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Karnataka govt Approves to Implement Bhagyalakshmi scheme through Sukanya Samriddhi Yojana of the postal department Instead of LIC

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Karnataka govt gives nod to switch implementing agency for Bhagyalakshmi schemeOn October 22, 2020 Karnataka Cabinet presided by Chief Minister B.S. Yediyurappa, approved to implement a redesigned Bhagyalakshmi scheme under the Sukanya Samriddhi Account scheme of India Post, instead of the Life Insurance Corporation (LIC) of India from 2020-21. The decision was made as the interest rate offered by the LIC was less.

Key Info

  • Under the scheme, India post provides an interest rate of 7.6% on deposits.
  • Annually, the public can make a minimum investment of Rs 250 and maximum of Rs 1.5 lakh.

About Bhagyalakshmi scheme

Launch & Aim

It was launched during 2006-07 to improve the sex ratio by providing incentives to BPL(Below Poverty Line) families with girl children. It aims to elevate the status of a girl child in the family and society.

Financial Assistance

The financial assistance for the girl is provided through her mother/father or natural guardian subject to the fulfillment of certain conditions.

Modified Scheme:

Deposit Amount

As per the modified scheme, an amount of Rs 19,300 for the first child and Rs.18,350 for the second child will be deposited with the partner financial institution. Earlier the amount was Rs 10,000.

Amount Received 

i.When the girl attains the age of 18, the first beneficiary in the family will get Rs.1,00,097/- and the second beneficiary will get Rs.1,00,052/- as maturity amount.

ii.Earlier when the girl attains the age of 18 years, an amount of Rs.34,751(the maturity amount together with the accrued interest) and if the second child in the same family in enrolled under the scheme, an amount of Rs. 40,918 will be paid to the beneficiary.

Eligibility to enroll

i.Children upto 2 years of age are eligible to enrol under the scheme upon producing a birth certificate.

ii.The benefits are restricted to 2 girl children in a BPL family.

Recent Related News:

On September 16, 2020 Bookanakere Siddalingappa(B.S.) Yediyurappa, Chief Minister(CM) of Karnataka has launched ‘Arthika Spandana’ programme to disburse loans of Rs 39,300 crore through various cooperative institutions. Under this scheme, Rs 15,300 crore will be disbursed to the agriculture sector and the remaining sum of Rs 24,000 will be earmarked for the non-agricultural sector.

About Karnataka:

Wildlife Sanctuary– Mookambika Wildlife Sanctuary, Bhimgad Wildlife Sanctuary, Brahmagiri Wildlife Sanctuary,  Arabithittu Wildlife Sanctuary, Cauvery Wildlife Sanctuaries, Chincholi Wildlife Sanctuary.

Bird Sanctuary– Attiveri Bird Sanctuary, Gudavi Bird Sanctuary, Ranganathittu Bird Sanctuary, Adichunchanagiri Peacock sanctuary, GhataPrabha Bird Sanctuary.