A child insurance plan is an insurance policy designed to provide financial protection for your child’s future. A child plan also serves as an investment plan, as the amount invested in a child policy can be used to meet your child’s future finances during their critical years, for example, higher education or marriage. That is why postal life insurance has come with the Bal Jeevan Bima. Let’s know in details below:
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An Overview of Bal Jeevan Bima
The Bal Jeevan Bima plan is a child plan that helps to overcome momentary shortfalls and helps your child fulfill their dreams. Typically, child insurance covers the life of a parent who has a minor child to take care of. This Bal Jeevan Bima’s plan is a Rural Postal Life Insurance plan intended to offer life spread to kids.
A parent who as of now holds a Rural Postal Life Insurance and has picked an entirety guaranteed sum that surpasses the greatest furthest reaches of the Children approach may include the PLI Bal Jeevan Bima Plan to his/her current arrangement.
The policyholder who buys the strategy is required to pay the premiums towards the approach. Assuming, be that as it may, the policyholder lapses, future premiums are deferred off.
Plan Type: Life Insurance Cover
Premium Payment Term: Monthly, Quarterly, Half-yearly, Annually
Minimum Premium: INR 5.92 for a policy term of 20 years
Maximum Premium: INR 18.88 for a policy term of 5 years
Intermediate Withdrawal: Allowed after 5 years if all premiums are paid up till then.
Surrender Terms Policy: can be surrendered after 60 months (5 years)
How Does The Bal Jeevan Bima Work?
To guarantee the life of your youngster, you can apply for a Bal Jeevan Bima Postal Life Insurance plan at the Post Office of India. The approach will be for the sake of a parent – father or mother – despite the fact that the essential recipient is the kid.
At the most, 2 kids of a family can be enlisted under the Bal Jeevan Bima plan. On the off chance that a parent as of now has a Whole Life or Endowment Policy for an entirety guaranteed that is more than the measure of the Children Policy, at that point they can add on the Children Policy to their arrangement.
When the strategy is purchased, the parent or the essential policyholder is answerable for the installment of premiums. Clinical assessment of the kid isn’t required to take this approach, however, the youngster ought to be solid upon the arrival of use for the strategy.
In case the chief policyholder bites the dust, the premiums shouldn’t be paid. The kid will get the entirety guaranteed alongside reward at the hour of development. In the event that the kid passes on before the finish of the strategy term, the sum will be paid to the primary policyholder.
Features of Bal Jeevan Bima:
The RPLI plans are not confined to government workers like the Postal Life Insurance plans. The primary target of the Bal Jeevan Bima plot is to give protection spread to the offspring of people who as of now have a Rural Postal Life Insurance (RPLI) strategy.
|Maximum two children of the policyholder (parent) are eligible||The scheme provides life insurance cover to children of policyholders.|
|Maximum sum assured INR 3 lac or equal to the sum assured of the parent, whichever is less||Children between 5- 20 years of age are eligible|
|No premium to be paid on the Children Policy, on the death of the policyholder (parent). Full sum assured and bonus accrued shall be paid on completion of the term||Has facility for making it paid up, provided premiums are paid continuously for 5 years|
|Policyholders (parents) should not be over 45 years of age.||The policyholder (parent) shall be responsible for payment of Children policy|
|No loan admissible||Surrender facility is not available|
|Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is INR 8/- per INR 1000 sum assured per year.||No medical examination of the child necessary. However, the child should be healthy and risk shall start from the day of acceptance of the proposal|
Eligibility Of Bal Jeevan Bima:
Minimum Age Of The Child At Entry Time: 5 Years
Maximum Age Of The Child At Entry Time: 20 Years
Maximum Age Of The Policyholder At Entry Time: 45 Years
Total Sum Assured:
Minimum: INR 10,000
Maximum: INR 3 lakh
Benefits of Bal Jeevan Bima:
The motivation behind why Bal Jeevan Bima (Children Policy) of the RPLI is exceptionally suggested for the provincial masses are:
The top-notch Bal Jeevan Bima premium calculator is exceptionally low contrasted with the aggregate guaranteed, beginning from just Rs. 5.92. The exceptional sums increments as the arrangement residency go down.
Changes Of Nominee:
You can change the candidates whenever amid the approach residency.
Renewal Of Policy:
The strategy can be reestablished for up to multiple times in the event that it slips. In the event that the arrangement is under 3 years of age, it slips by after 6 unpaid premiums, and if the strategy is over 3 years of age, it passes after 12 unpaid premiums.
Duplicate Policy Bond:
If the first strategy report is lost, torn, consumed, or damaged, a copy approach security will be issued under the Bal Jeevan Bina PLI.
The arrangement is held with the post workplaces, which makes is anything but difficult to get to. You can likewise exchange it starting with one mail station then onto the next effectively. The premium can be paid at post workplaces with money or check.
Upon the passing of the child, the demise advantage equivalent to the aggregate guaranteed in addition to gathered rewards is payable following demise.
Upon the passing of the policyholder, all future premiums are postponed off and the advantages are paid on development.
On the Maturity of the strategy, the development advantage sum equivalent to the aggregate guaranteed in addition to collected rewards is payable as per the Bal Jeevan Bima maturity calculator
Q. From where can you buy Bal Jeevan Bima?
A. You can buy7 Bal Jeevan Bima from the branch of any of the Indian post offices or online from the official website of the Indian post office.
Q. How many children can be covered under the Bal Jeevan Bima?
A. A maximum of 2 children can be covered under a single policy of the Bal Jeevan Bima of Postal Life Insurance.
Q. What is the assured amount under the Bal Jeevan Bima Plan?
A. Under the Bal Jeevan Bima plan, the minimum sum assured is INR 10,000/- and on the other hand, the maximum sum assured under the plan is INR 3 lakh
Q. What is RPLI?
A. RPLI is the short form of “Rural Postal Life Insurance”. It was launched in 1995 after the Malhotra Committee pointed out in the year 1993 that only 22% of the Indian populace was insured.
Q. What is PLI?
A. PLI stands for “Postal Life Insurance”. PLI provides life insurance with high paybacks on the total paid premiums.
Q. Is Postal Life Insurance tax-free?
A. No, Postal Life Insurance isn’t tax-free. However, it provides tax benefits om its several plans.
Q. Who runs Postal Life Insurance?
A. The government of India runs the Postal Life Insurance plans under the Post Office services.
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