Prejudice against girls and women has persisted for millennia in a patriarchal society. That is now changing over time, and people are more aware of how important it is to treat girls equally and give them the same opportunities in society.
Both the LIC Kanyadan policy and the Sukanya Samriddhi Yojana were launched with similar objectives. The primary goal of these programs is to provide financial assistance to Indian female parents.
Let’s go over the main differences between the LIC Kanyadan policy and the Sukanya Samriddhi Yojana program so you can decide which one is best for you and your child.
Sukanya Samriddhi Yojana:
In 2015, the Prime Minister of India launched the Beti Bachao Beti Padhao initiative’s Sukanya Samriddhi Yojana program. The main goal of this program is to give a girl child a solid financial foundation so she can protect her future.
Characteristics of the Sukanya Samriddhi Yojana:
- If your daughter is under the age of 10, you can set up an account for her with the Sukanya Samriddhi Yojana.
- Until the girl child marries after turning 18 or 21, the rule remains in effect.
- The interest rate is 7.6% on an annual basis.
- Income tax is exempt under the Income Tax Act’s Section 80C.
- The SSY’s minimum monthly contribution can be as little as Rs. From 250 to up to Rs. 1.5 lakh.
- A SSY account must be established in the girl child’s name, not the parents, unlike other systems.
- There can be no more than two Sukanya Samriddhi Yojana accounts per family.
LIC Kanyadan Policy:
The LIC Jeevan Lakshya Policy can be customized into the LIC Kanyadan Policy. The use of the name LIC Kanyadan aims to encourage more female-headed households to invest in their daughters’ futures. The LIC Kanyadan Policy combines protection and savings. With low premiums, the LIC Kanyadan policy offers financial protection.
Highlights of the LIC Kanyadan Policy:
- As a maturity benefit, the policyholder receives a lump sum as payment. When a policyholder dies, their premiums are waived.
- In the event of accidental death, Rs. Ten lakhs must be given immediately.
- If a natural death occurs, Rs 5 lakh must be given immediately.
- Rs. Every year until the maturity date, 50,000 is paid.
- To be paid in full at the end of the insurance term Life risk protection for a certain amount of time, up to three years before maturity. This service is available to both Indian residents and Indian non-residents (NRIs).
