Nowadays, in this era of inflation, parents start worrying about their future from the birth of their children. Many parents start investing in their children at birth to make their future better. In such a situation, if you are also thinking of doing investment planning for your children, then the Bal Jeevan Bima Yojana of the Post Office can prove to be a better option. In this scheme, you can deposit lakhs of rupees for your children’s education and other needs by investing just Rs 6 daily. So let’s know about the Bal Jeevan Bima Yojana premium calculator…
What is Bal Jeevan Bima Yojana?
Bal Bima Yojana of the Post Office comes under Rural Postal Life Insurance. This is a special insurance scheme for children. This plan can be purchased by the parents of the children. But to buy this plan, the age of the parents of the children should not be more than 45 years. This means that if your age is more than 45 years, then you cannot take advantage of this plan. Bal Jeevan Bima is for children aged 5 to 20 years. Under this, the policyholder, i.e., the parents of the children, can include only two children in this scheme.
Bal Jeevan Bima Yojana Premium Calculator:
The Bal Jeevan Bima premium depends on the child’s age, selected sum assured and policy duration. The premium is paid by the parent (policyholder), not the child.
Unlike a fixed daily-premium scheme, the actual premium should be calculated using the applicable Postal Life Insurance (PLI) or Rural Postal Life Insurance (RPLI) premium calculation system.
Bal Jeevan Bima Premium Details
| Premium parameter | Details |
|---|---|
| Premium payer | Parent / policyholder |
| Insured person | Child |
| Child’s entry age | 5–20 years |
| Premium amount | Depends on age, sum assured and policy term |
| Sum assured – PLI | Subject to applicable PLI policy limits |
| Sum assured – RPLI | Maximum ₹1 lakh or parent’s sum assured, whichever is lower |
| Premium payment frequency | As per applicable India Post payment options |
| Premium waiver | No further premiums are payable if the parent-policyholder dies during the policy term |
How to Calculate the Bal Jeevan Bima Premium
Follow these steps to obtain the applicable premium:
- Visit the official India Post PLI website.
- Select the relevant Children’s Policy / Bal Jeevan Bima option, if available.
- Enter the child’s date of birth or age.
- Select the required sum assured and policy details.
- Check the applicable premium quotation before purchasing the policy.
Bal Jeevan Bima Yojana Apply Online Process:
Applications for Bal Jeevan Bima Yojana will be offline, so to apply, parents will have to go to the post office near them. Go to the post office and get the Bal Jeevan Bima application form. Now fill all the information asked in the application form carefully and submit the form to the same post office along with the important documents.
Eligibility for Bal Jeevan Bima (PLI and RPLI)
Bal Jeevan Bima is a children’s insurance policy offered under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI). It provides insurance coverage to eligible children of existing policyholders, subject to the prescribed age and sum-assured limits.
PLI vs RPLI eligibility criteria
| Eligibility criteria | PLI – Bal Jeevan Bima | RPLI – Bal Jeevan Bima |
|---|---|---|
| Eligible child’s age | 5–20 years | 5–20 years |
| Parent’s maximum age | 45 years | 45 years |
| The parent must hold | Eligible PLI policy | Eligible RPLI policy |
| Maximum children covered | 2 children per parent | 2 children per parent |
| Child’s health condition | A child must be healthy | A child must be healthy |
| Medical examination | Not required for an eligible healthy child | Not required for an eligible healthy child |
| Minimum sum assured | As per applicable PLI rules | ₹20,000 |
| Maximum sum assured | Up to ₹3 lakh, subject to the applicable PLI limit and parent’s sum assured | ₹1 lakh or parent’s sum assured, whichever is lower |
| Policy type | Children’s Endowment Assurance | Children’s Endowment Assurance |
| Premium payment | Paid by the parent | Paid by the parent |
Important eligibility conditions
- The child must be between 5 and 20 years of age when the policy is issued.
- The parent (existing policyholder) must not be older than 45 years.
- A maximum of two children can be insured under the scheme.
- The child must be healthy at the time of applying. A medical examination is not required under the applicable non-medical eligibility conditions.
- Under RPLI, the maximum sum assured is ₹1 lakh or the parent’s sum assured, whichever is lower.
FAQs:
Q. What is Bal Jeevan Bima Yojana?
A. Bal Jeevan Bima is a children’s life insurance policy offered under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) for eligible children of existing policyholders.
Q. What are the minimum and maximum ages for Bal Jeevan Bima?
A. Children between 5 and 20 years of age are eligible. The parent or policyholder must not be older than 45 years when applying.
Q. How many children can be covered under Bal Jeevan Bima?
A. A maximum of two children per parent or policyholder can be covered under the scheme.
Q. What is the maximum sum assured under Bal Jeevan Bima?
A. Under PLI, the maximum sum assured is ₹3 lakh or the parent’s sum assured, whichever is lower. Under RPLI, it is ₹1 lakh or the parent’s sum assured, whichever is lower.
Q. Is a medical examination required for the child?
A. No medical examination is generally required for the child. However, the child must be healthy when the policy proposal is accepted.
Q. What happens if the parent dies during the policy term?
A. No further premiums are payable. The child’s policy continues, and the sum assured, along with the applicable accrued bonus, is paid at maturity.
Q. How much premium is payable for Bal Jeevan Bima?
A. The premium depends on the child’s age, sum assured, and policy term. Parents should obtain an exact quotation from the official India Post PLI/RPLI portal or their nearest post office.
Q. Can I purchase Bal Jeevan Bima online?
A. Eligible parents can explore the policy application through the official India Post PLI customer portal, subject to eligibility verification and acceptance by India Post.