Source:- https:// www . arthayantra . com/blogs/what-is-a-worthy-child-plan/
The Bal Jeevan Bima 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 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: Rs. 5.92 for a policy term of 20 years
Maximum Premium: Rs. 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)
Source:- https:// hindi . indiatvnews . com/paisa/personal-finance-invest-here-to-make-your-child-future-better-559342
Features of Bal Jeevan Bima:
The RPLI plans are not confined to government workers like the PLI plans. The primary target of the Bal Jeevan Bima plot is to give protection spread to offspring of people who as of now have a RPLI strategy. Coming up next are the principal highlights of the kids’ arrangement under the RPLI:
1. The arrangement is accessible just for people who dwell in the provincial regions of India.
2. A limit of two kids can be secured under a solitary strategy.
3. No medicinal examination is required to buy the approach yet the tyke is relied upon to be in a sound condition at the season of procurement of the arrangement.
4. In the event that a policyholder can’t pay premiums in light of the fact that he/she experienced a characteristic disaster in the zone of living arrangement, no intrigue or fine for the late installment of premiums should be paid for a year from the season of cataclysm.
5. The rewards rate will be equivalent to that for Endowment Assurance arrangements. As of March 2014, the reward rate is 58%.
6. Death Benefit:
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.
7. Maturity Benefit:
On the Maturity of the strategy, the development advantage sum equivalent to the aggregate guaranteed in addition to collected rewards is payable.
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Source:- https:// www . idbifederal . com/insurance-plans/child-plans
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
Minimum Assured Sum: Rs.10,000
Maximum Assured Sum: Rs.3 lakh
Source:- https:// www . mastersacademy . in/landing-page-investor/
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 sums are exceptionally low contrasted with the aggregate guaranteed, beginning from just Rs. 5.92. The exceptional sums increments as the arrangement residency go down. For instance,
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.
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.