look news india
Post Office Scheme for Children: If you are looking for small savings and investment for your child, then you should definitely visit the post office once. You will find many types of schemes in the post office. One of these is Bal Jeevan Bima Yojana. 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 of up to Rs 3 lakh is available on maturity. Know important things related to the scheme here.
Different sum assured under PLI and RPLI
In the Child Life Insurance Scheme, different sums of insurance are given under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). Under PLI, the sum of insurance is up to Rs 3 lakh, whereas if you have taken a policy under RPLI, the policyholder will get a sum of insurance 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 you are given a bonus of Rs 48 every year on an insurance amount of Rs 1000. A bonus of Rs 52 is given every year on taking it under Postal Life Insurance.
Maximum two children can avail the benefit
Post Office Bal Jeevan Bima Yojana 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 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.
Policy payable after 5 years
After paying regular premiums for 5 years, this policy becomes a paid-up policy. After taking 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. If the child dies, the sum assured along with bonus is paid to the nominee.
Loan facility is not available
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. Keep one thing in mind that there is no provision for surrendering the policy in this scheme.