Daughter’s Day 2020:
27 September means Daughters’ Day on Sunday. You can invest to secure your daughter’s future financially. This will help in the need of money for important things of the future of his life such as further studies, marriage etc. For this, you can invest in Sukanya Samriddhi Yojana (SSY), RD or Child Insurance Plan. By investing in them your money will be safe and returns are also guaranteed.
Sukanya Samridhi Yojana (SSY)
By investing in the Post Office Sukanya Samriddhi Yojana (SSY), not only can you make your daughter’s future financially secure, but you can also get benefits like good returns and tax saving. In this scheme started in the year 2015, the account can be opened in banks besides the post office. In SSY, parents can open an account in the name of a girl up to the age of 10 years. Only one account will be opened in the name of a girl child. SSY account can start from a minimum of Rs 250. In this, a minimum deposit of Rs 250 and a maximum of Rs 1.5 lakh has been fixed in a financial year. The Sukanya Samriddhi Yojana account is getting 7.6 percent interest annually in the post office.
One can invest in Sukanya Samriddhi Scheme for a maximum period of 15 years. Sukanya Samriddhi Account can be closed only after the girl is 21 years old. However, normal premature closure is allowed when the child is 18 years old and gets married.
A tax deduction of up to Rs 1.5 lakh can be claimed under section 80C on the amount deposited in SSY. Apart from this, the interest on the deposits and the money received on completion of the maturity period is also tax-free.
Recurring Deposit (RD)
Recurring deposit ie RD is a popular option of such small savings scheme. There is a facility to invest a part of your savings in this account every month. Here you get returns according to the fixed interest on your deposited money.
RD account can be opened in any government or private bank, financial institution and post office. RD is also a financial investment option just like FD, but there is more convenience here. In FD, where you have to invest a lump sum in any scheme. In RD, you can invest in monthly installments on a monthly basis like SIP.
In big banks like SBI, PNB, HDFC, ICICI Bank, the annual interest on RD is 5 to 5.50 per cent.
The maturity of the post office’s recurring deposit is 5 years, but you can extend it even further for 5–5 years by applying. Every month a minimum deposit of Rs 100 is required in the RD of the post office. The deposit should be in multiples of Rs. There is no maximum investment limit. Currently, 5.8 percent interest is being received on the post office RD.
Child insurance plan
The Child Life Insurance Scheme is a single-stop-shop solution that provides financial security for your child’s future. It helps in creating a fund to meet financial needs at regular intervals in a child’s life. Such schemes serve the dual purpose of insurance combined with savings. It has some advantages, such as it gives financial security to your child even in your absence.
Now know when and why to take child plans. As soon as your child comes into the world, it is advisable to start a financial plan and buy an insurance plan according to the needs. The child plan helps to save the right amount for the future financial needs of the child, which removes all the uncertainties.
Many companies like Aditya Birla offer Sun Life Insurance Child’s Future Assured Plan. In this, along with meeting the financial goals of the child, there is also a definite return. This plan helps in fulfilling the two main goals of the child’s future – education and marriage. If something untoward happens in the life of the insured, in that case, it continues with the facility of premium waiver. Under this plan, there is an option to choose a payout of 3, 6 or 9 years of the future of the child. Similarly, Bharti AXA also has a Life Shining Stars plan.
Child future plan of LIC is also available. In addition to the risk cover in the policy, the term is also available. The cover is also given 7 years after the end of the policy term. In this, you can also choose the sum assured, maturity age, policy term, mode of premium payment.
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