Guidelines for Sukanya Samriddhi Scheme
- The account can be opened at any post office or bank branch that provides this facility.
- Two accounts cannot be opened for a single girl child.
- The account can be opened in the name of the girl child before she reaches 10 years of age.
- Documents like the girl's birth certificate, address proof of the girl and guardian, and proof of identity are verified and must be submitted at the post office or bank.
- One can open an account with a minimum of Rs. 250.
- Sukanya Samriddhi Yojana accounts can be transferred anywhere within India.
- After the age of 18 years, a maximum of 50% of the amount can be withdrawn for the higher studies of the girl child.
- In case of the death of the girl child:
- The account can be closed by showing the death certificate, and the deposited amount, along with interest, can be given to the guardian.
- The account can be closed after 5 years in case of a life-threatening disease of the girl child.
LIC Kanyadan Policy
LIC Kanyadan Policy is another version of the Jeevan Lakshya Plan. Insurance agents have popularized this name to sell the policy as "LIC Kanyadan Policy."
The LIC Kanyadan Plan is beneficial for the future of a girl child. It is a savings scheme that helps a father deposit money at a low premium for the education and marriage of his girl child. All account activity is managed by the father; the girl child does not have access to the account. The plan provides post-death benefits to the daughter if the father passes away, helping the family and especially the girl child during difficult times.
Guidelines for LIC Kanyadan Policy
- It financially protects the future of a female child, enabling her to live independently.
- The plan is offered by the Life Insurance Corporation.
- The father is eligible to buy the policy only in his name. The policy cannot be bought in the daughter's name.
- The premium payment time is limited.
Differences Between Sukanya Samriddhi Yojana and LIC Kanyadan Policy
| Criteria |
Sukanya Samriddhi Yojana |
LIC Kanyadan Policy |
| Age Eligibility |
The scheme can be bought after the birth of a girl child under her name and before she is 10 years old. |
Father: 18-50 Years
Daughter: At least 1 Year |
| Nationality Eligibility |
Only for Indian Citizens |
Outsiders can also buy. |
| Account Holder |
The girl child is the holder of the savings scheme account until her marriage. |
Father of the girl child |
| Sum Assured Limit |
Limited as per premium paid. |
Minimum: 1 Lakh
Maximum: No limit. |
| Premium Limit |
1.5 Lakhs in one financial year. |
No limit |
| Account Maturity Tenure |
A girl child can operate the account until the age of 21 or until she is married after 18 years of age. |
13-25 Years |
| Premium Payment Term |
It is to be paid every financial year and not more than 1.5 Lakhs. |
3 years less than the policy term. |
| Loan Facility |
No loan can be availed over the scheme. |
If the account holder pays a premium for 3 consecutive years and the account is active, then a loan can be availed. |
| Type of Scheme |
It is a pure savings scheme launched for the girl children’s education and marriage purpose. |
It has a mixed feature of the Jeevan Lakshya Policy. |
| In Case Of Death |
In case of the girl child’s (account holder) death, the sum amount is paid to the parents at a normal interest. |
In the case of the death of the father, the premium is waived off. |
| Compensation Offered By Scheme (If the Account Holder Dies) |
No such amount is paid. |
Accidental demise: Immediate payment of 10 Lakhs
Natural demise: Immediate payment of 5 Lakhs
Suicide within 12 months from initiation of policy: 80% of the premiums are paid by the corporation, except for the surrender value and the tax amount. |
Conclusion
Schemes like Sukanya Samriddhi Yojana and LIC Kanyadan Policy have provided great help to Indian parents. The birth of a girl brings responsibilities along with happiness. The benefits provided by both schemes have been mentioned in a clear way.
