Parent always wants to give the greatest life, education and good health care to their children, but to fulfill the requirement of the child parents needs to have a deep pocket. Therefore it is always preferable for parents to devise a financial plan to assure their children’s future. So, in this article, I have mentioned some plans, their importance, and the best plan for Girl child in India.
What do you mean by a child Plan?
A child plan means financial coverage for the child’s future. Parents or guardians buy the plan to secure the child’s future, it is something where parents invest for their child’s prosperity in the future. This plan helps to meet the educational, marriage, and health expenses.
The plan is very important, it acts as a safety guard for the girl child, and also it reduces the burden of the parent as they start investing in small amounts right from the early age of the child. By any chance, if uncertainty happens with the parent, the investment in these plans will provide financial assistance to the child.
Best Investment plan for girl child in India
Sukanya Samriddhi Yojana (SSY)
It is a government-sponsored savings scheme which helps society to promote girl child as the predominant account holder in the plan whereas parents or legal guardian will be joint holder the account. The SSY account can only be opened below the 10 years of age of the girl and contribution can be made for 15 years from the date of opening of the account or till the marriage, however, the maturity of the scheme is 21 years. Some advantage why to select SSY Scheme-
- Flexibility- a person has the deposit option from Rs 250 minimum to Rs 1.5 lakhs p.a. maximum.
- Presently the scheme offers a 7.6% of interest rate and its compound on yearly basis.
- SSY Account can be open at any bank or post office and also a person has the tax benefit up to Rs. 1.5 lakhs under section 80C of the Income Tax Act, 1961.
- A person can make a partial withdrawal for higher education only if the girl has attained 18 years.
Beti Bachao Beti Padhao (BBP)
It is sponsored by the central government which is beneficial for every girl in India, the main purpose of this scheme is to save the girl child from societal issues like gender-based abortion and promote girl’s families to allow their girl to education. The main aim of this scheme is district area where the female sex ratio is very low and later it got expanded to all over India. Some advantage of this scheme:
- Ensuring the survival of girl child
- Prevention of gender-based abortion.
- Ensuring gild child education.
- Fostering gender equality and challenging gender norms.
- Providing a healthy and secure environment.
- Support girl child to inherit the property.
CBSE Udaan Scheme
This scheme comes under the Ministry of Human Resource Development and is run and managed by Central Board of Secondary Education (CBSE). The main aim of this scheme is to increases girl enrollment in India at eminent colleges like engineering or technical colleges. Some advantages of this scheme are:
- Helpline service for studies and clearing doubts.
- Virtual classes for girl child of 11 And 12 on weekends.
- Online services like video learning for the girl child in 11 And 12 class.
- Eligibility to enroll under this scheme is-
- The girl should be a Resident of India
- The girl must be in 11 and 12 Studying in CBSE affiliated schools and must be enrolled in chemistry, physics, and mathematics.
- The annual income of the family must not exceed 6 lakhs p.a.
- Selection will be based on certain criteria or merits.
Balika Samriddhi Yojana
It is a scholarship program that offers financial support for the young girl child who is below the poverty line. The main aim of the scheme is to boost their social status, enhance the girl enrollment in education and also improve marriageable age. The benefit of the scheme-
- This scheme is available in both urban and rural areas.
- After the infant girl’s birth, the cash benefits of Rs 500 are given to the girl’s mother.
- The girl will be awarded an annual scholarship from Rs 300 to Rs 1000 to 10 standards.
- A girl child can withdraw the balance amount from the scheme after reaching the age of 18 years.
- The application form of Balika Samriddhi Yojana is available on the Women and Child Development portal.
National Scheme of Incentive to Girl for Secondary Education
This scheme is operated by the Department of School Education and Literacy, Human Resource Development Ministry, Government of India. It is a pan India Scheme. The scheme is mainly an advantage to the girls who belong to the backward class. Those who are eligible will get Rs. 3000 as a fixed deposit. Once the girl attained 18 years and completes 10th class, she can withdraw the amount with interest. But this scheme has eligibility criteria:
- A scheme like CBS, KVS, and NVS or got married are not eligible for the scheme.
- For the opening, the account girl must be below the age of 16 years.
- The girl must be SC/ ST and cleared exam of 8 class, other social group students are also eligible if they cleared the Kasturba Gandhi Balika Vidyalayas class 8 exam.
It is launched by Central Government in March 2008 as a pilot project which will provide a cash incentive to a low-income family who has a girl child. The following state where the Dhanalakshmi Scheme implemented- Andhra Pradesh, Bihar, Chhattisgarh, Orissa, Punjab, Jharkhand, and Uttar Pradesh.
This scheme especially runs in those states where the girl sex ratio is blowing than the average.
- On the birth of girl child and birth registration – Rs 5000
- Till attaining 1 year age Maximum – Rs250
- On the enrolment in primary school – Rs1000
- For passing every class with 85% attendance – Rs500
- For the enrollment in secondary school – Rs 1500
- On passing 6-8 class with 85% attendance – Rs 750
This scheme was discontinued in April 2013 after the various state-specific girl child welfare scheme had already come into effect by that time.