LIC Kanyadan Policy Calculator

If you are a parent in India thinking about your daughter’s future especially her education and marriage the LIC Kanyadan Policy is one of the most talked‑about options these days. Many people, however, get confused because “Kanyadan” is not a separate official LIC plan with its own plan number. Instead, it is a customised usage of LIC Jeevan Lakshya Plan 933 for a girl child, where parents visually treat the plan as a “marriage‑saving” tool.

What is LIC Kanyadan Policy?

LIC Kanyadan is not a separate product listed as “Kanyadan” on LIC’s official site. It is actually LIC Jeevan Lakshya Plan 933 when bought keeping a girl child’s future in mind usually for her marriage or higher education.

Agents and financial advisors often use the name “Kanyadan Yojana” to market this plan because it emotionally connects with the idea of a father giving his daughter in marriage with full financial dignity.

Technically it is a savings life cover plan:

• You pay a regular premium for a fixed term.
• If you survive till maturity, LIC pays you (or to your daughter, as per nomination) a lump‑sum amount (sum assured + bonuses).
• If the policyholder (father) passes away during the policy term, the family gets a death benefit and the plan may continue without further premium thanks to the premium‑waiver benefit in some forms of this plan.

Launch Date and Withdrawal Status

• LIC Jeevan Lakshya Plan 933, the base plan used as Kanyadan, was launched on 1st February 2020.
• This plan has been withdrawn from new sales effective 1st October 2024, which means LIC is not issuing fresh Jeevan Lakshya / Kanyadan policies after this date.

However, if you purchased the plan before 1st October 2024, your policy continues till maturity as per the original terms. You can still use the LIC Kanyadan policy calculator to estimate your maturity, death benefit, and returns even today.

Why You Need a LIC Kanyadan Policy Calculator?

Manually comparing different combinations of age, policy term, sum assured, and premium payment term is time‑consuming and confusing. That’s where a LIC Kanyadan policy calculator becomes very useful.

What a good calculator does:

• Takes your current age, daughter’s age, required sum assured, and chosen policy term.
• Shows yearly premium amount (before and after GST).
• Estimates maturity value (sum assured + bonus, assuming LIC’s current bonus rates).
• Helps you check alternatives: what if you reduce the term, increase the sum assured, or change the daughter’s expected marriage age?

Using the calculator, you can decide:

• Whether the premium is affordable for the next 10–25 years.
• If the maturity amount will be enough to cover expected marriage or education costs.
• Which combination of term and sum assured gives you the best balance between premium and returns.

How to Use LIC Kanyadan Policy Calculator (Simple Steps)

You don’t need to be an expert to use these online calculators. Here is a step‑by‑step guide:

1. Open a LIC Kanyadan / Jeevan Lakshya calculator on any trusted financial website or LIC‑related calculator platform.
2. Select the plan type as “LIC Jeevan Lakshya” or “LIC Kanyadan Policy”.
3. Fill the following basic details:
   • Your age (minimum 18, maximum 50 years).
   • Gender (male / female).
   • Daughter’s current age (normally minimum 1 year).
   • Policy term (commonly 10 to 25 years, depending on how old your daughter is).
   • Premium payment term – usually policy term minus 3 years (for example, 12 years for a 15‑year policy).
   • Desired sum assured (minimum ₹1 lakh, higher as per your budget).
   • Premium mode (yearly, half‑yearly, quarterly, monthly).
4. Click “Calculate” or “Estimate”.
5. Within seconds, the calculator shows:
   • Yearly / monthly premium.
   • Approximate maturity value.
   • Expected bonus (based on current LIC bonus rates).

From this, you can easily see whether the total outflow (premium × number of years) is worth the projected maturity amount.

