LIC Kanyadan Policy Details
Published on 2026-06-02 • 7 min read
LIC Kanyadan Policy is a child savings plan designed to help parents save money for their daughter's higher education and marriage. It is based on LIC Jeevan Lakshya (Plan 733/933) with special features for girl child planning.
What is LIC Kanyadan Policy?
This is not a separate plan with its own number. It is a customized version of LIC Jeevan Lakshya sold specifically for girl child savings. It combines:
- A savings plan for the child's future
- Life insurance cover for the father (policyholder)
- Premium waiver on death of father
Key Features
| Feature | Details |
|---|---|
| For | Saving for daughter's future |
| Policyholder | Father (min age 18) |
| Child's Age | 1 to 10 years (daughter) |
| Policy Term | 13 to 25 years |
| Premium Payment Term | Policy term minus 3 years |
| Sum Assured | Minimum ₹1,00,000 |
How Does It Work?
- Father takes the policy on his life for the benefit of his daughter.
- Father pays premium for (policy term - 3) years.
- If father dies during the policy term, all future premiums are waived.
- The child receives 10% of Sum Assured every year from year 18 to 20 of the policy.
- At maturity, the child receives full Sum Assured + Bonus + FAB.
Real Example
- Father's Age: 30 years
- Daughter's Age: 3 years
- Sum Assured: ₹10,00,000
- Policy Term: 22 years
- Premium Payment Term: 19 years
- Yearly Premium (approx): ₹45,000
- Survival Benefits: ₹1,00,000/year for 3 years before maturity
- Maturity Amount (approx): ₹18,00,000 – ₹22,00,000
Death Benefit (Most Important Feature)
If the father (policyholder) dies during the policy term:
- All future premiums are waived — the policy continues for free
- Family gets ₹1,00,000 (or Sum Assured) as immediate death benefit
- Child still gets the full maturity amount at the end
Tax Benefits
- Premium deduction under Section 80C
- Maturity amount is tax-free under Section 10(10D)
Who Should Buy Kanyadan Policy?
- Parents who want to secure their daughter's future (education + marriage)
- Families looking for a low-risk savings plan
- Those who want life insurance + savings in one plan
Final Verdict
LIC Kanyadan Policy is one of the most popular plans for girl child savings. The
premium waiver on death makes it unique — even if something happens to the father, the daughter's future is secured.
Disclaimer: All figures are approximate. Actual premium depends on age and term. Consult an LIC agent for exact details.