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Parents are always worried about their children and their future. One such worry is expenses for a daughter’s wedding. To overcome this concern, LIC has come up with Kanyadan Policy. According to the company, the scheme is specially curated to meet the needs of the future of the daughter, especially her marriage.
If you take a policy when the daughter is one year old and deposit Rs 130 every day, then you will be able to deposit about Rs 3,900 in a month and would have deposited Rs 46,800 in the policy in a year. After 25 years of the policy beginning, you’ll receive Rs 26.75 lakh at the time of maturity.
What are the terms
The most important condition for the policy is that the minimum age of the investor should be at least 30 years or more. Also, the age of the investor’s daughter should be at least 1 year.
Documents needed
To invest in the policy, one must have the following documents: Aadhar card, income certificate, identity card, and birth certificate.
Tax benefits
Investors get tax exemption on the premium paid under section 80C of the Income Tax Act 1961. Tax exemption is capped at up to Rs 1.50 lakh.