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5 min read
Updated on Feb 03, 2023
Every parent wants to give their child the best of everything they can, like best education, best facilities, best career opportunities etc. However, one thing that might prevent them from doing so is the financial crisis. So, to avoid a monetary crisis, parents should look for investment plans from the birth of the child. Some best policies that parents can invest on in this regard are Sukanya Samriddhi Yojana and LIC Kanyadan Policy. Both these plans support the girl child well and fulfills her aims and aspirations. Let us understand them better in this post.
Sukanya Samridhi Yojana is a central government scheme launched in 2015 to offer a bright future to your daughters. This policy comes under the government campaign of ‘Beti Bachao Beti Padhao’ and supports parents to make small savings at best Sukanya Samriddhi Yojana interest rate. The aim of the plan is to allow parents to create a financial corpus to protect the future of their daughter. Let us get more Sukanya Samriddhi Yojana details below.
Also Read: SBI Sukanya Samriddhi Yojana (SSY) Scheme
Below are some SSY features to give you good idea about the plan:
Below are some Sukanya Samriddhi Yojana benefits that can be incurred under the scheme:
Also Read: Best policy for girl child
To open a SSY Scheme account, you can visit any bank or post office across India. You have to furnish documents such as duly filled form of account opening, documents complying with KYC of parent/legal guardian, birth certificate of the girl child etc.
Here are the steps:
Also Read: Sukanya Samriddhi Yojana Return Calculator
Kanyadan Policy LIC is a customized edition of another policy offered by Life Insurance Corporation (LIC), which is LIC Jeevan Lakshya Policy. The name has been changed to lure parents of a girl child to invest in the plan and secure the future of their daughters.
Also Read: How to surrender LIC policy
Below are the steps to follow:
Also Read: LIC plan – 5 years double money
Here are the basic differences between the two plans to help you decide better on the one to invest:
Parameter | Sukanya Samriddhi Yojana (SSY) | LIC Kanyadan Policy |
Account Owner | The girl child on whose name the account is opened | Father/parent of girl child |
Age of Account Owner | The policy can be bought after the birth of the girl child till she attains 10 years of age | Father’s age – Between 18-50 years
Daughter’s age – at least 1 year |
Type of scheme/Policy | Savings scheme launched by government of India | Updated version of Jeevan Lakshya Policy of LIC |
Nationality | Indian citizens are eligible | Indian citizens and NRIs |
Sum Assured | As per premium paid | Min. INR 1 lakh, Max No Limit |
Premium payment | Max. INR 1.5 lakh per financial year | No Limit |
Loan facility | Not available | Available after 3 years of the plan |
Tenure of policy | Until the girl turns 21 years of age or until her marriage after 18 years of age | Between 13 – 25 years of the girl child |
Premium payment term | Can be paid every financial year (up to 1.5 lakh) | 3 years under the term of the policy |
Compensation Offered in case of death of account holder | No compensation paid | INR 10 lakh on accidental death
INR 5 lakh on natural death |
Sukanya Samriddhi Yojana and LIC Kanyadan Policy are two plans to support parents of girls to secure their future financially. Both are very effective plans which come with a similar objective of securing the future of your daughter.
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Sukanya Samriddhi Yojana is one of the best options to secure the future of a girl child in India. Sukanya Samriddhi Yojana is definitely one of the best plans for a girl child. Besides, there are other plans which can be considered as well such as Children's Mutual Fund, LIC Kanyadan Policy etc. Sukanya Samriddhi Yojana is regarded as one of the best investment schemes for a girl child in India to secure her future. The plan offers several benefits and is available at a good rate of interest (presently 7.6% per annum). For Sukanya Samriddhi Yojana, the interest rate compounded annually is 7.6%. The parents/guardian of the account holder can handle the account till she attains 18 years of age. Once 18, the account holder (girl child) can submit necessary documents to operate the account on her own.Which LIC Policy is best for A Girl Child?
What are the other policies for a girl child similar to Sukanya Samriddhi Yojana?
Is Sukanya Samriddhi Yojana the best investment plan for a girl child?
What is the interest rate of Sukanya Samriddhi Yojana?
Who can operate the Sukanya Samriddhi Account on behalf of the girl child?
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