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 post office scheme.
An Overview of Bal Jeevan Bima Yojana (बाल जीवन बीमा योजना)
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The 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 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 Insurance Plan to his/her current arrangement.
The policyholder who buys the strategy is required to pay the premiums toward 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 Scheme Work?
To guarantee the life of your youngster, you can apply for a Bal Jeevan Insurance PLI plan at the Post Office of India. The approach will be for the sake of a parent – father or mother – even though the essential recipient is the kid.
At the most, 2 kids of a family can be enlisted under the 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 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 a reward at the hour of development. If the kid passes on before the finish of the strategy term, the sum will be paid to the primary policyholder.
Key Features Of The Plan:
The RPLI plans are not confined to government workers like the Postal Life Insurance plans. The primary target of the Bal Jeevan Insurance plot is to give protection spread to the offspring of people who as of now have a Rural Postal Life Insurance (RPLI) strategy.
Salient Features | |
| A maximum of two children of the policyholder (parent) are eligible | The scheme provides life insurance coverage to the 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 is 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 the Children’s policy |
| No loan admissible | The surrender facility is not available |
| Attract the rate of bonus applicable for Endowment policy (Santosh) | No medical examination of the child is necessary. |
Eligibility Of The Plan:
- 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 The Plan:
The motivation behind why Bal Jeevan Bima (Children Policy) of the RPLI is exceptionally suggested for the provincial masses are:
Low Premiums:
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 increment as the arrangement residency goes down.
Changes Of Nominee:
You can change the candidates whenever amid the approach residency.
Renewal Of Policy:
The strategy can be reestablished up to multiple times if it slips. If 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.
Accessibility Of The Plan:
The arrangement is held with the post workplaces, which makes it anything but difficult to get to. You can likewise exchange it starting with one main station and then onto the next effectively.
Death Benefit Of The Plan:
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.
Maturity Benefit Of The Plan:
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
FAQ:
Q. From where can you buy Bal Jeevan Bima?
A. You can buy 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.
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