In a patriarchal society, girls and women have experienced prejudice for millennia. That has been gradually changing, and there is a greater understanding of the need to treat girls equally and give them similar opportunities in society. The LIC Kanyadan policy and the Sukanya Samriddhi Yojana are two programmes that were started with comparable goals. The major objective of these programmes is to give Indian parents of girls financial help.
Let’s go through the main distinctions between the Sukanya Samriddhi Yojana programme and the LIC Kanyadan policy so you can decide which programme is best for you and your child.
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Sukanya Samriddhi Yojana:
Sukanya Samriddhi Yojana, a programme within the Beti Bachao Beti Padhao initiative, was introduced by the Prime Minister of India in 2015. The major objective of this programme is to provide a female kid with a safe and secure financial foundation so she can safeguard her future.
Key features of Sukanya Samriddhi Yojana:
- A parent may register a Sukanya Samriddhi Yojana account for their daughter if she is younger than 10 years old.
- The regulation is in effect until the girl kid marries after turning 18 or 21.
- The annual percentage rate of interest is 7.6%.
- Under Section 80C of the Income Tax Act, income tax is not owed.
- A monthly deposit into the SSY may range from as little as Rs. 250 to as much as Rs. 1.5 lakh.
- In contrast to other systems, an account under the SSY must be formed in the girl child’s name, not the parents.
- Per family, a maximum of two Sukanya Samriddhi Yojana accounts are permitted.
LIC Kanyadan Policy:
LIC Kanyadan Policy is a customised version of the LIC Jeevan Lakshya Policy. The purpose of utilising the name LIC Kanyadan is to entice more girl-child households to make investments and safeguard their daughters’ futures. Savings and protection are combined in the LIC Kanyadan Policy. The Kanyadan policy from LIC provides financial protection with low premium payments.
Key features of LIC Kanyadan Policy:
- Payment of a lump sum to the policyholder as a maturity benefit
- When a policyholder passes away, their premiums are waived.
- If accidental death occurs, Rs. 10 lakh must be given right away.
- In the event of a natural death, Rs 5 lakh must be given right away.
- Rs. 50,000 is paid yearly until the maturity date.
- To be paid in full at the conclusion of the insurance term
- Life risk protection for a specific amount of time, up to three years before maturity
- Both Indian residents and Indian non-residents (NRIs) may use this service
