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 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.
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
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.)
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
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.
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
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