All You Want To Know About LIC Kanyadan Policy Versus Sukanya Samriddhi Yojana

Published On Mar 08, 2021 12:00 AM By InsuranceDekho

Difference Between Sukanya Samridhi Yojna and LIC Kanyadan Policy

Although both schemes serve the same purpose, the few differences of Sukanya Yojana vs LIC are mentioned below.

Criteria

Sukanya Samriddhi Yojna

LIC Kanyadan Policy

Age Eligibility 

The scheme is purchased under the name of the girl child before she is 10 years old.

Daughter - At least 1 Year 

Father - 18 Years - 50 Years

Nationality Eligibility

Indian Citizens only

Outsiders can buy as well.

Account Holder

The account holder of the savings account is the girl child until her marriage.

Father of girl child

Sum Assured Limit

Limited as per payment made.

Min: 1 Lakh

Max: No limit.

Limit

1.5 Lakhs in a financial year.

No limit

Account Maturity Tenure 

A girl child can manage the account until the age of 21 or until she is married after 18 years.

13 Years - 25 Years

Loan Facility

You cannot avail any loan.

One can avail the loan if the account holder pays for 3 consecutive years, and the account is active.

Payment Term

It needs to be paid every financial year and not over 1.5 Lakhs.

3 years under the policy term.

Type of Scheme

This is a savings scheme launched for the girl child's education and marriage reason.

It has a combined feature of the Jeevan Lakshya Policy.

In Case Of Death

In case of the account holder’s death, i.e., the girl child, the sum amount is paid to the parents at regular interest.

The premium is waived in case of the death of the father.

Compensation Offered By Scheme ( In case the Account Holder Dies)

No compensation is offered.

Natural demise: Immediate payment of INR 5 Lakhs

Accidental demise: Immediate payment of INR 10 Lakhs

Suicide within 12 months from policy initiation: 80% of the premiums are paid by the corporation apart from the surrender value and the tax amount.

By understanding the LIC Kanyadan Policy and Sukanya Samriddhi Yojna policies, it can be said that both these schemes provide financial security to the girl child. You can choose either of the schemes as per your liking or necessity.

Conclusion

Thus, both the schemes are helping the girl child after and before the age of maturity to manage any financial issues. This scheme will assist the girl child in continuing her dreams without any issues. You can find all other details related to these policies on the official websites of the scheme and there only one can fill out the application form to avail the advantages in the scheme. 

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