Bal Jeevan Bima Yojana is a life insurance scheme for children offered by the Indian Post Office. Under this scheme, parents can deposit as little as Rs 6 per day in a post office account, and in case of the untimely or unfortunate demise of the child, the nominated beneficiary will receive a sum total of Rs 1 lakh.
Benefits of the Bal Jeevan Bina Yojana:
One of the major benefits of this scheme is that it provides financial security to families in case of the unexpected loss of a child. The nominal daily deposit ensures that the financial burden on the family is minimal, while the insurance cover of Rs 1 lakh can help cover expenses related to the child’s education or other financial responsibilities.
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Another key benefit of the Bal Jeevan Bima Yojana is that it encourages savings and financial discipline among children. By making regular deposits into the account, children learn the importance of saving and financial planning at an early age.
How to apply for the scheme:
To apply for the Bal Jeevan Bima Yojana, parents or guardians need to visit their nearest post office and fill out an application form. The form requires details about the child, such as name, age, and address, as well as details about the nominated beneficiary. The applicant will also need to provide proof of identity and address.
Who can apply for the scheme:
The Bal Jeevan Bima Yojana is open to children between the ages of 8 and 12 years. However, the child’s age at the time of application is considered, and the insurance cover is valid until the child turns 18.
Example:
For example, let’s say a parent wants to enroll their 10-year-old child in the Bal Jeevan Bima Yojana. The parent can visit their nearest post office, fill out the application form, and start making daily deposits of Rs 6. If the child passes away before turning 18, the nominated beneficiary will receive a sum of Rs 1 lakh.
