Bal Jeevan Bima Yojana 2023
As a parent, it’s natural to worry about your children’s future, especially in today’s economic climate. One way to secure their future is to invest in schemes that will benefit them in the long run. One such scheme is the Bal Jeevan Bima Yojana (Bal Jeevan Bima Yojana 2023), which is offered by the Post Office.
For a small investment of just 6 rupees, you can potentially earn millions for your child’s education and other needs and even make them a millionaire. We will provide more information about this plan in this article, so make sure to read it carefully.
Child Life Insurance Scheme
Bal Jeevan Bima Yojana is a Child Life Insurance Scheme offered by the Government through the Rural Postal Life Insurance Department of the Post Office. It is specially designed for children and can be purchased by parents in their child’s name only. Parents should be below 45 years of age to buy this plan and their children between 5 to 20 years are eligible to avail the benefits. Under this scheme, the policy holder (parent) can enroll only two children. And only children can be nominees for this policy.
You will get 1 lakh rupees by depositing 6 rupees daily
Child Life Insurance Scheme provides parents with Rs. 6 to Rs. Allows premium deposits up to 18 Premium can be deposited monthly, quarterly, half-yearly or annually. This scheme covers children between 5 to 20 years of age only. Under Bal Jeevan Bima Yojana, parents will get a benefit of Rs 1 lakh sum assured on maturity.
The premium amount that parents need to pay daily depends on the policy tenure. For example, if a parent buys a policy for 5 years, he will pay a premium of Rs 6 per day, and if a policy is bought for 20 years, the parent will pay a premium of Rs 18 per day.
Benefits Available in Child Life Insurance
Child life insurance is a great option for anyone looking to improve their overall health and well-being. This health center offers a variety of services including yoga, meditation and massage therapy. They also offer a variety of treatments to enhance your overall well-being, such as weight loss programs and immunity boosters. If you’re curious about what child life insurance can offer, keep reading.
This insurance plan has some advantages such as if the parent policy holder dies before maturity, the child’s premium will be waived off. If the child dies, the sum assured is paid to the nominee along with the bonus assured. The policy holder will receive all the money on maturity. After paying regular premium for 5 years, the policy becomes paid-up. You can choose to invest monthly, quarterly, half yearly or yearly under this plan.
Features of Bal Jeevan Bima Yojana
Bal Jeevan Bima Yojana (Bal Jeevan Bima Yojana in Gujarati), also known as Bal Jeevan Bima Yojana, has several features that parents should know about. Only two children per family are eligible for benefit under this scheme. To be eligible, children should be between 5 and 20 years of age.
The policy offers a minimum sum assured of Rs 1 lakh. The policy holder, or parent, must be under 45 years of age at the time of purchase. If the policy holder dies before the policy matures, the child will not be liable to pay any further premium. On maturity, the entire amount is given to the child. The parents have to pay the policy premium. Additionally, Rs. 1000 per annum on a sum assured of Rs. A bonus of 48 is given.
Eligibility for Child Life Insurance Scheme
To be eligible for Bal Jeevan Bima Yojana, you must be an Indian citizen, at least 18 years of age and residing in a rural area. Additionally, you must have an Aadhaar card or a document that proves your identity and residence.
In addition to these requirements, to avail the benefits of a child life insurance plan, the child should be at least 5 years old and not more than 20 years old. Age of parents or policy holder should also be less than 45 years. The scheme is limited to two children per family.
Documents required for Child Life Insurance Scheme
To apply for Child Life Insurance Scheme, certain documents are required such as:
Child’s Aadhaar Card
Child’s birth certificate
Passport size photograph of the child
Parents Aadhaar Card
It’s important to note that these documents can vary by location, so it’s best to check with your local post office or insurance provider for specific requirements.
Application Process under Child Life Insurance Scheme?
Application for Bal Jeevan Bima Yojana can be done online or in person at the nearest post office.
While applying online, all necessary documents like income and PAN details have to be uploaded on the website.
After verifying all the information, applicants will have to give an online verification test.
Once the application is completed, applicants will receive a confirmation email and need to print and carry the confirmation receipt to the concerned agencies for issuing Aadhaar card and ration card.
While applying in person, parents or guardians have to get the Child Life Insurance application form from the post office, fill in the details of the child and their own information as the policy holder, attach all the necessary documents and submit the form at the post office Must be returned.