Child plan

source:- edchoice . org

A child investment plan is very essential nowadays. This is the best gift you can give to your child. There are many child investment plans in India. But in this article, I will be giving you an account of SBI Smart Champ VS Sukanya Samriddhi Yojana. So check this out below…

Source:- policybazaar . com

Sukanya Samriddhi Yojana for the girl child has become a favorite investment option for long-term investors wishing to build up wealth for the girl’s marriage or education. Sukanya yojana offers tax-free returns. The interest rate for this scheme is 9.2% for the financial year 2015-2016 and it was 9.1% for the previous financial year 2014-2015.

SBI Smart Champ

SBI Smart Champ Insurance plan is an individual non-linked participating life insurance plan offered by SBI-Life Insurance Company. The plan is particularly designed to meet your child’s educational needs and protect them from future uncertainties. With the help of this plan, you can save for your child’s future education as well as ensure a bright future for them. The plan offers assured benefits which are unusually paid during the policy term.

Below I am giving an account on SBI Smart Champ VS Sukanya Samriddhi Yojana to help you to know the difference between those and also help you to choose which one is better. See this below…

SBI Smart Champ VS Sukanya Samriddhi Yojana, Know The Difference:

About Plan:

about plan

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This an SBI Smart Champ VS Sukanya Samriddhi Yojana comparison. By this, we get to know about what are these plans.

SBI Smart Champ:

SBI Smart Champ Insurance Policy is a non-linked life insurance scheme which is aimed at providing a financial cushion to meet any needs a child could have. This policy offers assured benefits, with the policyholder protected under a life cover, ensuring that lack of finances does not hamper the dreams of his/her children.

SBI Smart Champ is a participating policy and will accrue bonuses at the end of every policy year until the child completes 18 years of age and a final Terminal bonus if any. SBI Life – Smart Champ Insurance provides the insurance cover to the proposer, who will be the life assured and the policyholder, for death and Accidental Total Permanent Disability (ATPD) throughout the term of the policy.

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Sukanya Samriddhi Yojana:

Despite being a small savings scheme, the Sukanya Samriddhi Account has the potential to have a phenomenal impact on the lives and self-esteem of young girls in the country. Under this scheme, a parent or legal guardian can open an account in the name of the girl child until she attains the age of 10 years. As per the government notification on the scheme, the account can be opened in any post office branch and designated public sector banks.

Coverage:

Coverage

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This is one of the SBI Smart Champ VS Sukanya Samriddhi Yojana comparison. We get to know about the coverage of both plans.

SBI Smart Champ:

SBI Smart Champ covers Survival Benefits, Death Benefits, Maturity Benefits, Child Education Corpus etc.

Sukanya Samriddhi Yojana:

The objective of Sukanya Samriddhi Yojana is to ensure the financial independence of women by encouraging them to invest in a savings scheme that would enable them to fulfill their long-term life goals and dreams like higher education, marriage, etc. and ensure financial stability.

FAQ Regarding SBI Smart Champ VS Sukanya Samriddhi Yojana

FAQ

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Here are some of the most frequently asked questions and their answers are given below. Let’s check out the FAQ regarding SBI Smart Champ VS Sukanya Samriddhi Yojana

Q. What Is SBI Smart Champ Insurance plan?

A. The SBI Smart Champ Insurance Plan is a traditional child scheme, which is specially designed to provide security for the insured child’s future requirements even at the time when the parent will not be around.

Q. What Is Sukanya Samriddhi Yojana?

A. Sukanya Samriddhi Yojana also known as SSY is an insurance policy for girls. This plan is designed by SBI Life Insurance and the policy is one of the best government-backed insurance plans for girls child only.

Q. How many Accounts are allowed for Sukanya Samriddhi Yojana?

A. Apparently, maximum 2 girl children from a single family will be allowed to get security under the Sukanya Samriddhi Yojana. However in case of twins or triplets at the time of second delivery 2 or more girl children will be able to get security under the scheme.

Q. What is the Rate of Interest of Sukanya Samriddhi Yojana?

A. The rate of interest is 8.6% per annum

Q. What Is the Rate of interest in SBI Life Smart Champ Insurance?

A. The rate of interest is 8.9% per annum.

Q. Is it mandatory to open Sukanya Samriddhi Yojana account in SBI Bank only?

A. NO… there is some authorized banks too from where you can easily get Sukanya Samriddhi Yojana form and open your account there only.

Q. What are the authorized banks to open a Sukanya Samriddhi Yojana (SSY) Account?

A. Here is the list of the banks for Sukanya Samriddhi Yojana (SSY) Account:

  • State Bank Of India (SBI)
  • Allahabad Bank
  • Axis Bank
  • Andhra Bank
  • Bank of Baroda (BOB)
  • Bank Of Maharashtra (BOM)
  • Central Bank of India (CBI)
  • Canara Bank
  • Corporation Bank
  • Dena Bank
  • Indian Bank
  • Indian Overseas Bank (IOB)
  • IDBI Bank
  • ICICI Bank
  • Oriental Bank Of Commerce (OBC)
  • Punjab & Sind Bank (PSB)
  • Punjab National Bank (PNB)
  • Syndicate Bank
  • State Bank of Hyderabad (SBH)
  • State Bank of Patiala (SBP)
  • State Bank Of Mysore(SBM)
  • State bank of Travancore (SBT)
  • UCO Bank
  • United Bank of India
  • Vijaya Bank

 

 

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