The Indian Post Office offers a life insurance scheme for kids called the Bal Jeevan Bima Yojana. In accordance with this scheme, parents can deposit as little as Rs 6 per day into a post office account, and in the case that their child passes away suddenly or tragically, the designated beneficiary will receive Rs 1 lakh in money.
Benefits of the Bal Jeevan Bina Yojana:
This scheme offers families financial security in the event of the unexpected loss of a child, which is one of its key advantages. The little daily payment guarantees that the family’s financial burden is kept to a minimum, and the Rs. 1 lakh in insurance coverage may be used to help with other financial obligations or costs associated with the child’s education.
The Bal Jeevan Bima Yojana also helps children develop financial responsibility and saving habits. Children learn early on the value of saving and budget by making consistent deposits into the account.
How to apply for the scheme:
Parents or guardians must fill out an application form at their nearest post office in order to apply for the Bal Jeevan Bima Yojana. All details about the beneficiary and information about the kid, including name, age, and residence, are required on the form. The applicant must also provide proof of identity and address.
Who can apply for the scheme:
Children between the ages of 8 and 12 are eligible to participate in the Bal Jeevan Bima Yojana. However, the insurance coverage is available until the child becomes 18 and takes into account the child’s age at the time of application.