Females have always faced discrimination in patriarchal societies. That has been changing, and there is a better understanding of the need to treat females equally and provide them with the same opportunities as men. Both the Sukanya Samriddhi Yojana and the LIC Kanyadan policy were launched with similar objectives. The main aim of these two schemes is to provide financial assistance to the parents of the girl child.
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If you are confused between the two schemes and can’t decide which one to opt for for your girl child, News18 is here to help you out. The parent needs to remember that not every scheme can suit their needs. Parents should select the welfare programme of the government depending on their economical advantages and future benefits. But before knowing which is better it is necessary to know the features of the Sukanya Samriddhi Yojana and the LIC Kanyadan policy.
Sukanya Samriddhi Yojana:
The main goal of this programme is to give a young woman a strong financial foundation to protect her future. A girl younger than 10 years is eligible to open her Sukanya Samriddhi Yojana account. Interest is charged at an annual percentage rate of 7.6%. The balance in the amount is not under Section 80C of the Income Tax Act. hence no amount will be deducted from the account. As little as Rs. 250 or as much as Rs. 1.5 lakh may be deposited into the SSY each month. The account can be opened by the name of the girl child rather than the parents. Per family two Sukanya Samridhi Yojana accounts can be opened.
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LIC Kanyadaan Scheme
LIC Kanyadan is intended to protect daughters’ futures with investment. The LIC Kanyadan Policy combines savings and protection.
Low premium payments offer financial safety with the LIC Kanyadan insurance. The policy offers a lump payment as a maturity benefit.
If an accident results in death, Rs. 10 lakh must be immediately paid to the next of kin or parents. On the other hand in case of natural death, Rs 5 lakh is given immediately.
Both Indian residents and NRI can enroll their girl child.
Both the Sukanya Samriddhi Yojana and the LIC Kanyadan policy have the same goal. The idea is to safeguard a girl child’s future with requisite finances. However, each of the welfare programs have important fundamental distinctions that should be carefully addressed before choosing a strategy.
