All parents desire a secure financial future for their child. Imagine a minuscule, disciplined savings plan accumulated over time into a substantial figure. The Post Office Bal Jeevan Bima Scheme is an investment scheme through which the government aims to help parents prepare a safety net for their children’s future.
Specially designed for the Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) customers, this superior, exclusive scheme gives a life cover, offers bonuses, and provides long-term savings benefits for the kids between the ages of 5-20 years.
The biggest attraction is that after a long period of 5 years in premium payment, the policy converts into a paid-up plan, so that protection would continue, even if the premium payments stop thereafter.
Why Choose Post Office Bal Jeevan Bima Scheme?
1. Financial Security with Sum Assured & Bonus
- Under PLI, the sum assured goes up to ₹3 lakh, while RPLI offers coverage up to ₹1 lakh.
- Annual bonuses make the policy even more rewarding—₹52 per ₹1,000 sum assured under PLI and ₹48 under RPLI.
2. Flexible Premium Payment Options
Parents can pay premiums monthly, quarterly, half-yearly, or annually, making it convenient to align with their financial situation.
3. No Medical Tests Required
Unlike many insurance policies, this scheme does not require a medical examination, ensuring hassle-free enrollment for healthy children.
4. Premium Waiver Benefit
In the unfortunate event of the policyholder’s demise, the child’s future premiums are waived off, but the sum assured and bonuses remain payable to the nominee.
Who Can Apply?
- Parents (up to 45 years of age) can enroll their children (5 to 20 years old).
- A policyholder can insure a maximum of two children.
Frequently Asked Questions (FAQs)
1. What benefits does the Bal Jeevan Bima Scheme offer?
The plan provides sum assured, annual bonuses, and life cover. If the parent passes away, the child’s future premiums are waived, but the policy benefits remain intact.
2. Who is eligible to buy the Bal Jeevan Bima policy?
Only parents (up to 45 years old) can purchase this policy for their children (aged 5-20 years).
3. Can I take a loan against the Bal Jeevan Bima policy?
No, this scheme does not offer a loan facility, but it ensures risk-free savings and guaranteed returns.