Post Office Scheme for Children: If you are looking for a small savings and investment for your child, then you can get many options in the post office. One of those schemes is Bal Jeevan Bima, which is run for children. Know the details here.
Post Office Scheme for Children: If you are looking for investment with small savings for your child, then you must turn to the post office once. You will find many types of schemes in the post office. One of them is the Bal Jeevan Bima Scheme. This is an insurance scheme which is run especially for children. This scheme is run in the post office under Postal Life Insurance. In this scheme, a sum assured amount of up to Rs 3 lakh is available on maturity. Know the important things related to the scheme here.
Different sum assured under PLI and RPLI
In the child life insurance scheme, different sum assured is given under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). Under PLI, sum assured of up to Rs 3 lakh is available, whereas if you have taken a policy under RPLI, then the policyholder will get sum assured of up to Rs 1 lakh. The premium of both is also different. To make the policy attractive, bonus has been included in it like an endowment policy. If you have taken this policy under Rural Postal Life Insurance, then on a sum assured of Rs 1000, you are given a bonus of Rs 48 every year. On taking under Postal Life Insurance, a bonus of Rs 52 is given every year.
Maximum two children benefit
Post Office Bal Jeevan Bima can be purchased by the parents of the children. The benefit of this scheme can be given to a maximum of two children. It can be purchased for children aged between 5 years to 20 years. Parents who want to buy this insurance plan for their children should not be more than 45 years of age.
Paid up policy after 5 years
After paying regular premiums for 5 years, this policy becomes a paid-up policy. After taking the scheme, the responsibility of paying the premium lies with the parents, but if they die before the maturity of the policy, the premium of the child is waived off. If the child dies, the nominee is paid the sum assured, along with a bonus.
Loan facility is not available
You can invest in this scheme on a monthly, quarterly, half-yearly and yearly basis. Like all other policies, loan facility is not available on this scheme. There is no need for medical examination while taking this policy for children. However, it is important for the child to remain healthy. Keep one thing in mind that there is no provision for surrendering the policy in this scheme.
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