Best Investment Plans For Newborn Girl Child In India

Having a child is a big responsibility, both emotionally and financially. As a parent, your foremost priority should be to ensure a good lifestyle and an education plan for them. With a newborn girl child, you cannot predict their interests so early on. As such, the plan should be to save and create a corpus that is large enough to accommodate any field they might want to pursue growing up.

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Good news for you - the current market features a ton of investment options for every type of investor out there. 

Types Of Investment Options For A Newborn Girl Child In India

Of late, several leading banks have started offering investment opportunities to the residents of India. Market-linked investments in equities for a newborn girl child can generate decent returns and help them pursue international education or expensive college degrees. Further, insurance companies have tied up with these banks to offer unique combinations of insurance plus savings and investments. Schemes such as child education plans, term insurance, etc. can be explored for newborns if you want to start securing their finances right from the start. In addition, there are traditional savings bank accounts or government backed deposit schemes that offer good interests while being affordable. 

However, the number of options available and the amount of information can be daunting for a new parent. To make things easier, the following sections discuss suitable options for you to explore for your newborns. It is imperative that you do your research and pick a plan that not only fits your budget, but also earns your the expected returns. 

List of Best Investment Plans For Newborn Girl Child In India

The following table lists the many different investment options available to parents of newborn girl children in India. Across each type of investment, the table highlights the best child plans for girl child in 2022 offered by leading banks and insurers in the country. The options discussed below are varying in terms of their risk profile and should be carefully studied before investing.   

Type of Investment Best Investment Plan for a Newborn Girl Child Key Features Risk Profile
Savings Accounts
  • Sukanya Samriddhi Yojana
  • PPF
  • Post Office Savings Account
  • Guaranteed returns
  • Can be opened on behalf of a newborn
  • Interest rates up to 7.6%
  • Partial withdrawals after lock-in period
No risk
ULIP-based Investment Plans
  • SBI Life Smart Scholar
  • ICICI Pru SmarKid Plan
  • HDFC SL YoungStar Super Premium
  • Max Life Shiksha Plus Super
  • Investment plus insurance
  • Part of premium invested in market-linked funds
  • Higher returns per market performance
  • Waiver of premiums on death of parent
  • Tax benefit, flexibility of fund management
Child Education Insurance Plans
  • Aviva Young Scholar Secure Plan
  • Bajaj Allianz Young Assure
  • SBI Life Smart Champ
  • Savings plus insurance
  • Assured returns on maturity
  • Child receives payout on education milestones
  • Accrued bonus & loyalty additions
Mutual Funds
  • Equity Mutual Funds
  • Debt Mutual Funds
  • Children’s Gift Mutual Funds
  • Highest returns per market performance
  • Investment risk borne by the parent
  • Power of compounding in the long term
Very High Risk

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

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Descriptions Of Investment Options For Newborn Girl Child 

Best Savings Accounts For Newborn Girl Child

  1. Sukanya Samriddhi Yojana

    It is a small deposit scheme introduced by the Government of India under the Beti Bachao Beti Padhao campaign. Designed specifically for girl child, the account ensures that the sum is used by the girl only for education purpose. Moreover, money from the account can be partially withdrawn once the girl child reaches the age of 18. Note that only girls who are below the age of 10 can have their own Sukanya Samriddhi Yojana account, making it a perfect option for newborn girl children. 

  2. Public Provident Fund

    A PPF account matures in 15 years, allowing a parent to stay invested for an extended period of time. Along with a high interest rate, it offers tax advantages on the interest earned, the amount deposited, and the maturity proceeds. The current annual compound interest rate on PPF accounts is 7.1%. This option is ideal for low-income parents because it allows you to invest as little as Rs. 500 per year.

  3. Post Office Savings Account

    This scheme is offered by India Post and can be opened on behalf of a newborn girl child by her parent or guardian. The interest rate on the deposit is 4% per year. A minimum deposit of Rs. 500 is required to open the account. There is no limit to the amount that can be deposited. When the child becomes 18, she must fill out a new application and provide KYC documentation. Post office savings schemes are the safest and the most affordable investment options. 

