There are many Post Office investment schemes for children, like FD, PPF, Sukanya Samriddhi, etc.. These schemes offer guaranteed returns. But there is a scheme that also provides life insurance cover to children, know about it here-
Bal Jeevan Bima Scheme: When a child is born, it brings happiness to the family, but with their arrival, parents also start thinking about their upbringing, future expenses, education and marriage expenditures. One needs a lot of money to fullfil these responsibilities. It is very difficult for one to bear them just through monthly earnings. That’s the reason smart parents opt for investments. Some parents prefer guaranteed return and risk-free investments, such as fixed deposit (FD), public provident fund (PPF), and Sukanya Samriddhi Yojana (SSY), etc.
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Since Post Office schemes are not market-linked and offer guaranteed returns, a lot of parents chose them as investments.
There is one such post office scheme which provides also life insurance cover to children other hand guaranteed returns. In this write-up, we will tell you about such schemes.
We are talking about Bal Jeevan Bima Scheme of Post Office.
This scheme has been specially designed for children and it runs under Postal Life Insurance. In the scheme, a sum assured amount of up to Rs 3 lakh is available on maturity.
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Bal Jeevan Bima Scheme: Eligibility criteria
Post Office child life insurance can be purchased by parents of children.
The benefit of this scheme can be given to maximum two children.
It can be purchased for children age 5-20 years.
Parents who want to buy this insurance plan for their children, their age should not be more than 45 years.
Bal Jeevan Bima Scheme: Assured amount
Under Postal Life Insurance, a sum assured of up to Rs 3 lakh is available, whereas if you have taken a policy under Rural Postal Life Insurance (RPLI), then the policyholder will get a sum assured of up to Rs 1 lakh.
To make this policy attractive, a bonus has been included in it like an endowment policy.
If you have taken this policy under Rural Postal Life Insurance, then on the sum assured of Rs 1000, you are given a bonus of Rs 48 every year.
Whereas under Postal Life Insurance, a bonus of Rs 52 is given every year.
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Bal Jeevan Bima Scheme: Benefits
After paying regular premium for 5 years, this policy becomes a paid-up policy.
In this plan, it is the responsibility of the parents to pay the premium, but if they die before the maturity of the policy, the child’s premium is waived off.
If the child dies, the sum assured is paid to the nominee along with a bonus.
Bal Jeevan Bima Scheme: Loan facility
You can invest in this scheme monthly, quarterly, half-yearly and annually.
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.
One thing to keep in mind is that there is no provision for surrendering the policy in this scheme.
