LIC Kanyadan Policy Plan 833
Premium & Maturity Calculator – Secure your daughter's future
Kanyadan Policy Calculator Overview
LIC Kanyadan Policy (officially LIC Jeevan Lakshya – Plan 833) is one of the most popular child insurance plans in India. It is specially designed to secure a daughter's future financial needs – be it education, marriage, or any milestone. The plan provides both protection and savings.
Eligibility & Rules
- Entry Age (Father): 18 to 50 Years
- Child Age: 1+ Years
- Policy Term: 13 to 25 Years
- Premium Paying Term: Policy Term minus 3 Years
- Minimum Sum Assured: ₹1,00,000
Key Plan Benefits
- Death Benefit: Premiums are waived off immediately. 10% of Sum Assured is paid every year till maturity for child's education. At maturity, full Sum Assured + Bonuses are paid.
- Maturity Benefit: Sum Assured + Vested Simple Reversionary Bonus + FAB (if any) paid at maturity for marriage/education.
Detailed Maturity Benefit
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). Payable on surviving the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 |
| Father's Age | 30 Years |
| Policy Term | 25 Years |
| PPT (Premium Paying Term) | 22 Years |
| Yearly Premium (Approx) | ₹46,800 |
| Total Premiums Paid (Approx) | ₹10,29,600 |
| Bonus (Approx) | ₹11,75,000 |
| FAB (Approx) | ₹6,50,000 |
| Total Maturity | ₹28,25,000 |
Calculating…