Sukanya Samriddhi Yojana vs LIC Kanyadan Policy 

Parents of a girl child who want to protect the future of their daughter with financial security must turn to policies like Sukanya Samriddhi Yojana and LIC Kanyadan Policy for the best benefits.

Sukanya Samriddhi Yojana

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.

8 Features of Sukanya Samriddhi Yojana

Below are some SSY features to give you good idea about the plan:

1. SSY is a central government policy launched     to support girl child in India

2. Parents can open an SSY account anytime      between birth till 10 years of the child

3. Policy term of SSY is till the girl turns 21 years      or till the girl is married anytime after 18 years     (whichever is earlier)

4. The rate of interest offered by SSY scheme       annually is 7.6 %

5. The parents can avail tax deductions under       Income Tax section 80C for Sukanya       Samriddhi Yojana

6. The amount that can be deposited is min. INR       250 to Max. INR 1.5 lakh per annum

7. The account of SSY is opened in the name of       the girl child by the parents/guardian

8. Per family 2 SSY accounts are allowed to be       opened

5 Benefits of Sukanya Samriddhi Yojana

Below are some Sukanya Samriddhi Yojana benefits that can be incurred under the scheme:

1. High interest rate

2. Tax benefits

3. Guaranteed benefits at Maturity

4. Lock-in Period to ensure the safety of the          deposit

5. Partial withdrawal facility (if necessary for       child’s education etc.)

How to Open an Sukanya Samriddhi Yojana (SSY) Account?

Here are the steps:

1. Visit nearest bank or post office

2. Duly fill the SSY Account opening form

3. Take all the necessary documents with you      along with photographs

4. Pay the deposit amount (min. INR 250, max.      INR 1.5 lakh)

5. You may use Netbanking to deposit       automatic credit to an SSY Account. However,       you have to a give a standing instruction at       the branch office regarding the same

LIC Kanyadan Policy

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.

8 Features of LIC Kanyadan Policy

Below are some SSY features to give you good idea about the plan:

1.  It is a combination of savings and protection      plan

2. It allows monetary security to girl child

3. The plan allow the policyholder to receive      lump sum amount at maturity

4. The plan also allow waiver of premium option

5. In case the policyholder dies in an accident,      the plan offers INR 10 lakh

6. In case the policyholder dies naturally, the      plan pays INR 5 lakh

7. INR 50,000 is paid yearly till the maturity of the      policy and full amount at maturity

8. The plan is available for both Indian citizens       and NRIs

How to Open A LIC Kanyadan Policy Account?

Below are the steps to follow:

1. Go to the official website of LIC

2. Choose the ‘LIC Kanyadan Policy’

3. Now, duly fill the online form with all details

4. Submit the form along with required      documents

5. The insurer will verify your documents and       inform you via email

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