PLI Children Policy (Bal Jeevan Bima)
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PLI Children Policy (Bal Jeevan Bima)
By Uttam Pradhan • HD News Live •
Bal Jeevan Bima is the PLI children’s policy that pampers your financial plans and still behaves like a sensible guardian — less drama, more assurance. This guide explains how the policy works, what benefits it offers, and how to estimate premiums and maturity amounts — all in plain language (and a dollop of humour).
🔍 What is PLI Children Policy (Bal Jeevan Bima)?
Bal Jeevan Bima is a life insurance product designed for children (or for parents who buy a policy for their child). It combines life cover and savings — a neat package for education, marriage or early financial independence.
Simple idea: pay affordable premiums and ensure a lump-sum for your child at maturity — or a death benefit if the unexpected happens.
📌 Key Features at a Glance
Children within specified age limits (check official brochure for exact ages).
Fixed policy terms (e.g., 10, 15, 20 years) depending on the plan variant.
Level premiums or mode-based (yearly / half-yearly / monthly).
Maturity sum + annual bonuses (if declared).
Available under standard PLI rules after minimum premium paying years.
Premiums and maturity proceeds may have tax implications — consult a tax advisor.
🧮 How the Policy Works — Plain Example
Let’s say you buy a Bal Jeevan Bima policy for your 5-year-old:
- Sum Assured: ₹2,00,000
- Term: 15 years
- Estimated annual bonus (example): ₹50 per ₹1000 SA
Bonus per year = 200 × 50 = ₹10,000. Over 15 years, bonuses (if consistent) add up and increase your maturity. Final maturity ≈ Sum Assured + Total Bonuses (subject to official bonus declaration & rules).
Note: The numbers above are illustrative — always use official PLI premium/bonus tables or a calculator for exact values.
🎯 Why Parents Buy Bal Jeevan Bima
Because it’s simple and safe. This plan suits parents who prefer guaranteed outcomes over stock-market rollercoasters. It helps in disciplined saving for major life events — education, marriage, or first down payment on a house.
🔎 Things to Check Before Buying
- Exact eligibility age and maximum entry age.
- Available policy terms and corresponding premium tables.
- Bonus history (past declarations are not guarantees for future).
- Surrender and paid-up rules if you stop paying premiums.
- Modal premium loadings for monthly/quarterly payments.
✅ Quick Buying Checklist
Bring these documents to the post office:
- Child’s birth certificate
- Parent’s identity & address proof
- Completed application form
- First premium (as per chosen mode)
❓ Frequently Asked Questions
Q: What is the minimum age for Bal Jeevan Bima?
A: Minimum entry age can vary by plan variant — commonly infants/children are eligible. Check the official PLI brochure or ask at the post office for current age limits.
Q: Is Bal Jeevan Bima tax deductible?
A: Premiums for certain PLI policies may be eligible under Section 80C of the Income Tax Act. Maturity proceeds may be taxable depending on conditions — verify with a tax advisor for the current rules.
Q: Can the policy be surrendered or made paid-up?
A: Yes — standard PLI rules permit surrender and paid-up options after a minimum number of premiums have been paid. Surrender values depend on the number of years paid and the plan’s terms.
Q: What is the difference between Bal Jeevan Bima and a regular PLI policy?
A: Bal Jeevan Bima is specifically structured for children with appropriate eligibility, terms and benefits tailored for child-centric goals; regular PLI variants are aimed at adults and differ in term & benefit design.
Q: How are bonuses calculated?
A: Bonuses are declared per ₹1,000 sum assured and vary year to year. Total bonus = Bonus rate × (Sum Assured / 1000) × number of years (subject to declaration and eligibility).
🔗 Share this guide
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