Best ULIP-based Investment Plans For Newborn Girl Child

  1. SBI Life Smart Scholar

    SBI Life Smart Scholar is for parents/guardians who want to financially protect their girl child's future by investing in market-linked funds. This child insurance plan includes an accident benefit and a premium payor waiver benefit if you choose the limited premium payment option. The former provides a lump sum payout in the event of the parent's accidental death or accidental permanent and total disability. Further, all future premiums are waived off in such cases. Despite this, the policy continues and the funds keep generating returns till maturity. 

  2. ICICI Pru SmarKid Solution

    This child ULIP helps you cover the cost of your newborn girl child’s educational milestones through long-term investments in market-linked funds. The ICICI Pru SmarKid Solution plan offers opportunities for increased returns through equity and debt funds. On your unfortunate demise, your child shall receive a lump sum payout that will help her fund her education and other expenses. You can also withdraw some money to serve urgent liquidity needs for your newborn from the 6th policy year. 

  3. HDFC SL YoungStar Super Premium

    This policy is an HDFC unit linked insurance package that includes life insurance plus market returns. It's a great financial protection plan for your child, and it comes with two flexible benefit payment options: Save Benefit and Save-n-Gain Benefit. The SL Youngstar Super Premium Plan offers four funds to choose from, depending on your needs: Income Fund, Balanced Fund, Blue Chip Fund, and Opportunities Fund are all the mutual fund options available to you.

  4. Max Life Shiksha Plus Super

    This is a unit-linked child investment plan that can help you increase your wealth by earning market-related returns. It serves the dual purpose of securing a child's future as well as providing life insurance protection. The insured can invest as a Systematic Transfer Plan and Dynamic Fund Allocation using one of five fund options. The plan also allows for two free partial withdrawals every five years, as well as 12 free annual fund switches.

Best Child Education Plans For Newborns

  1. Aviva Young Scholar Secure Plan

    It is a traditional child plan designed to cover your newborn's future education costs even in your absence. Premiums for the Aviva Young Scholar Secure plan are paid for a set period of time based on the girl child's age. Depending on the premium variant, a Guaranteed Annual Payout called Tuition Fee Support is offered after the premium paying tenure is completed and the child reaches the age of 17. Furthermore, when your daughter turns 18, a lump sum amount is given as College Admission Fund. When the child reaches the age of 21, she receives another lump sum payment known as the Higher Education Reserve.

  2. Bajaj Allianz Young Assure

    Bajaj Allianz's Young Assure is a traditional child insurance policy that includes an Accidental Permanent Total Disability benefit. This plan has a minimum entry age of 18 years and a maximum entry age of 50 years. The minimum and maximum maturation ages are 28 and 60 years, respectively. The sum assured is equal to ten times the annual premium. There are three policy term options: 10, 15, and 20 years. Premium payments can be made monthly, quarterly, semi-annually, or annually.

  3. SBI Life Smart Champ

    The Smart Champ Insurance Plan is a non-linked, participating life insurance policy designed to protect your child's educational needs in the future. It includes guaranteed benefits that are payable throughout the policy's term, as well as insurance coverage for the proposer. Furthermore, smart benefits are paid in four equal instalments once the girl child reaches the age of 18. These payments can be used to cover tuition and other expenses incurred during the course.

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Mutual Funds For Newborn Girl Child

  1. Equity Mutual Funds

    Equity mutual funds have outperformed bank deposits in terms of returns. As a result, if you are a long-term investor, these tend to provide unparalleled returns. If you want to save money for your newborn daughter's education or other purposes, equity mutual funds is the way to go. However, your income from these  funds is now taxed, thereby reducing your overall returns. The upside is that your girl is just a newborn which gives you ample time to play out the market dynamics and get stable returns in the long term. 

  2. Debt Mutual Funds

    These are slightly safer than equity funds given that your money is invested in fixed income instruments, such as Corporate and Government Bonds. Investing in debt funds has several major advantages, including a low cost structure and relatively stable returns. Debt funds are ideal for parents of newborns seeking consistent income without facing market risks. These can help you reach your financial goals faster through tax savings, resulting in higher returns than bank deposits in a shorter period.

  3. Children’s Gift Mutual Funds

    These are a type of investment scheme in which parents can direct funds toward specific goals for their children, such as education or marriage. This type of investment account for children includes a lock-in period that serves as an approximate timeline for achieving the specific goal. These funds are mostly hybrid, which means they invest in both debt and equity. The distribution of the funds is also determined by the parent's risk tolerance. Make sure, however, that the investment horizon is long enough for the power of compounding to kick in.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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