LIC Kanyadan Policy 2023: Apply Online, Benefits & Eligibility

LIC Kanyadan Policy Calculator | LIC Kanyadan Policy Premium Chart | कन्यादान पॉलिसी | LIC Kanyadan Policy Details

A lot of burdens are imposed upon the parents of a daughter because of the various financial expenses related to her, however, it is possible for the parents to save some money and make their daughter financially independent by giving her the best education in the field. The LIC bank has created the LIC Kanyadan Policy 2023 to help those parents who are finding it really hard to pay the educational fees of their daughter. If you are a parent to one daughter then you can apply for the LIC Kanyadan Policy 2023 and get a huge maturity amount after successful maturity of the policy. Given below are the details regarding this policy including the benefits, eligibility criteria and the step by step procedure to apply online.

LIC Kanyadan Policy 2023

LIC Kanyadan Policy 2023 will be helping the parents to successfully gather a lump sum amount for the educational needs of their daughter or the various other needs of their daughter. This policy is spcially for the father of a girl child in India. The fathers can buy this policy and continue to save various amounts of money by paying the minimum amount of premium each and every month. You can easily apply for this policy by going to the official LIC bank and filling out the application forms with details related to your financial capabilities and the long-term goal of your daughter.

LIC Kanyadan Policy 2023

Details Of LIC Kanyadan Policy  

NameLIC Kanyadan Policy 2023
Launched byLIC Bank
ObjectiveProviding maturity amount for girl child education or marriage
Official Site 

Policy Details 

DetailsTime Period
Minimum basic sum assuredRupees 100000
Maximum basic sum assuredNo limit
The basic sum assured shall be in multiples of 10000
Policy term13 to 25 years
Premium paying termPolicy term -3 years
Minimum age at entry18 years last birthday
Maximum age at entry50 years nearer birthday
Maximum maturity age65 years nearer birthday
Daughter Age1 year
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Features Of The Policy

There are a lot of features that come with the LIC kanyadan policy and some of them are as follows:

  • The policy will offer lifetime protection for the future of your daughter and will help your daughter to become financially independent.
  • The policy also offers to cover the life risk for up to three years before the maturity date.
  • A lump-sum payment is made to the policyholder at the time of maturity of the scheme.
  • If the father of the beneficiary expires in the procedure then the premium is waived off.
  • 10 lakh Rupees will be paid immediately in the case of any accidental dismissal in the family.
  • 5 lakh Rupees will be paid immediately in case of non-accidental or natural dismissal.
  • 50000 Rupees will be paid every year till the date of maturity to the beneficiaries.
  • The full maturity amount will be paid at the time of maturity of the policy.
  • NRI can also avail of the benefit of this policy without directly visiting the country. 

Benefits Of The Policy

Insurance, as well as other benefits, are also provided under this scheme. Some of the benefits of the schemes areas follows:

  • Under this policy, if the insured dies, then his family will be given Rs 5 lakh immediately.
  • The death benefit that the policyholder receives during the plan is paid in annual instalments, which meet the financial needs of the policyholder’s family after the death of the policyholder.
  • If the insured dies in an accident, then his family will be given Rs 10 lakh.
  • If a person deposits Rs.75 per day, then after 25 years of paying a monthly premium, Rs.14 lakh will be provided at the time of the daughter’s marriage.
  • In this plan, you also get the benefit of a bonus declared by LIC every year.
  • If a person saves Rs.251 per day, then after 25 years of paying a monthly premium, Rs.51 lakh will be given.
  • This LIC Kanyadaan policy keeps paying every year for the entire life even after getting married.
  • If the death of the insured occurs between the term of 25 years, 10% of the Basic Sum Assured will be given every year from the year of death till the date of maturity.
  • Any person can save Rs 75 per day and get Rs 11 lakh for the marriage of his daughter.
  • The premium payment term under the LIC Kanyadan policy is limited.
  • This policy is a for-profit endowment insurance plan that comes with insurance and savings.
  • The premium paying term is 3 years less as compared to the policy term.
  • There are different premium payment modes under LIC Kanyadan policy which are Monthly, Quarterly, Half-Yearly and Yearly.
  • If the beneficiary of this plan dies within the term of the policy, 10% of the Sum Assured is payable every year up to 1 year before the maturity date.
  • The policyholder can choose to pay as per his requirement. Which is 6, 10, 15 or 20 years.
  • The benefit of a disability rider can also be availed under this plan. This benefit can be availed only if the premium paying tenure is at least 5 years.
  • LIC Kanyadan policy term is between 13 to 25 years.
  • The premium chart of the LIC Kanyadan policy is very simple which can be understood easily.
  • Under this plan, if the policy is active and the policyholder has paid the premium for 3 years, then the loan can also be obtained through this policy.
  • This policy is completely tax-free.

Additional Benefits 

The beneficiaries will also be liable to get the following additional benefits under the LIC kanyadan policy:-

  • Exclusions: If the policyholder commits suicide within 12 months of the commencement of the policy, then no benefit of this policy will be provided to him.
  • Free Look Period: A free look period of 15 days is provided to the policyholder from the date of commencement of the policy. If that policyholder is not satisfied with any of the terms and conditions of the policy, he/she can exit the policy.
  • Grace Period: A grace period of 30 days is provided under this policy in the case of annual, quarterly payments. A grace period of 15 days is provided in case of monthly payments. It collects no late fee from the policyholder during the grace period. If the policyholder does not pay the premium before the expiry date of the grace period, his policy will be terminated.
  • Surrender Value: Permission: The policyholder is allowed to surrender the policy under this plan after paying the premium for 3 years.

Eligibility Criteria

You must follow the following eligibility criteria to be successfully eligible for the LIC Kanyadan Policy 2023:-

  • Only the father of the daughter can purchase this policy.
  • The age limit under this scheme is 18 to 50 years.
  • The daughter’s age should be at least 1 year to buy the LIC Kanyadan policy.
  • There is no limit on the maximum sum assured at the time of maturity.
  • The minimum Sum Assured at the time of maturity should be ₹100000.
  • There is a policy term of 13 to 25 years under this plan.
  • The term of the policy under LIC Kanyadan policy is 3 years more than the premium paying term. If the policy term is 15 years, then the policyholder will have to pay the premium for 12 years only.

Premium Payment

There are a lot of options through which the beneficiaries can pay the premium in this LIC Kanyadan Policy such as:-

  • You can select the premium plan according to the income criteria that you belong to.
  • If your income is high then you can choose a premium plan with a high premium payment per month.
  • The beneficiaries who do not have high income can choose to submit 121 Rupees per month as a premium. 
  • There are a lot of different premium payment options available under the LIC kanyadan policy. 
  • You can pay the premium according to your social and financial capabilities.
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Documents Required 

The applicant must have the following documents to apply for the LIC Kanyadan Policy:-

  • Aadhar Card
  • Income certificate
  • Identity card
  • Address proof
  • Passport size photo
  • Duly filled and signed form of a proposal of the scheme
  • Check or cash to pay the first premium
  • Birth certificate

Application Procedure LIC Kanyadan Policy 2023

If you want to apply for the LIC Kanyadan Policy then you will have to follow the simple procedure given below:-

  • You will have to visit your nearest LIC Bank
  • Go to the counter and ask for the application form for the LIC kanyadan policy 2022.
  • The officer will provide you with the application form
  • You have to fill up the application form 
  • Attach all the important documents
  • Now you have to submit the application form to the concerned counter
  • You have to make the payment of your first premium successfully.
  • Now you will be eligible for the benefits of the policy.