LIC Kanyadan Scheme: There is a program offered by the Life Insurance Corporation of India (LIC) called the LIC Kanyadan Scheme that allows you to make significant contributions to your daughter’s education fund until her marriage. Many life insurance policies (LICs) will enable you to accumulate a large nest egg for your child, which you can use until they reach adulthood. At this very moment, the LIC Kanyadan Scheme is being debated.
LIC Kanydan Scheme has several essential objectives:
One such plan is the LIC Kanyadan Scheme, which allows you to set away funds exclusively for your daughter. The LIC has named it the Kanyadan Scheme due to its inclusion in the scheme.
Find out if you qualify for the program.
The plan of action to be eligible to acquire this coverage, you must be at least 30 years old, and your daughter must be no younger than one year old. There is a 25-year term on this policy, with a 22-year payment period for the premiums. Even if you’re beyond the age of 30 and your daughter is more than a year old, you’re still eligible for this deal, according to the company.
What kind of paperwork is necessary?
- Aadhar card (National Identification Card)
- Proof of income is required.
- a photo identification card
- Address proof
- Sized for a passport photo
- Daughter’s birth certificate
Except for paying the premium can also be accomplished by mailing a check or cashing a dual-signature application form.
If you pay the entire premium, you will receive compensation of Rs. 31 lakh. Kanyadans have a maturity policy that they adhere to.
If you spend Rs 151 per day for a month, you’ll need to put Rs 4530 into your savings account. The policy has a premium payment period of 22 years; therefore, you would receive a payout of 31 lakh rupees at the policy’s maturity if you pay the entire premium. Pretend you’re in the following situation: In this policy, you have been paying premiums for 22 years and have reached the age of 30. Suppose you are 55 years old when the insurance is due to mature, you would be eligible to get the entire sum of 31 lakh rupees from this policy. You’ll be able to plan your daughter’s wedding perfectly for her if you have this amount of money.