What are child life insurance plans?
Bal Jeevan Bima Yojana is a life insurance plan specially designed for children. Under this plan, the policyholder (i.e. the child's parents) pays a fixed amount of premium, and the sum assured is paid to the nominee on the death of the child. Also, if the policyholder dies, the child's premium is waived off.
Premium deposited in child life insurance plan
In this scheme, it is told that for those parents who do not have to worry about any amount for their children in future, this scheme has been started by the Post Office Department. So under this scheme, you can deposit a minimum insurance premium every day. Insurance premium of ₹ 6 to ₹ 18 can be deposited in a day. And here monthly, quarterly, half-yearly and yearly facilities are also provided.
- In Child Life Insurance Scheme, you will get the benefit of insurance of Rs 1 lakh on maturity.
- If any policy holder wants to buy the policy for 5 years, then he will have to deposit a premium of ₹ 6 per day.
- If he takes it for 20 years, then he will have to deposit a premium of Rs 18 per day.
Objectives of Child Life Insurance Scheme
Securing children's future: Child life insurance plans provide parents with a financial security for their children. In case of the child's death, the sum assured is paid to the nominee, which helps in meeting the child's education, marriage, or other needs.
Providing financial security to parents: Child life insurance plans also provide financial security to the parents. If the policyholder dies, the child's premium is waived off, helping the child to continue the insurance coverage.
Saving for children: Child life insurance plans can also be a good way to save for children. Over time, the amount invested in the insurance policy keeps growing, and upon maturity of the child, they can get a large sum.
Eligibility for Child Life Insurance Scheme
- Under this scheme, one must be a citizen of India.
- Under this scheme, you can take insurance only when the age of the children is minimum 5 years and maximum 20 years.
- The age of the parents who are taking the plan for their children should not be more than 45 years.
- Only two children of a family can be insured under this scheme.
Documents
- Aadhar card
- PAN card
- Ration Card
- Voter ID
- Address proof
- Aadhaar card of parents
- Mobile Number
- Photo
How to apply for Child Life Insurance Scheme?
The application process of how to avail the benefits of this scheme is explained in our article. Because this scheme is such a scheme in which parents think about the future of their children and provide them with a lump sum amount for the future. It has been told about the application process that it is offline.
- Before applying for Bal Jeevan Bima Yojana, you will have to contact your nearest post office as its application process is offline.
- Then from there you can get the form of this scheme from whatever officer or employee you are.
- After receiving the form, fill it carefully.
- Once the form is filled carefully, attach the required documents with it.
- After the papers are attached, check the form carefully once.
- When everything is filled correctly, sign the form and then submit the form.
- Your application process is complete.
- Then you should get a receipt for completion of application from the employee.