Parents often invest in various schemes to secure their children’s future, and one such option is the Post Office Bal Jeevan Bima Scheme, which many are unaware of.
This insurance scheme, part of the Postal Life Insurance (PLI) offerings, is specifically designed for children.
It offers a sum assured of up to Rs 3 lakh at maturity, along with life insurance coverage. A bonus, similar to an endowment policy, is also included. Here are the key details:
Different Sum Assured for PLI and RPLI
The scheme provides different sum assured amounts for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). PLI offers up to Rs 3 lakh, while RPLI provides up to Rs 1 lakh.
Premiums also differ between the two. To make the policy more attractive, both schemes include a bonus. RPLI offers an annual bonus of Rs 48 for every Rs 1,000 sum assured, while PLI offers Rs 52 per Rs 1,000 sum assured.
Maximum Two C
hildren Covered
Parents can purchase the Post Office Bal Jeevan Bima Scheme for up to two children, aged between 5 and 20 years. The parent must be under 45 years old to buy the policy.
Paid-Up Policy After 5 Years
The policy becomes paid-up after 5 years of premium payments. While parents are responsible for paying premiums, if they pass away before maturity, the premiums for the child are waived. If the child passes away, the sum assured and bonus are paid to the nominee.
No Loan Facility
The scheme offers flexible premium payment options—monthly, quarterly, half-yearly, or yearly. However, there is no loan facility available, unlike other policies.
Additionally, no medical examination is required for enrollment, though the child must be in good health. The policy cannot be surrendered.
This scheme is a great way for parents to secure their child’s future, but it’s important to understand these conditions.
