Sukanya Samridhi Yojana Versus LIC Jeevan Labh

Sukanya Samridhi Yojana and LIC Jeevan Labvh policy are two completely different savings schemes. While the former is specific to securing the financial future of girl children in the country, the latter is an insurance policy that anybody in the age bracket of 8 to 59 years can invest in.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Sukanya Samriddhi Yojana versus LIC Jeevan Labh

As already mentioned, a comparison between the two will result in vast differences, given that both serve entirely different purposes. The following table highlights distinguishing features of each of these schemes so that you can make a decision that perfectly suits your needs.

Factors Sukanya Samriddhi Yojana LIC Jeevan Labh
Type of Plan It is a small deposit scheme to create a savings corpus for girl children. It is an endowment-based insurance scheme that serves as a life cover along with savings.
How to buy? The government introduced scheme is now offered in association with all the leading banks of the country and post office. The policy can only be purchased through the official network of LIC. 
Eligibility Criteria Any parent/guardian with a girl child below the age of 10 years. Anybody in the age bracket of 8 to 59 years.
Primary Purpose To save for and fund the higher education and marriage of a girl child. To create a life cover for the policyholder and secure dependents’ financial future on her/his death.
Policy Term The policy matures after 21 years from the date of opening the account. A policy term of 16 years, 21years, or 25 years can be chosen at inception.
Payment period Deposits can be made for 15 years from the date of opening the account. Premiums can be paid for 10 years, 15 years, or 16 years depending on the policy term chosen.
Deposit Amount vs. Sum Assured Minimum Deposit Amount: Rs.250 Maximum Deposit Amount: Rs.1.5 Lakhs Minimum Sum Assured: Rs.2 Lakhs  Maximum Sum Assured: No limit
Interest Rate High at 7.6% Low
EEE Tax Benefit
Tax savings U/S 80C
✓✓
✓✓
XX
✓✓

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

Let's briefly study the two plans to establish unique features associated with each. 

About Sukanya Samridhi Yojana

The Sukanya Samridhi Yojana is a savings scheme for girl children below the age of 10 years. It was launched under the ‘Beti Bachao Beti Padhao’ campaign by the prime minister of India. This scheme was specially designed to meet the financial needs of young girls and as a measure to promote higher education for them. This encourages parents to work towards their betterment instead of considering them a burden. 

The plan comes with several advantages that have led to a lot of people investing in it. The primary driver is the high rate of interest which is 7.6% for the current year. Couple that to the EEE (exempt exempt exempt) tax benefit, and you have created for your daughter a significant savings corpus.

The following section discusses the key features of Sukanya Samridhi Yojana

  • Deposit Amount - The minimum deposit amount is fixed at Rs.250, and the maximum amount has been capped at Rs.1.5 Lakh every year. Deposits can only be made for 15 years from the date of opening the account.

  • Account Details - A Sukanya Samriddhi Yojana account can only be opened in the name of a girl child under the age of 10 years. Further, only one account can be opened per child. However, in the case of twins, a maximum of two accounts can be opened for each child.

  • Interest Rate - The interest rate associated with the Sukanya Samriddhi Yojana is one of the highest in the country. The government revises the rate every quarter. Currently, the interest rate for the Sukanya Samriddhi account is 7.6% per annum. The accrued interest amount is added to the account at the end of every financial year.

  • Partial Withdrawal - Up to 50% of the balance in your Sukanya Samriddhi Yojana account can be withdrawn by the account holder for education purposes on the condition that she has attained the age of 18 years or completed 10th standard.

  • Tax Benefit - The tax benefit under the scheme has mainly driven the interest of people. Under the EEE tax benefit, the deposited amount, the amount of interest, and the maturity benefit are all exempt from tax.

All the above-mentioned pointers make the Sukanya Samriddhi Yojana a good option if you have a girl child and you want the best for her future.


About LIC Jeevan Labh

LIC’s Jeevan Labh is an endowment policy that serves to protect the future needs of your family if you are not around. This life insurance policy allows you to save for the financial needs that may arise in the future. The benefit amount in the form of death or maturity benefits will enable you to fund any capital needs in case of an emergency or otherwise.

Some of the key elements of LIC Jeevan Labh are:

  • Flexible Options - The policy allows you to choose from three possible policy terms, viz. 16 years, 21 years, or 25 years. The corresponding premium payment amount for the chosen policy terms are 10 years, 15 years, 16 years, respectively.

  • Death Benefit - On your unfortunate demise, the nominees assigned by you are entitled to the sum assured on death. As a policyholder, you have the option to choose to receive the benefit amount in installments.

  • Maturity Benefit - Even if you manage to survive the entire duration of the policy term, LIC is liable to pay you the sum assured on maturity. With the maturity benefit as well, you have the option to receive it in installments by opting for the settlement option.

  • Profit Participation - You are entitled to get bonuses along with the death and maturity benefit amount based on the profits made by the company in a financial year. The bonus rates are declared by the company based on its annual valuation.

In Conclusion!

Despite the differences that we discussed above, Sukanya Samriddhi Yojana and LIC Jeevan Labh resemble the savings aspect. Both schemes offer enough scope for account holders to save and create a decent corpus to fund various high-capital requirements. Remember, the Sukanya Samriddhi Yojana can only be purchased if you have a daughter below the age of 10, while there are no such limitations to LIC Jeevan Labh. 

Now that you are aware of the difference between Sukanya Samriddhi Yojana and LIC Jeevan Labh, you are in a good position to make a suitable choice per your needs.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL