Bal Jeevan Bima Yojana (Child Life Insurance Scheme): In this era of inflation, every parent wants their child’s future to be secure. With this in mind, many families start planning savings and investment schemes for their children right from birth. If you also want to invest in your child’s education and future needs at a low cost, the Post Office’s Bal Jeevan Bima Yojana can be a good option. This scheme allows you to start investing with a very small amount and build a good fund for the future.
What is the Bal Jeevan Bima Yojana?
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The Bal Jeevan Bima Yojana is a special policy under the Rural Postal Life Insurance scheme, designed to secure the future of children. This scheme can be taken out by either parent in their child’s name. It provides both insurance coverage and savings benefits, which help with children’s education and other needs later on.
The maximum age for parents to avail of this scheme is 45 years. This policy can be taken for children aged 5 to 20 years. A policyholder can include a maximum of two children under this scheme.
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Big Benefits at a Very Low Premium
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The most special feature of the Bal Jeevan Bima Yojana is its very low premium. The daily premium ranges from just 6 rupees to 18 rupees. If the policy term is 5 years, the daily premium is 6 rupees. For a 20-year policy, the daily premium is fixed at 18 rupees. The premium can be paid monthly, quarterly, half-yearly, or annually.
Amount with Bonus on Maturity
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Upon maturity of the policy, the child receives the assured sum, which can be up to one lakh rupees. A bonus is also added every year. In this scheme, a bonus of 48 rupees is given annually for every 1,000 rupees of the sum assured, which further increases the total amount received at maturity.
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Great Security for Parents
A major advantage of this Post Office scheme is that if the parents die unexpectedly during the policy term, the remaining premiums are waived. In such a situation, the child continues to receive the full insurance benefits without any further payments. Furthermore, after paying premiums for 5 consecutive years, the policy converts into a paid-up policy, ensuring continued future security.