium will be around Rs 3,445 if calculated monthly. Now you will have to pay this premium for 22 years. In this case, during the term period of 25 years, you will get a life insurance coverage of Rs 22.5 lakh.
If the father dies, then further premiums do not have to be paid. Apart from this, he is given Rs 1 lakh annually till the completion of the 25-year term. Lumpsum maturity amount will be given on the 25th year. If the father dies in a road accident, then the nominee will be given an accidental death benefit of Rs 10 lakh along with all the death benefits.
Source (PTI) (NDTV) (HINDUSTANTIMES)