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Post Office Insurance Scheme for Children: Parents invest in many types of schemes for the future of their children, so that they can secure their future. One such scheme for children is also run in the post office, but very few people know about it.
The name of the scheme is Post Office 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, children get a sum assured amount of up to Rs 3 lakh on maturity along with life insurance cover. Along with this, bonus is also available like an endowment policy. Know important things related to the scheme here.
Different sum assured for 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 it under Postal Life Insurance, a bonus of Rs 52 is given every year.
Maximum two children can avail the 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, it is the responsibility of the parents to pay the premium, but if they die before the maturity of the policy, the premium of the child is waived off. If the child dies, the sum assured is paid to the nominee, along with a bonus.
No loan facility
In this scheme, you can invest on 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. One thing to keep in mind is that there is no provision for surrendering the policy in this scheme.
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