Jeevan Baalya

Jeevan Baalya Eligibility Minimum age of life assured at entry 0 years Maximum age of life assured at entry 17 years Minimum premium payable under the policy (excluding premium for premium waiver benefit and Income benefits). Rs 1,000 Minimum sum assured Rs 25,000 Life assured to undergo medical exam if deferred period is less than 10 years. Premium waiver benefit is optional. No rebate on additional policy premium.  Features The income benefits being phenomenal, the plan is ideal for meeting the educational expenses of children. The plan can be secured by the proposer for a relatively low premium. Children in the age group of 0 to 17 years can take this policy. Risk on the child's life commences at 21 years, and thereafter the policy continues like any other Endowment Assurance. Sum assured is payable either on survival to the term or on death happening within the term. The policy can be taken in units, where 1 unit = Rs. 25,000, maximum being 4 units. Basic premiums are payable throughout the term or till the death of the child if the proposer is alive on the vesting date. The premiums in respect of additional benefits are payable up to date of vesting or earlier death of the proposer. Income benefits are available under this plan by payment of an appropriate additional premium. Benefits After vesting The policy continues as an Endowment Assurance plan. Full Sum Assured is payable on death during the term or on survival to date of maturity. Premiums to be paid by the life assured till date of maturity or earlier death. Accident benefits are available as per rules. Death of proposer during deferment period In the event of the death of the proposer during deferment period, income benefits on a quarterly basis till the vesting date are given to the child as detailed below. This benefit is available on the payment of an additional premium The first income benefit is paid on the next quarterly policy anniversary following the death of the proposer. This payment will be on a proportionate basis for the actual number of days from the date of death The last installment will fall due on vesting date Income benefit Rs. 300/- per quarter if the child's age is less than 5 years. Rs. 600/- per quarter if the child's age is 5 years and above. Rs. 900/- if the child's age is 15 years and above. Future premiums till vesting date are waived by securing the premium waiver benefit. Death of the child during the deferment period The policy shall stand cancelled and a sum equal to all premiums paid is refunded. If premium waiver benefit has been secured, i.e. in the event of the child dying after the proposer dies, waived premiums are also refunded. Conditions for proposers Only standard male and female (category I) are eligible to have this policy. Sub standard lives and persons following hazardous occupation are not eligible. Minimum age at entry: 21 years. Maximum age at entry: 50 years. Standard age proof on both lives required (life assured and proposer). Proposer to undergo medical examination. Cost of special reports to be borne by proposer and the cost will not be reimbursed. No loan will be granted. No paid up value if deferred period is less than 10 years. If the policy is discontinued, and if the deferred period is more than 10 years, a reduced cash option is available on deferred date. Minimum three years premiums have to be paid. After deferment period paid up value will be quoted on application. No paid up value on additional benefits. Guaranteed surrender values are available on surrender of policy.