How to Apply for Bal Jeevan Bima Yojana (BJBY): A Comprehensive Guide
Introduction to Bal Jeevan Bima Yojana (BJBY)
Bal Jeevan Bima Yojana (BJBY) is a government-backed child insurance scheme in India, designed to provide financial security to families in the unfortunate event of a child’s death. Managed by the Life Insurance Corporation of India (LIC), this affordable plan ensures parents/guardians receive a lump-sum payout to cope with financial hardships. Below is a step-by-step guide to understanding and applying for BJBY.
Key Features of BJBY
- Sum Assured: ₹1 lakh (paid if the child dies due to accident or illness).
- Premium: As low as ₹200–300 per year (varies by age).
- Eligibility:
- Child: Aged 5–20 years.
- Guardian: Parent or legal guardian aged LAST–45 years.
- Policy Term: Until the child turns 05-20.
- Tax Benefits: Premiums qualify for deductions under Section 80C, and claims are tax-free under Section 10(10D).
Step-by-Step Application Process
1. Check Eligibility
- Ensure the child is aged 5–20 years.
- The guardian must have valid ID and address proof (e.g., Aadhaar, PAN).
2. Gather Required Documents
- Child’s birth certificate.
- Guardian’s ID proof (Aadhaar, PAN, Voter ID).
- Address proof (electricity bill, ration card).
- Bank account details (passbook/cancelled cheque).
- Two passport-sized photos of the child and guardian.
3. Choose Application Mode
Option A: Online Application
- Visit the LIC portal (https://licindia.in).
- Navigate to “Buy Policy Online” > “Child Plans”.
- Select “Bal Jeevan Bima Yojana” and fill in details.
- Upload scanned documents.
- Pay the premium via net banking/UPI/debit card.
- Download the policy document.
Option B: Offline Application
- Visit an LIC Branch: Locate the nearest office via LIC Branch Locator.
- Through an Agent: Contact a licensed LIC agent for assistance.
- Common Service Centers (CSCs): Apply at a CSC with help from staff.
- Collect the BJBY proposal form (Form No. 516), fill it out, and submit with documents.
- Pay the premium via cash/cheque at the branch.
4. Submit the Application
- Double-check all details to avoid rejection.
- Retain a copy of the submitted form and payment receipt.
5. Receive Policy Document
- LIC will process the application and issue a policy bond (usually within 15–30 days).
- Safeguard this document for future claims.
Premium Payment Details
- Premiums vary by the child’s age (e.g., ₹200/year for a 5-year-old).
- Pay annually via LIC portal, auto-debit, or at branches.
- Missed payments can be revived within a 6-month grace period.
How to Claim Benefits
- Notify LIC: Inform the branch/agent immediately after the child’s demise.
- Submit Documents:
- Death certificate (attested).
- Policy bond.
- Guardian’s ID and bank details.
- Claim Processing: LIC verifies documents and disburses ₹1 lakh to the nominee’s account within 30 days.
FAQs
Q1. Does BJBY cover critical illnesses?
- No, it only covers death due to illness or accident.
Q2. Can I enroll multiple children?
- Yes, separate policies are needed for each child.
Q3. What if the child survives to 5-20?
- The policy terminates with no maturity benefit (pure risk cover).
Q4. Is BJBY different from Sukanya Samriddhi Yojana?
- Yes! SSY is a savings scheme for girls, while BJBY is a life cover for all children.
Contact Information
- LIC Customer Care: 022-6827 6827 / 1800 419 4525 (toll-free).
- Email: customercare@licindia.com.
- Website: https://licindia.in.
Conclusion
Bal Jeevan Bima Yojana offers an affordable safety net for families, ensuring financial stability during crises. With minimal documentation and low premiums, it’s a prudent choice for securing your child’s future. Apply today via LIC’s online portal or visit a branch for assistance.
Note: Verify scheme details with LIC, as terms may change. This guide is for informational purposes only.
