Children Policy (Bal Jeevan Bima)

 

                                      Children Policy (Bal Jeevan Bima)

The salient features of this scheme are as under:

ü  ​The scheme provides life insurance cover to children of policy holders

ü  Maximum two children of policy holder (parent) are eligible

ü  Children between 5- 20 years of age are eligible

ü  Maximum sum assured ₹ 3 lac or equal to the sum assured of the parent, whichever is less

ü  Policy holder (parent) should not be over 45 years of age.

ü  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

ü  Policy holder (parent) shall be responsible for payment of Children policy No loan admissible

ü  Has facility for making it paid up, provided premiums are paid continuously for 5 years

ü  Surrender facility is not available

ü  No medical examination of child necessary. However, child should be healthy and risk shall start from day of acceptance of proposal

ü  Attract the rate of bonus applicable for Endowment policy (Santosh) i.e. last bonus rate is ₹ 52/- per ₹ 1000 sum assured per year

Source.www.indiapost.gov.in