Bhagyalakshmi Yojana

What is a Bhagyalakshmi Yojana?

The Bhagyalakshmi Yojana is a social security and welfare scheme launched by the Karnataka government that aims at providing financial assistance to girl children below the age of 18 while also discouraging child marriage in the state.

How does the Bhagyalakshmi Yojana work?

• Since the Bhagyalakshmi Yojana is a social security scheme, it mainly works through investment. However, the parents are not required to invest anything under the scheme. They can enrol their child under the scheme and reap the benefits of the scheme in the years to come. The following points cover how the scheme works. 
• Investment: When an eligible child is born, the government makes a lump sum investment in a financial institution. Initially, these investments were made through LIC; however, after 2020, these investments have been redirected towards the Sukanya Samriddhi Yojana. 
• Maturity Growth: These investments grow over 18 years through the power of compounding and mature to about ₹ 1 lakh- ₹1.5 lakh depending on the prevailing interest rate.
• The enrolled child is also provided with annual scholarships. The following table summarises the scholarship amount and academic milestones for the release. 

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

What are the Eligibility Criteria for Bhagyalakshmi Yojana?

The eligibility criteria for Bhagyalakshmi Yojana are as follows:

• The girl child must be born in a Below Poverty Line (BPL) family in Karnataka.
• The girl child must be born after March 31, 2006.
• Girls shouldn’t engage in child labour.
• The girl child must be immunised as per the government schedule.
• The girl child must not be married before the age of 18.
• The girl child must complete her eighth-grade education.
• The Bhagyalakshmi scheme offers benefits to Below Poverty Line (BPL) families who have a maximum of two female children.

How to Apply for the Bhagyalakshmi Yojana?

To apply for the Bhagyalakshmi Scheme in Karnataka if you are below the poverty line and have a girl child, follow these steps:

1. Online Process

   Note that you cannot entirely enrol in the scheme online. You can download the application online but will have to submit it to the concerned authority physically. 

   Step 1: You can visit the official Bhagyalakshmi Yojana Karnataka website.

   Step 2: Click on the Bhagya Laxmi Yojana Application form link.

   Step 3: The application form PDF will then appear on your screen.

   Step 4: Proceed to fill in all the necessary details on this form.

   Step 5: Attach all the mandatory documents 

   Step 6: Finally, submit the form at your closest Aanganwadi or gram panchayat office. 

2. Offline Process

   To apply for the Bhagyalakshmi Scheme offline, candidates can visit the following locations:

   Obtain the form from your closest aanganwadi centre or gram panchayat office 

   Step 1: Obtain the form from your closest aanganwadi centre or gram panchayat office 

   Step 2: Fill in the details while ensuring that all your details are correct.

   Step 3: Attach all the required documents with the application.

   Step 4: Submit the application, which will then be reviewed by the Anganwadi worker and CDPO

   Step 5: Once the application is approved, a Bhagyalaxmi bond certificate is issued to the applicant.

Documents Required for Bhagyalakshmi Yojana

The following are the documents required for Bhagyalakshmi Yojana:

• Application form of the Bhagyalakshmi Yojana
• Authenticated copy of the birth certificate of the girl child
• Income proof of the parents
• Address proof of the parents of the girl child
• BPL Card
• Bank details of the girl child

Benefits of the Bhagyalakshmi Yojana

The following are the benefits of the Bhagyalakshmi Yojana:

• Financial Assistance: Meeting the eligibility criteria qualifies the child and her family for financial assistance to help raise her and take advantage of one of the best government schemes for girl child.  
• Health insurance: All girl children under the scheme are covered by health insurance of up to Rs. 25,000 per year.
• Education scholarship: Girl children under the scheme are eligible for an annual scholarship of Rs. 300 to Rs. 1,000 from class 1 to 10.
• Maturity benefit: Upon completion of 18 years of age, the girl child receives a lump sum amount of ₹ 1 lakh - ₹ 1.5 lakh. 
• Death benefit: In case of the accidental death of the girl child, her parents receive a compensation of Rs. 1 lakh. In case of the natural death of the girl child, her parents receive a compensation of Rs. 42,500.
• Improved Social Status: By economically helping poverty-stricken families, this scheme also helps to improve their social status.

People also read: Sukanya Samriddhi Yojana Calculator

Objectives of the Bhagyalakshmi Yojana

The objectives of the Bhagyalakshmi Yojana are:

• Encourage poor families to empower and educate the girl child in and decrease female mortality rate in infants.
• Help economically disadvantaged families uplift the standing of their girl child in the family and community.
• Offer financial support to girls through their parents or guardians if they meet certain requirements.

Conclusion

Since its inception, the Bhagyalakshmi yojana has acted as an important tool towards girl child empowerment. The plan not only provides the child with an investment corpus by the time she is 18 but also provides for annual scholarships and health insurance, along with death benefits. This creates a triple incentive for parents to enrol their child into this scheme. Note that girls are only eligible to receive the maturity amount as long as they are not married by the end of the scheme and have at least passed class 8.

You can also invest in a child plan to further ensure your child's financial and academic future.