The goal of the strategy is to assist low-income parents in building wealth for their daughter’s wedding.
Life Insurance Corporation (LIC) is providing parents with a chance to financially stabilise themselves for their daughters’ marriage. The policy is known as LIC Kanyadaan. The goal of the strategy is to assist low-income parents in building wealth for their daughters’ weddings. The LIC Kanyadaan policy requires a daily investment of Rs 130 from investors (Rs 47,450 yearly).
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Less than three years of the policy’s term will see the payment of the premium. The LIC would give the investor roughly Rs 27 lakh after 25 years. The LIC Kanyadaan policy requires investors to be at least 30 years old, and the minimum age for the investor’s daughter is one year. The LIC Kanyadan policy can be purchased for 13 to 25 years. The insurance offers the option of preserving money till the term, while also covering hazards.
The LIC will cover the premium cost if the policyholder passes away after enrolling. After she is 21 years old, the daughter of the policyholder would receive a premium payment of almost Rs 11 lakh. This policy’s minimum term is 13 years, while its maturity duration is 65 years. If the enrollee passes away accidentally, LIC will also pay an extra Rs 5 lakh to the policyholder’s family.
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A person must pay premiums for 22 years if they purchase insurance with a Rs 5 lakh amount promised. The recurring charge would be Rs 1,951 (approximately), and approximately Rs 13.37 lakh would be paid by LIC to the policyholder at maturity.
If someone purchases coverage for Rs 10 lakh, they will be required to pay premiums for 25 years. The recurring charge will be Rs 3,901 (approximately). LIC will pay Rs 26.75 lakh after maturity to the owner of the insurance. The Income Tax Act of 1961’s Section 80C allows investors to seek a tax exemption on premium payments. The highest amount of tax exemption is Rs 1.50 lakh.
