PLI or Postal Life Insurance is the oldest insurer in the country. It extends its policies to employees of the Central and State Governments,Public Sector Undertakings (PSUs), Defence and Para-Military Services, Banks, Educational Institutions, corporate professionals, and companies listed with the National Stock Exchange (NSE) / Bombay Stock Exchange (BSE). PLI offers an insurance policy specifically for your children under the name of Bal Jeevan Bima.Read more
Insurer pays your premiums in your absence
Invest ₹10k/month and your child gets ₹1 Cr tax free*
Save upto ₹46,800 in tax under Section 80(C)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Nothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
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.
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.
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.
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.
|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.
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