Your child will get sum assured with life insurance cover, know how you will get more benefits on small investment.
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Post Office Scheme: In today’s changing environment, everyone wants to financially secure the future of their children. If planning is not done properly at the right time and how to arrange funds for children’s higher studies and marriage, then you can become a victim of trouble. If you are also worried about your child’s financial future, then we can help you. Many schemes are being run by the government for children. There are many schemes like FD, PPF, Sukanya Samriddhi, LIC which will give you better returns. Apart from this, there is a scheme in the post office about which very few people are aware. Name of the Central Government Scheme: Child Life Insurance (Child Life Insurance)Bal Jeevan Bima Scheme) Is. This scheme has been specially designed for children. The special thing is that this scheme is run under Postal Life Insurance. On its maturity, a sum assured amount of up to Rs 3 lakh is available. Besides, there is also life cover for children.
For what age children can buy
Post Office Child Life Insurance can be purchased by parents. However, the benefit of this scheme can be given to maximum two children of a couple. The age of the child for whom this insurance has been purchased by the parents should be at least five years and maximum 20 years. Along with this, there is also an age limit for the parents purchasing the insurance to apply for this insurance cover. Under the rules of child life insurance, the age of the parent applying should be maximum 45 years.
What is the rule of sum assured?
Child life insurance can be purchased in many ways. If you buy it under Postal Life Insurance (PLI), you will get a sum assured of Rs 3 lakh. Whereas, if you have taken a policy under Rural Postal Life Insurance (RPLI), then you will get the sum assured of only Rs 1 lakh. To connect more and more people with this policy and increase the benefits, the government has included a bonus with it, just like the 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 can be made
There is another special feature of the child life insurance policy offered by the post office. This policy becomes a paid up policy after you pay regular premium for five years. In this scheme, it is the responsibility of the parents to pay the freemium. But, if due to some reason the child dies before the maturity of the policy, the child’s premium is waived off. At the same time, if the child dies due to any reason, the sum assured is paid to the nominee made in the insurance. Along with this, they are also given a bonus. You can invest in this scheme monthly, quarterly, half yearly and also annually. There is no loan facility on this policy. There is no need for any medical examination while taking this policy. However, it is important for the child to remain healthy. There is no provision to surrender this scheme of post office.
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