Post Office Bal Jeevan Bima Scheme: Under the post office, children are given the benefit of life insurance coverage. For this, you can invest under the Child Life Insurance Scheme.
Post Office Bal Jeevan Bima Scheme: In order to provide insurance coverage to children and youth in the country, different schemes are run by government organizations. One of these popular schemes is Bal Jeevan Bima Scheme of the post office. This scheme is specially made for children. This scheme is run under Postal Life Insurance and under this scheme, a Sum Assured amount of up to Rs 3 lakh is available on maturity. If you too are thinking of a good insurance scheme for your children, then you can invest in this scheme. Here you can take Life Insurance coverage for up to 2 of your children.
This qualification is required to take advantage of the scheme
To take advantage of the scheme, the child should be at least 5 years old and the maximum age should be 20 years. Apart from this, the age of the policy holder (parent) should not be more than 45 years. The benefit of this scheme can be given to 2 children.
If the policy is taken under Rural Postal Life Insurance (RPLI), then the policyholder will get a sum assured of up to Rs 1 lakh. Apart from this, a sum assured benefit of up to Rs 3 lakh will be available under Postal Life Insurance. You can invest monthly, quarterly, half yearly and annually under this scheme.
There Are Many Benefits Available in The Acheme
- If the policyholder dies before maturity, the remaining premiums are waived off
- In case of death of the child, the Sum Assured is paid to the nominee, along with the Bonus Assured
- On maturity, all the money is given to the policyholder
- This policy can become a paid-up policy after paying regular premiums for 5 years.
Can I Take Loan on The Scheme?
Like other policies, parents cannot take a loan on this scheme. Medical examination is not required while taking this policy for children. Although it is necessary for the child to be healthy. Keep one thing in mind that there is no provision to surrender the policy in this scheme.
