Actually, nowadays there are many schemes for children like FD, PPF, Sukanya Samriddhi etc., in which guaranteed returns are available. But there is a scheme of the post office which provides life insurance cover to children, but not many people know about it.
Now people are becoming very aware about investment. When it comes to children, parents’ planning starts as soon as they are born. Parents are often worried about how to arrange funds for everything from higher studies to marriage and they look for better schemes for investment. Actually, nowadays there are many schemes for children like FD, PPF, Sukanya Samriddhi etc., in which guaranteed returns are available. But there is a scheme of the post office which provides life insurance cover to children, but not many people know about it.
We are talking about Bal Jeevan Bima Scheme of Post Office. This scheme has been specially designed 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. Know about this scheme here.
Can be purchased for children between 5 to 20 years of age
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 between the age of 5 years to 20 years. Parents who want to buy this insurance plan for their children, their age should not be more than 45 years.
How much amount is assured on taking the scheme under PLI and RPLI?
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.
Paid up policy becomes after 5 years
After paying regular premium for 5 years, this policy becomes 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.
Loan facility is not available
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.
