PLI Plans For Girl Child

Postal Life Insurance For Girl Child

Postal Life Insurance offers an exclusive life insurance policy for children, called the Bal Jeevan Bima. This can be bought as a PLI plan for your girl child if you are an employee of the Central and State Governments, Public Sector Undertakings (PSUs), Defence and Para-Military Services, Banks, Educational Institutions, etc. One major reason why you should consider buying this policy is that it falls under the purview of the Government of India making it a reliable and safe option. Further, the policy can ensure that your daughter and her needs are taken care of even in your absence.

PLI Child Policy - Bal Jeevan Bima

Bal Jeevan Bima is a PLI plan for girl child that you can buy if you are an existing PLI policyholder. To be eligible to buy this policy, you should already have an active cover under PLI’s Whole Life Assurance policy or its Endowment Assurance policy.

If you were to die during the policy term, the premiums are waived off for the child policy. This ensures that the policy continues for the benefit of your daughter without her struggling to pay the premiums. The proceeds from this policy along with the accumulated bonus can be used by your daughter to finance her future education.

1. Benefits Offered Under Bal Jeevan Bima

   • On the child’s death - Under this PLI plan for girl child, the parent shall receive the sum assured of the death of their daughter if she dies within the policy term.

   • On the parent’s death - If the parent dies within the policy term of their own life cover, future premiums for the child policy are waived off. The girl child will receive the death benefit amount and the maturity benefit under Bal Jeevan Bima on the date of maturity of the cover.

   • On survival of the parent & the child - In case both the parent and the child survive the policy term, you can claim the maturity proceeds from each policy on the respective dates of maturity.

2. Key Features Of PLI Bal Jeevan Bima

   • A parent can cover a maximum of two children.

   • Bonuses accrue every year at the rate of Rs. 52 per Rs. 1000 of the sum assured under the parent’s policy.

   • It does not require the child to undergo any medical examination.

   • The policy does not acquire a surrender value.

   • No loans are admissible under the policy.

   • It acquires a paid-up value if premiums are duly paid in full for a period of 5 years.

3. Eligibility Of PLI 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. 3 Lakh or equal to the sum assured under the parent’s life cover (whichever is less)
   Annual Bonus Rate	Rs. 52 per Rs. 1,000 sum assured

   This PLI plan for girl child is a good option for those looking for low premiums against the desired sum assured amount. Note that Bal Jeevan Bima can be clubbed with either PLI Suraksha (whole life assurance) or PLI Santosh (endowment assurance) policy.