In today’s article, we are going to discuss the differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana. LIC Kanyadan scheme helps parents to bear the marriage expenses of their daughter and give her benefits. The Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family.
Differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana
- Differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana
| Serial Number | Basis | Sukanya Samriddhi Yojana | LIC Kanyadan Policy |
| 1. | Citizenship | can be applied only by Indian citizens. | The applicant doesn’t need to be an Indian citizen to get the benefit of this scheme. |
| 2. | Age | This plan can be purchased before the daughter completes 10 years of age. | Daughter’s age at least 1 year Father’s age from 18 years to 50 years |
| 3. | The account holder | The account holder will be the daughter of the account holder under Sukanya Samriddhi Yojana. | Under the LIC Kanyadan policy, the account holder will be the father of the daughter. |
| 4. | Sum Assured Limit | Limited as per the payment made. | Minimum one lakh, no maximum limit. |
| 5. | Limit | Rs 150000 | No limit |
| 6. | Account Maturity Period | An account can be operated by the girl child till she attains the age of 21 years or till she gets married after the age of 18 years. | 13 to 25 years |
| 7. | Loan facility | A loan facility is not available | A loan can be availed after 3 years of buying the policy. |
| 8. | Payment Terms | The maximum investment that can be made under this scheme is Rs 1.5 lakh per annum. | 3 years within the term of the policy. |
| 9. | Type of Scheme | This is a savings scheme launched for the education and marriage of a girl child. | The features of the Jeevan Lakshya plan are combined in this plan. |
| 10. | In the event of death | In the event of death, if the account holder dies, the amount is paid to the parents of the account holder at regular interest. | The premium is waived off in the event of the death of the father. |
| 11. | Compensation | No compensation is provided. | ₹ 500000 if death occurs due to natural cause, ₹ 1000000 if death occurs due to an accident. |
Differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana
Detailed Differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana.
- Citizenship: Only Indian citizens can apply for Sukanya Samridhhi Yojana. The applicant doesn’t need to be an Indian citizen to get the benefit of the LIC Kanyadan policy scheme.
- Age: Sukanya Samriddhi Yojana plan can be purchased before the daughter completes 10 years of age. For purchasing LIC Kanyadan Policy, Daughter’s age should be at least 1 year and Father’s age from 18 years to 50 years
- The account holder: An account holder will be the daughter under Sukanya Samriddhi Yojana. In the LIC Kanyadan policy, the account holder will be the daughter’s father.
- Sum Assured Limit: In Sukanya Samriddhi Yojana, limited as per payment made. In LIC Kanyadan Yojana, Minimum one lakh, no maximum limit.
- Limit: In Sukanya Samriddhi Yojana, the limit is Rs 150000. In LIC kanyadan Yojana there is no limit.
- Account Maturity Period: In Sukanya Samriddhi Yojana, the account can be operated by the girl child till the age of 21 years or till she gets married after the age of 18 years. In the LIC Kanyadan Yojana, the account maturity period is 13 to 25 years.
- Loan facility: In Sukanya Samriddhi Yojana, a loan facility is not available. In the LIC Kanyadan Yojana, a loan can be availed after 3 years of buying the policy.
- Terms of Payment: In Sukanya Samriddhi Yojana, a maximum of Rs 1.5 lakh per annum can be invested. In the LIC Kanyadan Yojana, 3 years within the term of the policy.
- Type of Scheme: Sukanya Samriddhi Yojana is a savings scheme launched for the education and marriage of a girl child. The features of the Jeevan Lakshya plan are combined in the LIC Kanyadan Yojana plan.
- In the event of death: If the account holder dies, the amount is paid to the parents of the account holder at regular interest in Sukanya Samriddhi Yojana. The premium is waived off in the event of the death of the father in LIC Kanyadan Yojana.
- Compensation: No compensation is provided in Sukanya Samriddhi Yojana. ₹ 500000 if death occurs due to natural cause, ₹ 1000000 if death occurs due to an accident in LIC Kanyadan Yojana.
These are differences between LIC Kanyadan Policy and Sukanya Samriddhi Yojana.
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