Two policies have a lot of name in the market for the bright future of daughters. Sukanya Samriddhi and LIC’s Kanyadan Policy. Both the plans are supported by the government, so there is no risk of drowning the savings. The work of both is almost the same. In this situation, it is more important to know which one to invest in so that the maximum return on maturity is obtained. We will also try to know how much return is received by paying how much premium.
Both these policies are for daughters, under which investments can be made in advance by planning for their education or marriage. By depositing a small amount from time to time, you can get a good amount on maturity. Actually, there is no plan in the name of LIC’s Kanyadaan policy, but only Jeevan Lakshya plan is offered as Kanyadaan. Where Sukanya Samridhhi Yojana is started in the name of the daughter, the same Kanyadan policy is opened for the daughter in the name of the mother or father.
Difference between the two policies
The distinct difference between both the policies is that where Sukanya Samriddhi is opened for a girl child of 0 to 10 years, the same Kanyadaan policy is in the name of the mother or father and the age limit has been kept from 18 years to 50 years. The age of the child of these should be more than 1 year for which the account is being opened. As the name suggests, if the Kanyadan policy is only for daughters, then it is not so. Kanyadaan policy can also be taken for the son. Kanyadan policy can also be taken by NRIs whereas Sukanya Samriddhi is not for NRIs. One can avail tax benefits on both the policies. Maturity is completely tax free.
How much to invest
To know the benefits of both the policies, it is more important to see the insurance. If the account holder or the child’s parents leave the world, more attention should be paid to how the child’s financial condition will be handled. Now let us know which one gets more benefit in both the policies. The interest rate in Sukanya Samriddhi Yojana is variable i.e. the interest rate is revised every three months. This interest is given by the central government. Talking about maturity, if you invest 50,000 in Sukanya Samriddhi, then you will get about 21 lakh rupees. Here an amount of Rs 50,000 is invested every year. After investing a little more than Rs 100 per day, you can get Rs 21 lakh.
Premium and age information
Sukanya Samriddhi Yojana can be taken for 21 years and money has to be deposited till 18 years. Kanyadaan can take the policy maturity for up to 25 years. Premiums can be paid from 10 to 22 years. The money has to be paid for less than three years from the premium term. If the girl child dies in Sukanya Samriddhi, then the parents get full money. In a Kanyadaan policy, the person who has taken the policy in the name of the child, if they die, then the premium of the policy is waived. If the death is natural then 5 lakh and if it is due to accident then 10 lakh rupees are available. Along with this, the amount is also available in the form of bonus. In the end, the full amount of maturity will also be given to the child in whose name there is a Kanyadaan policy.
Both who are good
If you see the maturity of Sukanya Samriddhi, then the interest will be added on the money invested. Under Kanyadaan policy, if the account holder survives till the entire policy, then he will get maturity plus bonus. You can deposit money in Sukanya anytime, whereas in Kanyadaan policy you can deposit premium every month, every three months, six months or a year. In LIC’s Kanyadaan policy, Rs 21 lakh can be found on a saving of Rs 100 almost every day. The big advantage with Kanyadaan policy is the insurance which is waived in the event of an accident and bonus money is also available with maturity. This advantage is not with Sukanya Samriddhi.
