Scheme Overview:
The Baal Jeevan Bima Yojana (BJB) is a child insurance policy under India Post’s Rural Postal Life Insurance (RPLI), launched to support rural parents in securing their children’s future. It provides life insurance cover and long-term savings for children aged 5 to 20 years, with premium waiver benefits if the parent dies during the policy term.
Key Objectives:
- Secure financial future of children in rural areas
- Encourage long-term savings
- Provide low-cost insurance backed by the Government of India
Eligibility:
| Criteria | Details |
|---|---|
| Child’s Age | 5 to 20 years |
| Parent’s Age | Max 45 years |
| Parent’s Policy | Must hold an active RPLI policy |
| Children Covered | Up to 2 per parent |
| Residency | Rural or semi-urban only |
Sum Assured and Bonus:
- Sum Assured: ₹20,000 to ₹1,00,000 (cannot exceed parent’s RPLI cover)
- Bonus Rate: ₹48 per ₹1,000 sum assured per year
- No medical test required for the child
Premium:
- Low and flexible: As low as ₹10/month based on age and coverage
- Payment modes: Monthly, quarterly, half-yearly, annually
Benefits:
- Maturity Benefit: Full sum assured + bonus at policy term end
- Death of Child: Sum assured + bonus paid to the parent
- Death of Parent: Premium waived, policy continues, child receives full benefit at maturity
- No loan facility or early surrender allowed
- Tax benefits under Sections 80C and 10(10D)
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Application Process:
- Apply at any rural post office
- Submit documents: RPLI proof, birth certificate, ID/address proof
- Some regions allow online application via India Post website
Claim Process:
- For maturity: Submit original policy + identity proof
- For death: Submit death certificate + nominee details + documents
🔍Real-Life Use Case
- A parent paying ₹20/month for 15 years can help their child receive over ₹70,000 on maturity, with all premiums waived in case of the parent’s death.
Comparison with Other Schemes:
| Scheme | Target Age | Premium Waiver | Max Coverage | Bonus |
|---|---|---|---|---|
| Baal Jeevan Bima | 5–20 | Yes | ₹1 lakh | Yes |
| Sukanya Samriddhi | 0–10 (Girls) | No | ₹15 lakh | Interest |
| LIC Child Plan | 0–12 | Yes | ₹1–10 lakh+ | Yes |
Pros:
- Very affordable
- Government-backed and secure
- Death benefit and maturity returns
- Tax saving instrument
- Easy to apply in rural areas
Cons:
- Not available to urban residents
- No loan or surrender before 5 years
- Cannot insure more than 2 children
Final Words:
Baal Jeevan Bima Yojana is an ideal low-cost, high-benefit policy for rural families. It provides guaranteed returns, life insurance for children, and a premium-free future even if the parent passes away. The policy is one of the most trustworthy and impactful government-backed financial products for children in rural India.
