LIC Kanyadan policy

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An Endowment Plan with Limited Premium Payment 

Top selling plan for children’s education, marriage and security.

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Key Features of LIC Kanyadan Policy

(A Non-Linked, Participating, Individual, Savings, Life Insurance Plan)

  • Guarantee by Govt of India for your child’s future
  • In case of unforturnate event – future premiums not to be paid, annual fixed income for your child, lumpsum maturity amount.
  • In-built Premium Waiver Benefit.
  • 3 years premium payment holiday.
  • Extra insurance cover by opting for Accidental Rider.
  • Disability rider benefit to protect your family.
  • Tax benefit on premium paid and maturity amount (80c and 10(10d)).
LIC Kanyadan Policy online

Eligibility Conditions

Minimum Age18 Years (completed)
Maximum Age50 Years
Policy Term13 to 25 Years
Premium Paying TermTerm – 3 years (10 to 22 years)
Minimum Sum AssuredRs.1,00,000
Maximum Sum AssuredNo limit
Premium Payment mode

Yearly / Half yearly / Quarterly / Monthly (ECS)

LoanEligible After 2 Years
SurrenderEligible After 2 Years
On MaturitySum Assured + Bonus + Final bonus
Income Tax Benefits(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non taxable u/s 10(10d)
lic kanyaadan plan

How does Kanyadan plan work for you child?

Let us understand the LIC Kanyadan policy details with an example of Mr. Rahul who brought this plan for his daughter and understand the plan’s working.

Mr.Rahul, a 28-year-old individual working in software company, purchases lic kanyadan policy for his 1 year old daughter. He wants to secure his daughter’s financial future in his absence while also building a savings corpus for her wedding. After his research, he chooses the following policy details:

  • Policy Term: 25 years – The policy term is the duration for which the policy will remain in force (insurance coverage).
  • Premium Payment Term : 22 years  – The premium payment term states how many years the policy holder has to invest the amount for.
  • Sum Assured: Rs. 10 lakhs – The sum assured is the amount that will be paid to the nominee in the event of the policyholder’s death.
  • Accidental Insurance cover: Rs. 10 Lakhs  – The premium payment term states how many years the policy holder has to invest the amount for.
  • Installment Premium (without tax)  – 41367 Rs to be paid for next 22 years. (GST will be added).

Calculate Premium for your Age, Select Sum Assured and maturity term as per your need 

Now let’s understand how the LIC Kanyadan policy works:
Life Insurance Coverage: As long as Mr. Rahul pays the Rs.41367 yearly premiums regularly, he will have life insurance coverage of 22.5 lakhs for the entire policy term of 25 years.
Death Benefit:  In case of death during Policy term, your child will not have to pay any future premiums, will receive 1,00,000 every year until maturity and also lumpsum maturity amount at 25th year.
Accidental Death Benefit: In case Rahul unfortunately dies in a road accident(any accidental death) the nominee will receive 10 lakh accidental death benefit immeditely, along with all the benefits mentioned in “Death Benefit” column.
Maturity Benefit: If Mr. Rahul survives the policy term of 25 years, he will receive the tax free maturity amount which is sum assured along with the accrued bonus.
Grace period to pay premium: If Rahul forgets to pay premium, he can pay the premiums within a grace period of 30 days without late fees But however if two years full premiums are paid by Rahul, policy status will go into paid up mode, nominee will still get death claim proportionate to total premiums paid till date. 
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LIC Kanyadan Policy Benefits

Death Benefit

Death benefit payable in case of death of Life assured during the policy term, provided the policy is in-force (i.e all due premiums have been paid) shall be “sum assured on death” along with vested Simple Revisionary Bonus and Final Additional Bonus, if any. Where “sum assured on death” is defined as higher of Basic Sum Assured or 7 times of annualised premium. 

Annual Income Benefit equal to 10% of Basic Sum assured, which shall be payable from the policy anniversary coinciding with or following the date of death of the Life Assured, till the policy anniversary prior to date of maturity.

Maturity Benefit

On Life Assured surviving to the end of the policy term, provided the policy is in-force, “sum assured on Maturity” along with vested simple revisionary bonuses and Final Additional bonus, if any, shall be payable. Where “sum assured on maturity” is equal to basic sum assured.


The policy can be surrendered at any time provided two full years’ premium have been paid. On surrender of the policy, the Corporation shall pay the Surrender value equal to the higher of Guaranteed Surrender value or Special surrender value. 

Additional Benefits of LIC Jeevan Lakshya Plan


Accidental Death and Disability Rider:

If this rider is opted for, in case of accidental death , the Accident Benefit sum assured will be payable immediately to the nominee in lumpsum.

In case of disability arising due to accident 10% of basic sum assured will be paid in equal instalments spread over 10 years and future premiums shall be waived. 

Premium Waiver Benefit:

This rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. If this rider is opted for, on death of proposer, payment of premiums in respect of base policy falling due after the date of death till the expiry of the rider term shall be waived. 

Income Tax Benefit

The policy offers a tax benefit wherein the premium deposited, up to Rs 1.5 lakh per financial year, qualifies for exemption under section 80C of the Income Tax Act. Additionally, the maturity amount, which is ten times the annual premium, is also exempt from taxes under section 10(10D).



Documents required to buy LIC Kanyadan Policy Online

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Age Proof

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FAQs on LIC Jeevan Labh Plan before buying

Why should I buy this policy?

LIC Jeevan Lakshya plan is suitable for you if you are are looking for a insurance plan to provide financial security for your family in your absence with insurance cover and accidental and disability insurance coverage.

LIC Kanyadan policy offers higher insurance cover, annual benefit for family in your absence, accidental insurance cover and lumpsum at maturity irrespective if policyholder lives or not . Save Income tax under 80c for premiums paid and maturity returns, death insurance returns and annual survival benefits are also tax free under 10(10d).

If you are looking at investment purpose, you can buy LIC Jeevan Umang plan with high returns or LIC Bima Ratna plan

APPLY ONLINE. Qualified sales representative will contact you and guide you in verification of your documents, payment and policy issuance.