Under the Post Office Special Scheme, children will get up to Rs. 3 lakh in sum assured and life insurance coverage. Find more about the additional perks

 Under the Post Office Special Scheme, children will get up to Rs. 3 lakh in sum assured and life insurance coverage. Find more about the additional perks

In fact, there are a lot of kid-focused investment programs accessible these days, such as FD, PPF, Sukanya Samriddhi, etc., that provide guaranteed returns. However, there is a post office program that offers children life insurance coverage, although not many people are aware of it.

People are increasingly more conscious of investments these days. Parents begin preparing for their children as soon as they are born. Parents search for better investing programs since they are often concerned about how to pay for anything from higher education to marriage. In fact, there are a lot of kid-focused investment programs accessible these days, such as FD, PPF, Sukanya Samriddhi, etc., that provide guaranteed returns. However, there is a post office program that offers children life insurance coverage, although not many people are aware of it.

We are discussing the Post Office's Bal Jeevan Bima Scheme. This program was created specifically with kids in mind. A payout insured of up to Rs 3 lakh is available at maturity under this policy, which is administered by Postal Life Insurance. Learn more about this plan by going here.

available for purchase by kids aged five to twenty.

Parents of children may get Post Office child life insurance. A maximum of two children may receive benefits under this arrangement. Children between the ages of five and twenty may buy it. The age limit for parents who want to purchase this insurance plan for their kids is 45 years old.

What is the guaranteed amount when enrolling in the PLI and RPLI schemes?

A policyholder under Rural Postal Life Insurance (RPLI) would get an amount guaranteed of up to Rs 1 lakh, while those under Postal Life Insurance may receive a sum assured of up to Rs 3 lakh. An endowment-style benefit has been added to this insurance to make it more appealing. If you purchased this insurance via Rural Postal Life Insurance, you would get an annual bonus of Rs. 48 on the Rs. 1000 amount guaranteed. On the other hand, an annual bonus of Rs 52 is provided under Postal Life Insurance.

After 5 years, the insurance gets paid up.

This insurance gets paid up after five years of continuous premium payments. The premium for this plan must be paid by the parents, but if they pass away before the policy matures, the child's premium is not charged. The nominee receives a bonus and the promised amount in the event that the kid passes away.

There isn't a loan facility available.

This program allows for monthly, quarterly, half-yearly, and annual investments. Similar to all other insurance, this program does not provide a lending option. A medical evaluation is not required for youngsters to use this coverage. Still, it's critical that the youngster maintains his or her health. One thing to bear in mind is that this system does not allow for the surrender of the insurance.