PLI Children Policy (Bal Jeevan Bima) Calculator

What is PLI Children Policy (Bal Jeevan Bima)?

PLI Bal Jeevan Bima is a children's life insurance scheme designed to provide financial security for the future of a PLI policyholder's child. It offers life cover for the child with a unique premium waiver benefit — if the parent (policyholder) dies during the policy term, no further premiums are required, and the full Sum Assured + Bonus is paid at maturity.

• Child Eligibility: 5 to 20 years of age. Maximum 2 children per family.
• Parent Eligibility: Parent (policyholder) must not be over 45 years of age.
• Sum Assured Limit: Maximum ₹3 Lakh or Parent's Sum Assured — whichever is less.
• Premium Waiver: On parent's death, no further premium is needed; full SA + Bonus is paid at child's maturity age.
• Bonus Rate: ₹52 per ₹1,000 Sum Assured per year (same rate as PLI Santosh).

Eligibility Criteria for PLI Bal Jeevan Bima

Key Features of PLI Bal Jeevan Bima

• Premium Waiver: The most distinctive feature — if the parent dies, all future premiums are waived and the policy continues until maturity.
• Death Benefit (Child): Full Sum Assured is paid to the nominee on death of the insured child during the policy term.
• Maturity Benefit: Sum Assured + all accrued bonus paid when the child reaches the chosen maturity age.
• Loan Facility: Loan can be availed after 3 years of continuous premium payment.
• Tax Benefit: Premium paid is eligible for deduction under Section 80C of the Income Tax Act.
• Low Premium: Premiums are lower than adult PLI policies, making it very affordable.

Documents Required

• Proposal Form: Official application form filled and signed by the parent/policyholder.
• Child's Age Proof: Birth Certificate, School Certificate, or Passport.
• Parent's Identity & Address Proof: Aadhaar Card, Voter ID, or Driving License.
• Parent's Employment Proof: Office ID card or Employment Certificate.
• Parent's Existing PLI Policy Details: Copy of parent's active PLI policy document.