Bringing up a daughter is like a beautiful journey of life but it is also fraught with financial concerns like her studies, marriage, etc. To relieve this pain, the Life Insurance Corporation of India (LIC) has a great offering: LIC Kanyadan Policy. Things become even more interesting when we focus on our daughters, and plan a small saving each day leading to a big return at the time of their need.

A Small Investment Today Can Create a Huge Return Tomorrow

Parents can invest a minimum amount of ₹121 per day through the LIC Kanyadan Policy. That’s about ₹3,600 a month. This simple saving habit over 25 years, could compound into a large sum of over ₹27 lakh. This amount as a lump sum can work wonders when your daughter’s higher education or marriage comes calling.

Here’s an explanation of how it works:

• Daily investment: ₹121
• Monthly contribution: ₹3,600
• Policy term: 25 years
• Maturity benefit: ₹27,00,000 or more

So, when your daughter finally reaches the age of 27, she’ll have a substantial financial net under her to break her fall.

Flexible terms and varying ages allowed in LIC Kanyadan Policy

A range of term lengths (including 13 years, 15 years, 20 years, and 25 years) allows parents to select the maturity period that works best with their financial goals. To enroll in the plan:

• The father must be at least 30 years of age.
• (requires the daughter at least 1 year)

This plan is not only a plan to save money, it is a plan to save your peace of mind. You can also choose to invest more or less based on how much you feel comfortable with, and the end return will reflect that.

Life Insurance Plan Tax Benefits

The tax relief is one of the best features of this policy. Under Section 80C of the Income Tax Act, policyholders can avail deductions of up to ₹1.5 lakh every financial year on the premium paid. So not only are you saving for your daughter, but you’re saving on taxes as well.

Also, if the policyholder (father) does not survive till maturity, the family gets up to ₹10 lakh, and the policy continues without any further premium payments. After the policy matures, the daughter (or nominee) will get ₹27 lakh in full.

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Things to Bring for Enrollment in LIC Kanyadan Policy

In order to initiate the LIC Kanyadan Policy, you will require the following documents:

Documents Required to Open a Zero Balance Savings Account

• Income certificate
• Residential proof
• Passport-size photograph
• Daughter’s birth certificate

Foot Notes

This LIC Kanyadan Policy is a savings plan, which is not only a savings plan but also a promise of love and security. A small daily contribution by the parent can create a retirement fund for their daughters and they never need to worry about money for education or marriage. And in the uncertain world we live in today, such assurance is worth its weight in gold.