How to become rich tips: This is how you can make your daughter wealthy, ensure her bright future with Sukanya Samriddhi Yojana Plus strategy
How to become rich: Girl Child Investment Plan is something that every father and mother should look at positively for their daughters. Investment experts are of the opinion that investment in Sukanya Samriddhi Yojana (SSY) only is not enough.
How to become rich tips: After the Sukanya Smruddhi Yojana (SSY) launch by the government, parents having a daughter have been pumping their surplus funds in into this excellent scheme. SSY is meant for 'girl child education under the 'Beti Bachao Beti Padhao' project. However, investment experts are of the opinion that investment in SSY only won't be enough. Parents who want to make their daughters wealthy and ensure a bright future for them should look at other investment options that fall under the children's plans.
Speaking on the girl child investment plan Sourab Kumar, a Mumbai-based tax and investment expert said, "The Sukanya Samriddhi Yojana is probably the only option that’s a dedicated investment instrument for a girl child. It offers a higher rate of interest than other products, has tax benefits and is locked in till the age of 18 or 21. Investments can be made for 15 years."
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However, he added, "Apart from this, there are Children’s Plans offered by Insurance companies and Mutual Funds. The advantage of these sorts of plans is that due to the name of the fund and lock-in periods, there’s an emotional attachment built and withdrawals from these don’t happen because you know what it has been marked for. They may not always be the best option and it may be advisable to actually take a pure term insurance cover to protect the dreams of your daughter if something happens to you – a direct lump sum is paid out."
Sourab said that instead of Child plans from MFs, you can invest in a mix of mutual fund schemes which you know is clearly marked for your daughter.
So, Sukanya Samriddhi Yojana is an option that gives an assured return of 8.5 per cent, which is highest among the debt schemes after the Provident Fund or PF. Apart from this, an investor can get income tax exemption benefits under Section 80C of the Income Tax. But, if we go by the investment experts' opinion, it's better to give tax by earning higher than to avoid income tax outgo by earning lesser.
Batting for other investment options in addition to Sukanya Samriddhi Yojana, Kartik Jhaveri, Manager - Wealth Management at Transcend Consultants said, "If someone invests for such a long period of above 10 years, there are other options in mutual funds where one can expect at least 12 per cent returns. So, by investing in mutual funds for the long-term, one can gain more by giving income tax. So, I advise investors to have a diversified portfolio allocating some surplus fund in SSY and some in mutual funds as well."