Child Investment Scheme: Invest This Amount In Your Child's Name And Get ₹3 Lakh On Maturity
If you're looking to secure your child's future with a small savings plan, the post office offers various investment schemes specifically for children. One such scheme is Bal Jeevan Bima , an insurance policy designed for children under the Postal Life Insurance (PLI) umbrella. This scheme provides a sum assured of up to ₹3 lakh upon maturity, making it an attractive investment option for parents.
Different Sum Assured for PLI and RPLI
The Bal Jeevan Bima scheme offers different benefits depending on whether the policy is taken under Postal Life Insurance (PLI) or Rural Postal Life Insurance (RPLI). Under PLI, the policyholder is entitled to a sum assured of up to ₹3 lakh, while RPLI offers a sum assured of up to ₹1 lakh. Additionally, the scheme includes a bonus similar to an endowment policy. Under RPLI, a bonus of ₹48 per ₹1,000 sum assured is added annually, while under PLI, the bonus is ₹52 per ₹1,000.
Policy Benefits for Two Children
Parents can buy the Bal Jeevan Bima policy for a maximum of two children between the ages of 5 and 20 years. The parents should not be older than 45 years at the time of purchasing the policy. This scheme ensures financial security for the child, providing peace of mind for parents.
Paid-up Policy After 5 Years
The policy becomes a paid-up policy after paying regular premiums for five years. If the parent passes away before the policy’s maturity, the child’s premiums are waived. In the unfortunate event of the child's death, the nominee will receive the sum assured along with any accrued bonuses.
Loan Facility and Other Details
This scheme does not offer a loan facility. Parents can choose to pay premiums monthly, quarterly, half-yearly, or annually. Additionally, no medical examination is required for the child, although the child must be in good health. It is also important to note that there is no provision for surrendering the policy before maturity.
With Bal Jeevan Bima, parents can make a small but significant investment in their child's future, ensuring financial security and a sizable payout at maturity.
Different Sum Assured for PLI and RPLI
The Bal Jeevan Bima scheme offers different benefits depending on whether the policy is taken under Postal Life Insurance (PLI) or Rural Postal Life Insurance (RPLI). Under PLI, the policyholder is entitled to a sum assured of up to ₹3 lakh, while RPLI offers a sum assured of up to ₹1 lakh. Additionally, the scheme includes a bonus similar to an endowment policy. Under RPLI, a bonus of ₹48 per ₹1,000 sum assured is added annually, while under PLI, the bonus is ₹52 per ₹1,000.
Policy Benefits for Two Children
Parents can buy the Bal Jeevan Bima policy for a maximum of two children between the ages of 5 and 20 years. The parents should not be older than 45 years at the time of purchasing the policy. This scheme ensures financial security for the child, providing peace of mind for parents.
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Paid-up Policy After 5 Years
The policy becomes a paid-up policy after paying regular premiums for five years. If the parent passes away before the policy’s maturity, the child’s premiums are waived. In the unfortunate event of the child's death, the nominee will receive the sum assured along with any accrued bonuses.
Loan Facility and Other Details
This scheme does not offer a loan facility. Parents can choose to pay premiums monthly, quarterly, half-yearly, or annually. Additionally, no medical examination is required for the child, although the child must be in good health. It is also important to note that there is no provision for surrendering the policy before maturity.
With Bal Jeevan Bima, parents can make a small but significant investment in their child's future, ensuring financial security and a sizable payout at maturity.
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