Bal Jeevan Bima RPLI Child Insurance Plan

Eligibility Criteria for Bal Jeevan Bima RPLI

To get a children's policy under the RPLI, you need to meet the following criteria:

Features of Bal Jeevan Bima RPLI

Unlike PLI plans, RPLI schemes are open to non-government employees as well. Ensuring the offspring of those who already own an RPLI policy is the main objective of the Bal Jeevan Bima initiative. The following are the primary characteristics of the children's policy under the RPLI:

Benefits of Bal Jeevan Bima RPLI

The reason why Bal Jeevan Bima (Children Policy) of the RPLI is highly recommended for the rural populace are:

1. Accessibility: The policy is readily available because it is kept at the post offices. It is very easy to move from one post office to another. At post offices, the premium can be paid with cash or a cheque.
2. Low premiums: The premium amounts are very low compared to the sum assured, starting from just Rs. 5.92. The premium amounts increase as the policy tenure goes down. For example,
3. Nominee changes: You can change the nominees any time during the policy tenure.
4. Policy renewal: The policy can be renewed up to twice in case it lapses. The policy will expire after six unpaid premiums if it is less than three years old, and after twelve unpaid premiums if it is greater than three years.
5. Duplicate Policy Bond: If the original policy document is lost, torn, burnt or mutilated, a duplicate policy bond will be issued.

How Bal Jeevan Bima RPLI Works

Apply for Bal Jeevan Bima RPLI coverage at the post office to protect your child's life. The policy will be in the name of a parent, even though the child is the primary beneficiary (father or mother). Two children may be enrolled by a family under the Bal Jeevan Bima policy. A parent may add the Children Policy to their current policy if they currently have Whole Life or Endowment coverage with a total insured amount higher than the Children Policy coverage. The parent or primary policyholder is in charge of paying the premiums after the policy is purchased.

To receive this coverage, the child does not need to have a medical checkup; nonetheless, the child must be in good health on the day of application. In case of the principal policyholder's death, premiums are not required. The youngsters will get the promised money and bonus when they grow up. The principal policyholder will get the money if the youngster passes away before the insurance period ends. A policyholder is exempt from interest or late payment fees for a maximum of 12 months when a natural disaster, such as an earthquake, flood, or drought, prevents them from paying premiums in their area of residence.