No PLI? You can still get 'Baal Jeevan Bima' for your child; here are the new rules

Child Future Planning: The Department of Posts has modified the 'Baal Jeevan Bima' (Child Life Insurance) scheme, allowing parents to purchase insurance policies for their children even without holding a Postal Life Insurance (PLI) policy themselves.

Baal Jeevan Bima News: Nowadays, parents seek insurance schemes that offer financial security while keeping their children's education, career, and future needs in mind. For such families, the Department of Posts has announced a significant change to the 'Baal Jeevan Bima' scheme via a post on X (formerly Twitter). Parents can now purchase a 'Baal Jeevan Bima' policy for their child without needing to hold a Postal Life Insurance (PLI) policy in their own name.

This change will particularly benefit families who wish to secure insurance coverage for their children but had not previously purchased a PLI policy for themselves. Let us look at the details...

What is Baal Jeevan Bima?

'Baal Jeevan Bima' is an insurance scheme for children offered under the Postal Life Insurance umbrella. Under this scheme, parents purchase a policy in their child's name and pay the stipulated premiums. The primary objective is to create financial security for the child's future needs. Furthermore, it can be instrumental in building a fund for education, career goals, or other essential expenses.

What has changed with the new rule?

Previously, it was mandatory for parents to hold a PLI policy to purchase 'Baal Jeevan Bima'. In other words, those without a PLI policy could not avail of this scheme for their children. This condition has now been removed; parents are no longer required to hold a PLI policy.

Consequently, 'Baal Jeevan Bima' can now be purchased in a child's name even if the parent does not have a PLI policy. This decision will expand the scheme's reach, allowing more families to participate. Securing insurance for a child's future will now be easier than before.

Who can purchase this policy?

• Parents can purchase this policy for their child.
• The child must be between 5 and 20 years of age.
• The child must be in good health.
• A maximum of two children from a single family can be covered under this scheme.
• The maximum insurance cover can be ₹3 lakh or as per the prescribed eligibility criteria.

How to apply for Baal Jeevan Bima?

• Visit the official India Post PLI website.
• Click on the ‘Purchase a Policy’ option.
• Select the ‘Children Policy (Baal Jeevan Bima)’ option.
• Enter the required details regarding the child and the parents.
• Select the sum assured and the policy term to view the premium details.
• Fill out the proposal form and upload the necessary documents.
• Submit the application after paying the first premium.
• Print the proposal form and submit it, along with the required documents, at the nearest post office or PLI office.
• You can track the application status online after submission.

Points to consider before purchasing the policy

• Carefully read the eligibility and age-related conditions.
• Thoroughly understand the premium, bonus, maturity benefits, and policy term.
• Choose the plan option based on your specific needs and budget.
• It is crucial to thoroughly read the terms and conditions before investing in any policy.