What is Postal Life Insurance Children Policy (Bal Jeevan Bima) ? What is salient features of this scheme ?

  Children Policy (Bal Jeevan Bima)

 The salient features of this scheme are as under:

1. The scheme provides life insurance cover to children of policy holders
2. Maximum two children of policy holder (parent) are eligible
3. Children between 5- 20 years of age are eligible
4. Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less
5. Policy holder (parent) should not be over 45 years of age.
6. No premium to be paid on the Children Policy, on the death of policy holder (parent). Full sum assured and bonus accrued shall be paid on completion of term
7. Policy holder (parent) shall be responsible for payment of Children policy No loan admissible
8. Has facility for making it paid up, provided premiums are paid continuously for 5 years
9. Surrender facility is not available
10. No medical examination of child necessary. However, child should be healthy and risk shall start from day of acceptance of proposal
11. Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is ₹ 52/- per ₹ 1000 sum assured per year

Source.www.indiapost.gov.in