Weddings in India are celebrated on a grand scale. If you are setting aside funds for your daughter’s wedding, LIC offers the ideal plan. LIC Kanyadan Policy provides several benefits with good interest rates. Let’s explore the benefits of this policy. 

Investments in LIC Kanyadan Policy ensures efficient planning for your daughter’s wedding. Additionally, this policy offers income tax benefits as well. You can avail these advantages and build sufficient funds for your daughter's wedding in the future. 

Tax benefits

LIC Kanyadan Policy comes under the Section 80C of the Income Tax Act, 1961. As an investor in this policy, you will be eligible for tax exemption of up to Rs 1.5 lakh. These tax benefits can be enjoyed while planning for your daughter’s wedding expenses. 

Investment of Rs 121

You can start by depositing Rs 121 daily, or Rs 3,600 per month, in LIC Kanyadan policy. Over the course of a year, this would amount to Rs 43,200 in total deposits. The maturity period for this policy is 25 years. Over the duration of the policy, your total deposits would amount to Rs 10,80,000. At the end of maturity, you will receive approximately Rs 27 lakh. 

 

Additional benefits

Investors can choose maturity periods between 13 or 25 years. You can also consider depositing a sum of Rs 75 daily. Even with this modest deposit, you can expect significant returns upon maturity. If you deposit Rs 75 daily, the total amount deposited over 25 years will be Rs 6,75,000. Upon maturity, you will receive approximately Rs 14 lakh. 

Eligibility 

To invest in LIC Kanyadan Policy, the minimum age requirement for the father of the daughter is 30 years. The daughter must be at least 1 year old to be eligible for the policy. 

Financial assistance

In the unforeseen circumstances like the demise of the policyholder, the family may receive up to Rs 10 lakh, providing financial support during difficult times. Moreover, there will be no requirement to pay any further premiums.