LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
In recent years, numerous organisations have risen to the forefront, proactively launching a myriad of schemes tailored to the financial needs of girl children and their parents. Among these, the Life Insurance Corporation (LIC) has launched the LIC Kanyadan policy while the Prime Minister of India, in a parallel initiative, has inaugurated the Sukanya Samriddhi Yojana. These two schemes have emerged as particularly influential among the multitude of initiatives, providing a comprehensive suite of advantages to support a girl child's future.
With the aim of facilitating informed decision-making, this article will delve into a detailed analysis of these two schemes. Specifically, we will explore the key components, advantages, and critical distinctions between the LIC Kanyadan and Sukanya Samriddhi Yojana.
Our goal is to empower you with the knowledge to choose the most fitting plan, one that will suit your requirements and contribute towards the prosperous future of your child.
Introduced by the Prime Minister of India in 2015, Sukanya Samriddhi Yojana (SSY) is a critical component of the ‘Beti Bachao Beti Padhao’ campaign. The primary objective of this scheme is to establish a reliable financial safety net for the girl child, ensuring her future is well protected.
|Criteria||LIC Kanyadan Policy||Sukanya Samriddhi Yojana|
||Girl child: Below 10 years|
|Nationality Criteria||Available for both NRIs and Indian citizens||Available only for Indian residents|
|Account Holder||Father of the girl child||Account in the name of the girl child till marriage|
|Sum Assured Limit||Minimum: Rs 1 Lakh
Maximum: No Limit
|Based on the amount deposited|
|Payment Limit||No upper limit||Up to a maximum of INR 1.5 Lakh per financial year|
|Premium Waiver||Available in case of policyholder's demise||Not available|
|Loan Availability||Available after 3 years of consecutive premium payment||Not available|
|Interest Rate||Not applicable (as it is a life insurance policy)||7.6% compounded annually|
|Policy Tenure||Can range from 13 to 25 years||Until the girl child is married (after the age of 18 or 21 years) whichever is earlier|
|Tax Benefits||-||Exempted under Section 80C of the Income Tax Act|
|Additional Benefits||Benefits available in case of the policyholder's demise||No additional benefits|
|Partial Withdrawal||-||Allowed under certain conditions|
|Maturity Benefits||Full maturity amount payable at the end of the policy term||Guaranteed maturity benefits|
|Death Benefits||INR 10 lakh in case of accidental death, INR 5 lakh in case of natural demise||Not applicable|
|Grace Period||30 days for annual, half-yearly, or quarterly premiums. 15 days for monthly premiums||-|
Both LIC Kanyadan Policy and Sukanya Samriddhi Yojana offer unique benefits targeted at securing the future of a girl child. They both serve as excellent financial planning tools for parents aiming to safeguard their daughters' futures.
With that said, these plans differ significantly in their terms, conditions, and benefits. For this reason, it is essential to understand the intricacies of both schemes thoroughly before making an informed choice. The best scheme for you and your child will depend on your individual circumstances, needs, and financial goals.
Always remember, the ultimate goal here is to ensure your child has a secure financial future. Choosing the right plan plays a crucial role in achieving that.