LIC Kanyadan Policy : After the age of 18 years, a maximum of 50% amount can be withdrawn for the higher education of the girl child. Let’s know about it in detail.
Life Insurance Corporation of India (LIC) has introduced a savings scheme specially designed for the betterment of the girl child. The objective of LIC Kanyadan policy is to provide financial benefits for education and marriage expenses.
LIC Kanyadan Savings Scheme is administered by the father of the girl child. In this the child does not have access to the account. This scheme provides benefits to the daughter after the death of the father. It helps the family and especially the girls in difficult times. Its tenure is of 25 years. The minimum term of insurance is 13 years, maximum 25 years. The age of the father of the child should be between 18 to 50.
Features of LIC Kanyadan Plan
- No premium to be paid in case of father’s death
- Get 10 lakhs immediately in case of accidental death
- 5 lakh immediately in case of non-accidental death
- Receive 50000 per year till maturity
- Save 75 per day, get 14.5 lakhs at the time of marriage
- Save 151 per day, get 31 lakh
Information about Sukanya Samriddhi Yojana
- Through this scheme any citizen including NRI can invest in his daughter’s marriage.
- The account can be opened in any post office or bank branch which offers this facility.
- Two accounts cannot be opened for the same girl child.
- A maximum of 50% of the amount can be withdrawn for higher education of the girl child after the age of 18 years.
- The account can be opened in the name of the girl child before the age of 10 years.
- Documents like birth certificate, address of the girl and guardian, identity proof are verified and have to be submitted to the post office or bank.
- You can open an account with a minimum of Rs 250.
- By depositing Rs 75 per day, you can save Rs 14 lakh for your daughter’s marriage after 25 years of paying the monthly premium.
- Sukanya Samriddhi Yojana account can be transferred anywhere within the country (India).
- In case of death of girl child:
- The account can be closed by showing the death certificate and the deposit along with interest can be given to the guardian.
- Account can be closed in 5 years in case of terminal illness. This policy is completely tax-free, provides additional benefits.
Education Fee Benefit: Your daughter will get Rs 50 lakh every year on attaining the age of 16 years. The girl can avail this benefit till she is 26 years old.
Pension Scheme: Your daughter gets lifelong pension benefit of Rs 45,000 every month after she attains the age of 26 years. Whole life insurance plan of Rs 1 crore is an add-on to the cover.
