LIC Kanyadan Yojna
A girl plays so many roles in her whole life. She plays a role daughter, sister, wife, mother etc. The importance of a girl is can’t be discribed in the words. In ancient times, the birth of a girl was seems to be curse for the whole family. Because they thought with the birth of a girl so many types of expenses are raised up like her education expenses, marriage expenses, dowry and many other expenses.
They thought that a girl never can do any other work except for household works and never success in her life. From this types of things the girls were killed on the time of birth or inside the womb.
But now all these things are changed but some where this is still exist. To stop all these things the Government takes many steps.
The Government of India launched many types of schemes for the girls and take many steps to save the girls. The Government started a new scheme for the girls which is named as “LIC Kanyadaan Yojna”.
The term “LIC Kanyadaan Yojna” is a scheme which works like a safeguard for your daughter. In this scheme a fund or account is created for your daughter’s education and marriage. It is a very effective step which is taken for the bright future of your princess.
This scheme provides you financial coverage with the benefit of less premium for your girl child.
In India when a girl takes birth in a poor family, the things which bothers the most is her education expenses and marriage expenses. But now a scheme is introduced for these problems which provides financial assistance to th epoor families. This scheme gives a great relief to the poor parents.
The poor families are not able to educate their daughters and not able to marry their daughters grandly due to financial problems. But now, this scheme gives a great a relief to these families. From this scheme, the poor families are able to educate their daughters and marry their daughters grandly.
Key features of LIC Kanyadaan yojna
- The premium is waved off, in the case of father expires.
- This yojna, offers to protect your daughter’s future financially independent.
- At the time maturity, the full maturity amount will be availed.
- Until the maturity date Rs. 50,000 will be paid every day.
- In the case of an accidental demise immediate payment of Rs. 10,000 lakhs.
- This policy having some mix features of the LIC Jeevan Lakshya policy.
- In the case of non-accidental/natural demise immediate payment of Rs. 5,000 lakhs.
- This scheme offers cover for life risk over a certain period of time up to 3 years before the maturity rate.
- At the time maturity, the insured will get a lump sum amount.
- Without visiting the country, those who stay outside India can also go for this plan.
Eligibility for LIC Kanyadan yojna
- Age limit is 18 years and not exceed than 50 years for this scheme.
- The applicants who are of the age of 13 to 25 years for them policy tenure is available.
- When you are purchasing this policy your daughter’s age should be atleast 1 year.
- At the time of maturity, the minimum amount is Rs. 1 lakh.
- At the time of maturity, the maximum amount is ‘No Limit’
- The father of the daughter can only purchased this policy not by the daughter herself.
- The premium paying term is 3 years less than the policy term e.g. if the policy term is 12 years, then the policyholder has to pay the premiums for (12-3)=9 years.
The Benefits of LIC Kanyadan Yojna
As we all know this scheme is launched for the girls who are belonging to poor families. This scheme provides a bright future to the girls. This makes them independent. It provides financial help to the poor families for their daughters education and marriage. This policy holds by the father of the daughter and if any case he commits the suicide the within 12 months from the initiation of the policy the 80% of the premium is paid by the corporation except the surrender value.
The policy holder i.e. the father of the daughter has a option to pay for 6, 10, 15, 20 years. The time for paying premium is limited. It is a tax free policy. There are various types of premium paying modes are available in this scheme which are monthly, quaterlly, half-yearly and annually.
For understanding the people easily, it is also available in Hindi language.
Understanding LIC Kanyadan yojna
Here is a example for understanding LIC Kanyadan yojna in a better way. Mr. Rahul sharma has taken a Kanyadan yojna when his age is 30 years and he decided to take the policy for a policy term of 15 years. The investment for maximum sum assured of the policy is 5 lakhs.
That’s why, in this case the policy premium term is (15-3)=12 years.
i) if the applicant survives the policy tenure
The policy will mature in the year 2033 when the father becomes 44 years of age. If Mr. Rahul Sharma survives the policy tenure until maturity, he will be liable to get Rs. 8,17,500 as the maturity amount.
ii) if the applicant dies after(commencement of the policy)
The family of Mr. Rahul Sharma shall receive Rs. 50,000 every year which 10% of the sum assured in 2033, his family shall receive Rs. 5 lakhs as the sum assured along with the additional bonuses. Hence, the total maturity amount shall be equal to Rs. 8,67,500.