ENG
NEP“Mahalaxmi Bal Bachat Beema” is a participatory Endowment Plan targeted for children of age above 1 month and not exceeding 18 years. The plan aims to ensure saving with benefit along with security for children. The plan has special feature of waiver of premium amount at minimal rate in case of death of proposer to ensure better future of children.
Mahalaxmi Bal Bachat Beema
Name of the plan
Mahalaxmi Bal Bachat Beema
Age at Entry
After completion of 1 month and not exceeding 18 years
Minimum Age at Maturity
18 years
Risk Coverage Date
2 years from the date of insurance or 18 years of insured whichever is earlier
Minimum Sum Assured
Rs. 50,000 (Fifty thousand)
Payment Mode
Yearly, Half-yearly, Quarterly, and Monthly
Benefits Under This Policy
- Maturity Benefit:
Full SA and accrued bonus for the whole policy term is payable on maturity if the policy remains in force and the insured survives till maturity date. - Death Benefit:
–>If the insured dies before the risk coverage date, the premium amount paid till that date is only payable
–>After risk coverage date, 25% of SA is payable immediately and the remaining 75% along with bonus till the date of death along with interest is payable upon maturity. - Paid-up value, Surrender Value and Loan:
The policy will gain paid-up value or surrender value upon payment of premiums for 3 full years. The paid-up calculation is done as per the approved method prescribed by Beema Samiti. Loan up to 90 % of the surrender value can be availed. The policy can be surrendered during the policy term only after completion of 3 years.
- Maturity Benefit:
First Policy Issued Date: 10th August 2021
Type of Insurance Plan
Participatory Endowment Plan
Policy Term
5 to 25 years
Maximum Age at Maturity
35 years
Age of Proposer
20 years to 60 years
Maximum Sum Assured
Rs. 5,00,00,000 (Five crores at an interval of 10,000)
Grace Period
30 days in case of Yearly, Half-yearly, and Quarterly mode and 15 days in case of Monthly mode