Organization : Oriental Insurance Company Ltd
Facility : Bhagyashree Child Welfare Policy
Bhagyashree Child Welfare Policy : https://www.statusin.in/uploads/20206-BCWP.pdf
Home Page : https://orientalinsurance.org.in/web/guest/home?isSelected=home
Bhagyashree Child Welfare Policy :
** This scheme will provide an insurance cover to ONE Orphaned girl child in a family who loses either the father or the mother only due to accident.
** The scheme will be applicable only to the girl children.
Related : Oriental Insurance House Holder Insurance Policy : www.statusin.in/20200.html
** The scheme broadly provides that in case of such an orphaned girl child who is below the age of six, a fixed amount will be given for looking after the needs of the child to the parent who is alive/the guardian in case both the parents die, till the child attains the completed age of six.
** This will not be applicable in case of the girls who are more than six years of age at the time of taking the policy.
** Thereafter, from the age of six to twelve, the girl will get a fixed amount as scholarship, provided that she is admitted in a school and expenditure is incurred on her education. From the age 12 to 18, the girl child will get double the amount as scholarship.
** After attaining the age of 19, she will get a fixed lump sum either to pursue her own chosen profession, or for carrying on her higher education, or to settle down in case the girl child gets married.
** The scheme will be available to individuals as well as in groups.
** In case of a group, the minimum size would be 250 and such a group should be sponsored either by the State Government as nodal agency.
** The nodal agency will be paid a commission for maintaining the records and doing the administrative work at a suitable rate.
The salient features of the scheme :
(I) Group size :
Group size will be 250 or more. The larger the group the larger would be the discount as may be announced by the GIC. If the group is smaller, additional premium as may be determined by the GIC, will have to be paid by the nodal agencies.
(II) Nodal Agencies :
The nodal agency for the scheme could be a State Government Department, any public sector agency, any registered women welfare association recognized by the State Government etc.
(III) The Scheme :
(a) One girl child in each family below the age of 18 could be covered under the scheme.
(b) The policy will be taken in the name of the girl child. The policy becomes operable in the case of death of either of the parents or both the parents arising out of an accident.
(c) On the occurrence of the event viz. Death of one parent/both the parents, if the child has not attained six completed years of age, the parent who is alive/the guardian will get a stipend of Rs.1,200/- per annum to meet the requirements of the child.
(d) On attaining the age of six completed years, the child will get a scholarship of Rs.1,200/- per annum for next six years. The scholarship will be doubled between the age of 12 and 18 years.
** The amount of Rs.25,000/- which accrues to the child on the accidental death of one or both the parents will be credited into a special fund known as “Orphans Girl Child Fund” to be managed and multiplied by the subsidiaries of the GIC. On attaining 18 completed years of age, the girl child will be eligible to get the balance amount due to her father receiving the scholarships etc. during the earlier years.
** This will be useful for her pursuing higher studies, starting profession of her own or setting up a home at the time of marriage.
** On death of the child, the balance amount available at that time will be given to the surviving parent/guardian.
** In case of discontiunance of studies, the scholarship will cease and only the lump sum will be paid on the girl attaining the age of 18.
** This will ensure that the girl will get appropriate education during her childhood.
The financial benefits which accrue to child:
** The financial benefits which accrue to the child have been worked out taking into consideration the extreme case when the child loses her mother at the time of her birth.
** In that event, a single child will get at the time of redemption of the fund an amount of Rs.77,500/-.
** However, if it is decided to extend this facility to two girl children in a family on a single premium of Rs.15/-, the amount which accrues to the two children at the time of attaining the age of 18 will be much less.
** In the case of twins, for example, the fund which accrues to each child would be Rs.3,800/- only.
** It is now for consideration whether one child should be covered or two children should be covered on single premium basis.
** It would be desirable to cover only one child as the child will get a substantial amount at the time of attaining the age of 18 which will be useful to her for settling down in life.
(V) The Premium Structure :
The premium payable will be Rs.15/- per annum to cover the requirements of the girl child in case one of the parents or both of them die in accident as defined in Rajrajeshwari scheme. For groups, handsome discounts will be available as determined by the GIC which could go upto 45% in case of large groups (premium of Rs.8.50 only).
(VI) Implementation :
** It is open to buy the scheme from the subsidiaries of the GIC at the stipulated rates subject to appropriate group discounts.
** Even the State Governments can buy the group policy to cover selected sections of population on criteria to be determined by the State Governments, particularly in regard to premium contributions for the families below poverty line/those residing in remote and inaccessible areas.
** For such people, the State Governments may contribute a part of the premium to help the healthy growth of the girl child.