Post Office Bal Jeevan Bima Yojana Salient Features
The salient features of PO Bal Jeeven Bima Yojana are as follows:-- RPLI children policy scheme provides life insurance cover to children of policy holders.
- Maximum two children of policy holder (parent) are eligible for getting benefit under Bal Jeevan Bima Yojana.
- Children between 5 to 20 years of age are eligible for BJBY.
- Maximum sum assured is Rs. 1 lac or equal to the sum assured of the parent, whichever is less.
- Policy holder (parent) should not be over 45 years of age.
- 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.
- Policy holder (parent) shall be responsible for payment of Children policy, no loan admissible.
- Has facility for making it paid up, provided premiums are paid continuously for 5 years.
- Surrender facility is not available.
- No medical examination of child necessary. However, child should be healthy and risk shall start from day of acceptance of proposal.
- Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is Rs. 48/- per Rs. 1000 sum assured per year.
What is RPLI Bal Jeevan Bima Yojana
Bal Jeevan Bima Yojana is a life insurance scheme for children offered by the Indian Post Office. Under this RPLI children scheme, parents can deposit as little as Rs. 6 per day in a post office account, and in case of the untimely or unfortunate demise of the child, the nominated beneficiary will receive a sum total of Rs. 1 lakh.How to Apply for RPLI Children Policy Scheme
If you want to apply for RPLI Bal Jeevan Bima Yojana, parents or guardians need to visit their nearest post office. Once you reach post office, fill out Bal Jeevan Bima Yojana application form. The form requires details about the child, such as name, age, and address, as well as details about the nominated beneficiary. The applicant will also need to provide proof of identity and address to complete Children Policy scheme registration process.RPLI Children Policy Application Form PDF - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/RPLI%20Proposal%20Form.pdf
Who Can Apply for Post Office Children Policy Scheme
Rural PLI Child Policy namely Bal Jeevan Bima Yojana is open to children between the ages of 5 to 20 years. However, the child's age at the time of application is considered. For eg- let's say a parent wants to enroll their 10-year-old child in the Bal Jeevan Bima Yojana. The parent can visit their nearest post office, fill out the application form, and start making daily deposits of Rs. 6. If the child passes away before turning 20 years of age, the nominated beneficiary will receive a sum of Rs 1 lakh.Benefits of Rural PLI Child Policy
Major benefits of PO Children Life Insurance Scheme is to provide financial security to families in case of the unexpected loss of a child. The nominal daily deposit ensures that financial burden on family is minimal. Also the insurance cover of Rs. 1 lakh can help cover expenses related to the child's education or other financial responsibilities.
RPLI Child Policy Premium Table - https://www.indiapost.gov.in/Financial/DOP_PDFFiles/PLI/Annexure%20E_RPLI.pdf
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