LIC Kanyadan Policy (833) / Jeevan Lakshya (933) details review

There are various policy plans for building funds for the future of girls and that can be used for marriage or study etc.

Many people are definitely looking for some good and safe investment plan which builds funds for girls' futures.

There are two name prevail in the market LIC Kanyadan policy (833) and  LIC Jeevan Lakshya (933) for the same policy.

LIC has launched this plan on 01-02-2020 in the original name of LIC Jeevan Lakshya (933). This is a very good plan to build funds for girls' child.

Here is the complete plan details review about LIC Kanyadan policy no (833) or Jeevan Lakshya (933):


    What are the features of LIC Kanyadan policy (833) / Jeevan Lakshya policy no (933)?

    • If a person deposits rupees 75 daily, then after 25 years rupees 14 lacs will be paid by LIC for the marriage of daughter.
    • If a person deposits rupees 251 daily, then after 25 years rupees 51 lacs will be paid by LIC for the marriage of daughter.
    • If the child’s father dies, all the premium will waive off and LIC will pay rupees 1 Lac every year to his family. After the completion of 25 years, LIC also pays rupees 27 lakh separately to the nominee.
    • In this policy family will get rupees 5 lacs immediately in case of death of an insured person.
    • In case of death of an insured person by an accident then the family gets rupees 10 lacs.
    • There are provisions to make a payment of premium according to your convenience like you can choose the payment period in daily, monthly, quarterly, half yearly or annually.
    • You can even borrow against LIC kanyadan policy (833) / LIC jeevan lakshya (933) by pledging this policy as collateral, but the condition is that you must pay a premium for at least three consecutive years.
    • You would not get benefit of this policy if the suicide case happens within 12 months for the starting of this policy.

     

    What is the eligibility criteria of LIC Kanyadan Yojana (833)?

    • Period of policy : 13 to  25 years
    • Premium
      • You have to pay a premium for less than three year of the policy term. Eg. if you have taken policy for 22 years then you have to pay a premium for 19 years (22 years - 3 years = 19 years).
    • Sum assured:  Minimum rupees 1 lac and maximum no limit.
    • Lic kanyadan policy Age limit:
      • Child's father age:  Between 18 to 50 years
      • Child age: Minimum one year

     

    How to apply and what document required for LIC Kanyadan Yojna (833)?

    You can approach an LIC agent which guides you in full and decide your premium from premium chart according to your income. You can also go for LIC Kanyadan policy online.

     

    Documents which generally require include for LIC kanyadan policy no (833):

    • Aadhar card
    • Identity card
    • Policy form (filled)
    • Birth certificate of girl child
    • Income details
    • Cheque or demand draft of first premium.
    • Proof of residence
    • Passport size photo

     

    Additional informations for LIC kanyadan policy no (833)

    • You will get tax benefit under section 80c of Income Tax Act 1961 for a maximum of rupees 1.5 lacs.
    • You will also get the benefit of exemption of the amount received on maturity or death benefit.
    • After the payment of premium for at least three consecutive years, you can surrender the policy and the guaranteed surrender value will be paid in percentage of total paid premiums as per the policy terms.
    • A free look period of 15 day is allowed if you are not satisfied with the policy then you can return the policy within 15 days and the amount deposited will be refunded by LIC.

     

    Conclusion

    LIC Kanyadan policy no (833) / Jeevan Lakshya (933) plan is a very beneficial savings fund for your child. You can get tax benefits from this policy under section 80c of income tax act.


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