Sukanya Samriddhi Yojana vs LIC of India Policies or Sukanya Samriddhi Account vs Life Corporation of India, is it really a meaningful comparison? Are there really any need to compare SSA vs LIC? Frankly speaking there is no on paper or direct relation or in fact comparison possible between SSA and LIC policy. But if we talk about investment and the return expectation, then definitely we can talk and find out which one is good for your investment plan.
Sukanya Samriddhi Yojana vs LIC of India Policies
Let’s find out few common features of both SSA and any LIC policy.
| Sukanya Samriddhi Account|| LIC of India Policy|
| Sukanya Samriddhi Account is a small deposit savings scheme, where you will simply deposit the money and get an interest as per the latest SSA interest rate applicable.|| LIC policies are meant to provide life insurance in case of sudden death or some accident. At the same time you will also get some good return on your investment|
| The maturity period is 21 years from the date of opening.|| The maturity period of any LIC policy depend up on the policy term chosen by the policy holder at the time of buying the policy.|
| In case of death of depositor there is no additional benefit or life cover.|| Your family or nominee will get the sum assured value in case of sudden death.|
| Pre-mature withdrawal is possible only after attaining 18 years of age of the girl child.||One can surrender a LIC policy after 3 years of premium payment.|
| The return on investment is very high for SSA account and one can deposit till 14 years after opening.|| LIC policies are not that god in terms of return on investment. One can expect good returns on ULIP or Endowment plans ion case the investment horizon is long enough.|
The need of investment can’t be replaced by the need of life insurance. So one should go for both t he things at the same time and make your personal finance portfolio complete. You can invest for your girl child’s education via Sukanya Samriddhi Account, but you should also buy a life insurance policy to secure her future goals.
Hope this Sukanya Samriddhi Yojana vs LIC of India Policies article will be useful for you. Share your thoughts and further queries by writing a simple comment below.