LIC Kanyadan policy details 2023 features, benefits, eligibility, and Other

The LIC Kanyadan Policy is an insurance plan designed to provide financial protection and support for the wedding expenses of a girl child. This policy is specifically created to meet the demands and worries of parents who wish to safeguard the future of their daughter by setting aside money and making investments in a solid insurance strategy. In this article, we will explore the key features, benefits, eligibility criteria, and other important aspects of the LIC Kanyadan Policy Details.

What is the LIC Kanyadan Policy? And what is the difference between Plan 833 and 933?

LIC Kanyadan Policy, whose table number was earlier 833, has now been changed to 933, and along with this, the name of this policy has been changed from LIC Kanyadan Policy to LIC Jeevan Lakshya. This policy is a non-linked, participating, individual life insurance plan that offers a combination of protection and savings. In this policy, in the unfortunate event of the death of the policyholder at any time before maturity, the premiums payable are waived off and 10% of the sum assured is provided as an annual income benefit to the policyholder’s family, which can help meet their needs. You can take out a loan under this scheme.

LIC Kanyadan Policy Details 2023

Key Features of LIC Kanyadan Policy 2023

Policy Term: The policy term can vary from a minimum of 13 years to a maximum of 25 years, depending on the choice of the applicant.

Premium Payment: The frequency of premium payment can be yearly, half-yearly, quarterly or monthly, allowing the policyholder to choose a convenient mode of payment.

Surrender Value: The policy can be surrendered after completion of two years, subject to the terms and conditions specified by LIC.

Loan Facility: Policyholders can avail loan against LIC Kanyadan policy after receiving the surrender value.

Eligibility Criteria for the LIC Jeevan Lakshya Policy

To be eligible for the LIC Jeevan Lakshya Policy, applicants need to fulfil the following criteria:

• Minimum Entry Age: The minimum entry age for the policyholder is 18 years.

• Maximum Entry Age: The maximum entry age for the policyholder is 50 years.

• Maximum Maturity Age: The maximum maturity age for the policyholder is 65 years.

• Premium Payment Term: The premium payment term is equal to the policy term minus three years. For example, if the policy term is 23 years, the premium payment term will be 20 years.

• Sum Assured: The minimum sum assured is Rs. 1 lakh, and there is no maximum limit. The sum assured should be in multiples of Rs. 10,000.

• Premium Payment Modes: Policyholders can choose to pay premiums on an annual, half-yearly, quarterly, or monthly basis.

It is important to note that the eligibility criteria mentioned above are subject to change as per the guidelines and policies of LIC. It is recommended to check the official LIC website or consult with LIC representatives for the most up-to-date and accurate information regarding the LIC Jeevan Lakshya Policy.

Benefits of LIC Kanyadan Policy

Death Benefit: In case of the unfortunate death of the policyholder, the nominee continues to get 10% of the Sum Assured till maturity along with a maturity benefit on maturity, and if the policyholder has taken some additional riders with this policy, Along with it, other benefits also increase, due to which the family gets financial help.

Maturity Benefit: On Life Assured surviving the policy term provided the policy is in force, Sum Assured on Maturity along with vested Simple Reversionary bonuses and the final additional bonus, if any, shall be payable. Where the sum assured on Maturity is equal to the Basic Sum Assured.

Participation in Profits: LIC Jeevan Lakshya is a participating plan where the policyholder shares in the company’s profits in exchange for Simple Reversionary Bonuses.

How to apply for LIC Jeevan Lakshya Plan

Applying for LIC Jeevan Lakshya Plan is a simple and straightforward process. Follow the steps given below to apply for this policy:

Online Application:

• First of all, go to the official website of LIC (www.licindia.in).
• Go to the “Plans” section and select “LIC Jeevan Lakshya Plan”.
• Read the policy description, features, and benefits carefully to understand the plan.
• Click on the “Apply Online” or “Buy Now” button to proceed with the application.
• Fill in the required details, such as personal information, contact details, and nominee details.
• Select the desired policy term, sum assured, and premium payment mode.
• Review the application form to ensure that all the information provided is accurate.
• Make the premium payment online through the available payment options.
• Submit the application and keep a copy of the acknowledgment or policy number with you for future reference.

Offline Application:

• Visit the nearest LIC branch office or contact an LIC agent.
• Request an Application Form for the LIC Jeevan Lakshya Policy.
• Fill out the application form manually, providing accurate and complete details.
• Attach necessary documents, such as identity proof, address proof, age proof, and income proof (if applicable).
• Submit the application form along with the premium payment by cash, demand draught, or check.
• Obtain an acknowledgement. Receipt as proof of application submission.

Medical Examination (if required):

• Depending on the age and sum assured chosen, LIC may require a medical examination.
• If a medical examination is necessary, LIC will direct where and when the examination is to be conducted.
• Cooperate with the designated medical facility to complete the necessary medical tests.

Documentation and Underwriting:

• LIC will process the application and execute the necessary underwriting procedures.
• The underwriting process involves verifying the information provided, assessing the risk, and determining the premium amount.
• LIC may request additional documents or information, if required.

Premium Payment Options

Policyholders can choose from various premium payment options available for the LIC Kanyadan Policy, including:

• Annual
• Half-yearly
• Quarterly
• Monthly

Claim Process and Settlement

In the event of a claim under the LIC Kanyadan Policy 2023, the following steps are involved:

• Notify LIC: Inform LIC about the claim by submitting the required documents, such as the death certificate and policy documents.
• Document Verification: LIC will verify the submitted documents and assess the claim.
• Claim Settlement: Upon successful verification, LIC will process the claim and provide the settlement amount to the nominee.

Tax Benefits under the LIC Kanyadan Policy

The LIC Kanyadan Policy offers tax benefits to the policyholders under Section 80C of the Income Tax Act, 1961. The premiums paid are eligible for tax deductions up to a specified limit.

Comparison with Other Insurance Plans

When considering insurance plans for a girl child’s marriage, it is essential to compare the LIC Kanyadan Policy with other available options. By assessing factors such as policy features, benefits, premium costs, and the reputation of the insurance provider, individuals can make an informed decision.

Tips for Choosing the Right Sum Assured

To determine the appropriate sum assured for the LIC Kanyadan Policy 2023, consider the following factors:

• Expected marriage expenses
• Inflation rate
• Current financial situation
• Other existing insurance coverage

Conclusion

The LIC Jeevan Lakshya Plan is a comprehensive and flexible life insurance policy that offers a combination of savings, protection, and financial security. With its unique features like maturity benefit, death benefit, and optional riders, the plan aims to provide individuals and their families with a reliable means to meet their long-term financial goals and secure the future of their loved ones.

The maturity benefits of the policy can be used for various purposes, including children’s education, their marriage, or any other important life events. Additionally, the plan offers tax benefits on the premiums paid, making it an attractive option for individuals seeking both financial security and tax savings. The LIC Jeevan Lakshya plan offers a valuable solution that ensures peace of mind and enables policyholders to build a financially stable future for their families.

FAQs about LIC Kanyadan Policy 2023

Also Read:-

• LIC all Pension Plans in 2023
• LIC New Bima Kiran Policy 150 Details
• LIC Accidental Death Claim Process 2023
• What is LIC New Children Money Back Plan 932 Details 2023