Bal Jeevan Bima is an PLI/RPLI child policy that offers life insurance coverage to a maximum of 2 children of the same parent. The policyholder (who is the parent) has to pay the premiums against the child life cover. On the death of the policyholder, the policy continues, but the premium payments are waived off.
Key Features Of RPLI Child Policy Bal Jeevan Bima
- This post office child policy is aimed at insuring the lives of the children of rural postal life insurance policyholders
- Premiums payable towards the policy shall be waived off on the death of the policyholder (the parent).
- The sum assured along with the annually accrued bonus amount is payable on the completion of the policy term or on the death of the life assured (the child).
- Loans are not admissible under this post office rural child policy
- The policy does not acquire a surrender value.
- This RPLI child policy does not require the child to undergo a medical examination.
- Premiums can be paid on a monthly, quarterly, half-yearly, or yearly basis.
Eligibility of Rural Postal Life Insurance – Bal Jeevan Bima
| Criteria | Minimum | Maximum |
| Entry Age of Children | 5 years | 20 years |
| Entry Age of Policyholder (Parent) | NA | 45 years |
| Number of Children | Maximum of 2 children | |
| Maximum Sum Assured | Rs. 1 Lakh or equal to the sum assured for the parent’s cover (whichever is less) |
Benefits Offered By Bal Jeevan Bima
The following benefits are payable with Bal Jeevan Bima offered under rural postal term life insurance schemes.
Death Benefit – If the parent policyholder dies during the policy term, future premiums payable is waived off by the insurer without any impact on the life cover of the child. If the life assured (the child) dies within the policy term, the sum assured on death is payable to the nominees along with the accrued bonuses.
Maturity Benefit – If the child covered under this policy survives the policy term, the sum assured on the maturity of the policy is paid out to the policyholder. The accumulated bonus amount also forms a part of the maturity benefit amount
Paid-Up Value – If the policyholder pays regular due premiums in full for at least 5 years, Bal Jeevan Bima can be made into a paid-up policy.
Bonus – As per the latest figures, the bonus rate for RPLI Bal Jeevan Bima is Rs. 48 per Rs. 1,000 sum assured. This amount accrues annually and is payable as a lump sum along with the death or maturity benefit
Bal Jeevan Bima Child Policy – RPLI versus PLI
| Features | Rural Postal Life Insurance | Postal Life Insurance |
| Entry Age of Child | Minimum: 5 years Maximum: 20 years | Minimum: 5 years Maximum: 20 years |
| Maximum Age of Parent | 45 years | 45 years |
| Maximum Sum Assured | Rs. 1 Lakh or equal to the cover sum of the parent | Rs. 3 Lakhs or equal to the cover sum of the parent |
| Latest Bonus Rate | Rs. 48 per Rs. 1,000 sum assured | Rs. 52 per Rs. 1,000 sum assured |