Key Features of LIC Kanyadan (Jeevan Lakshya)

Here are the main highlights :

• Pure life‑plus‑savings plan: You get both life cover and a lump‑sum payout at maturity.
• Flexible term: Policy term usually ranges between 10 and 25 years, so you can match it with your daughter’s expected marriage age.
• Premium payment term: Typically 3 years less than policy term; for a 15‑year policy, you pay premium for 12 years.
• Sum assured: Minimum ₹1 lakh, with no upper limit (in multiples of ₹10,000).
• Death benefit: If the policyholder dies during the policy term, the nominee gets sum assured + bonus (up to a limit).
• Bonus system: LIC declares yearly bonus per ₹1,000 sum assured; this keeps increasing the maturity value over time.
• Tax benefits:
  • Premium qualifies under Section 80C (up to ₹1.5 lakh per year).
  • Maturity amount and death benefit are generally tax‑free under Section 10(10D), subject to current tax rules.

Eligibility Criteria at a Glance

Before using the LIC Kanyadan policy calculator, you should quickly check if you are eligible:

• Minimum entry age of policyholder: 18 years
• Maximum entry age of policyholder: 50 years
• Minimum age of daughter: 1 year
• Policy term range: Normally 10–25 years
• Premium paying term: Policy term minus 3 years (for example, pay premium for 12 years in a 15‑year plan)
• Minimum sum assured: ₹1 lakh (in multiples of ₹10,000)

If your age or daughter’s age falls outside these bands, some calculators may not accept the input or will show a clear error message.

Sample Table: LIC Kanyadan/Jeevan Lakshya Illustration

Below is a simplified example of how numbers can look in an LIC Kanyadan‑style plan (figures are illustrative, not guaranteed):

*Maturity value depends on LIC’s future bonus declarations and can vary. Always treat the calculator output as an estimate, not a guaranteed promise.

Benefits You Get from LIC Kanyadan Type Plan

1. Marriage‑focused savings

• The plan is designed so that when your daughter reaches a certain age (for example, 21–25), the maturity amount becomes available.
• You can use this amount for marriage expenses, higher education, or settling her in life.

2. Life cover for parents

• If anything happens to the earning parent during the policy term, LIC pays a large lump sum to the family.
• This helps protect your daughter’s future even if the parent is no longer there.

3. Premium waiver in some cases

• If the policyholder dies during the policy term, LIC may stop asking for future premiums while the policy continues to gather bonuses.
• The child still gets the full maturity benefit (subject to policy terms).

4. Bonus and tax benefits

• Every year LIC adds bonus to the policy, which increases the final payout.
• Premiums under 80C reduce taxable income, and maturity proceeds are tax‑free under 10(10D), subject to latest tax rules.

5. Loan and surrender options

• After paying at least 2–3 years’ premiums, you can usually take a loan against the policy or surrender it and take surrender value if needed in an emergency.
• This gives you some liquidity without breaking the plan completely.

LIC Kanyadan Policy Calculator: What You Should Be Careful About

While these calculators are very helpful, keep a few things in mind:

• Bonuses are not guaranteed: The calculator uses current bonus rates, but LIC may change them in future years.
• Exact premium depends on medical and other factors: medical tests, smoking, and health history can change the final premium.
• Illustrations are for planning only: Always read the official LIC brochure and consult a licensed agent before deciding.
• Old policies continue normally: Even though Jeevan Lakshya/Kanyadan is withdrawn for new sales, existing policies will run till maturity as per the original terms.

LIC Kanyadan Calculator vs. Manual Calculation

A calculator is especially useful when you want to simulate 3–5 different scenarios (higher sum assured, lower term, etc.) without doing maths manually.

Simple FAQs on LIC Kanyadan Policy Calculator

Conclusion

The LIC Kanyadan policy calculator is a simple, user‑friendly tool that helps you decide whether LIC Jeevan Lakshya (used as Kanyadan) fits your goal of saving for your daughter’s marriage or education.

Even though new sales of Jeevan Lakshya have been withdrawn from 1st October 2024, many existing policies are still running, and the calculator remains very useful for:

• checking future maturity values,
• comparing different sum assured and term options,
• understanding whether premium outflow is affordable versus maturity returns.