Life Insurance Corporation of India offers Kanyadan Policy for daughters

The Life Insurance Corporation of India (LIC) offers the Kanyadan Policy, a long-term savings scheme designed to help parents build a financial foundation for their daughters' future needs, such as education, career development, and marriage.

Under this scheme, parents can make regular small deposits over an investment period typically ranging from 13 to 25 years. For example, a daily saving of approximately Rs 121 could result in a monthly total of Rs 3,600. If maintained for 22 years, total contributions may exceed Rs 9.5 lakh, potentially yielding a fund of up to Rs 27 lakh upon completion, including the assured sum, bonuses, and other benefits.

The policy also provides tax benefits under Section 80C of the Income Tax Act. Eligibility requirements include a minimum age of one year for the daughter, and the father's age must fall within the limits set by the insurer. Required documentation typically includes passport-sized photographs and Aadhaar cards or other identity documents.