New Delhi: Post Office’s The Children Policy, also known as Bal Jeevan Bima, is a comprehensive life insurance scheme designed to provide financial security to the children of policyholders. This scheme offers a robust safety net, ensuring that the future of the policyholder’s children remains secure even in unforeseen circumstances.
The policy provides life insurance coverage specifically tailored for the children of the policyholder, ensuring that the child’s financial needs are taken care of in the event of any unfortunate incidents. The scheme covers a maximum of two children per policyholder, with eligible children being between the ages of 5 and 20 years. The maximum sum assured under this policy is ₹3 lakh or an amount equal to the sum assured for the parent, whichever is less, providing substantial coverage to secure the child’s future.
Bal Jeevan Bima eligibility
The parent, who is the policyholder, should be below 45 years of age at the time of policy initiation, ensuring that the policyholder is in a stable phase of life to manage the policy effectively. One of the key benefits of this scheme is that no premium is required for the children’s policy upon the death of the policyholder. In such cases, the full sum assured along with the accrued bonus will be paid upon the completion of the policy term. The policyholder is responsible for the payment of premiums for the children’s policy as long as they are alive, ensuring continuous coverage and benefits.
No loans
No loan is admissible against this policy, maintaining the integrity and purpose of the insurance cover. The policy can be made paid-up, provided that premiums have been continuously paid for at least five years, offering some flexibility to policyholders in managing their insurance. The policy does not have a surrender facility, emphasizing the long-term commitment and security for the child.
Medical examination not required
No medical examination is required for the child, although the child must be in good health, and the risk coverage starts from the day the proposal is accepted. The policy attracts a bonus rate applicable for the Endowment policy (Santosh), with the last recorded bonus rate being ₹52 per ₹1000 sum assured per year, adding to the benefits accrued over the term.
In conclusion, the Bal Jeevan Bima policy is a thoughtful and structured plan designed to ensure the financial security of children. By covering essential aspects and providing substantial benefits, this policy helps parents secure a stable and promising future for their children.
Post Office children plan – Bal Jeevan Bima: This thoughtful policy supports a stable and promising future for children. provides comprehensive life insurance coverage for children of policyholders, ensuring their financial security. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
