<p><strong>LIC New Bima Gold Plan</strong> ;(Plan No. 179) is a unique ;<strong>money-back insurance policy</strong> ;from the Life Insurance Corporation of India, blending the security of traditional endowment plans with the added benefit of money-back returns. Designed for individuals seeking a combination of financial protection and savings, this plan offers valuable coverage for policyholders and their families, even after policy maturity.</p>



<h2 class="wp-block-heading">Key Features of LIC New Bima Gold Plan</h2>



<p>LIC New Bima Gold Plan provides several distinctive features that make it a valuable choice for policyholders.</p>



<h3 class="wp-block-heading">Auto-Cover Facility</h3>



<p>With the ;<strong>Auto-Cover Facility</strong>, policyholders receive extended coverage even after missing premium payments:</p>



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<li>If at least ;<strong>two years of premiums</strong> ;have been paid, full death cover continues for up to ;<strong>two years</strong> ;from the date of the first unpaid premium (FUP) or until the policy term ends, whichever is earlier.</li>
</ul>



<h3 class="wp-block-heading">Flexible-Premium Payment Options</h3>



<p>LIC New Bima Gold offers flexible payment modes for added convenience:</p>



<ul class="wp-block-list">
<li>Premiums can be paid ;<strong>yearly, half-yearly, quarterly,</strong> ;or ;<strong>monthly</strong> ;(via ECS), accommodating diverse financial needs and preferences.</li>
</ul>



<h3 class="wp-block-heading">Extended Coverage After Policy Term</h3>



<p>This plan includes an ;<strong>extended term</strong> ;that provides life coverage even after the policy term concludes:</p>



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<li>Policyholders are covered for an extended term that’s half the length of the original term, offering ;<strong>50% of the sum assured</strong> ;as life coverage during this period.</li>
</ul>



<h2 class="wp-block-heading">Benefits of LIC New Bima Gold Plan</h2>



<h3 class="wp-block-heading">Survival Benefits</h3>



<p>Survival benefits are payable at specific intervals if the life assured survives through the policy term. The percentage of the ;<strong>sum assured</strong> ;paid varies by policy term:</p>



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<li><strong>12-Year Term</strong>: 15% of the sum assured at the end of the ;<strong>4th</strong> ;and ;<strong>8th</strong> ;years.</li>



<li><strong>16-Year Term</strong>: 15% of the sum assured at the end of the ;<strong>4th, 8th,</strong> ;and ;<strong>12th</strong> ;years.</li>



<li><strong>20-Year Term</strong>: 10% of the sum assured at the end of the ;<strong>4th, 8th, 12th,</strong> ;and ;<strong>16th</strong> ;years.</li>
</ul>



<h3 class="wp-block-heading">Death Benefit</h3>



<p>This plan ensures financial protection for the policyholder’s family:</p>



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<li><strong>During the Policy Term</strong>: The full sum assured is payable in case of death while the policy is active.</li>



<li><strong>During the Extended Term</strong>: If death occurs during the extended period, ;<strong>50% of the sum assured</strong> ;is paid, provided all premiums were paid during the policy term.</li>
</ul>



<h3 class="wp-block-heading">Maturity Benefit</h3>



<p>On policy maturity, the plan provides a return of premiums, ensuring robust financial support:</p>



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<li>Policyholders receive the ;<strong>total premiums paid</strong> ;(excluding extra or rider premiums) minus the ;<strong>survival benefits</strong> ;already paid, along with any ;<strong>Loyalty Additions</strong> ;if applicable.</li>
</ul>



<h2 class="wp-block-heading">LIC New Bima Gold Plan Eligibility Criteria</h2>



<p>Here’s a quick overview of the eligibility conditions for LIC New Bima Gold:</p>



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Feature</th><th>Minimum</th><th>Maximum</th></tr></thead><tbody><tr><td><strong>Entry Age</strong></td><td>14 years</td><td>57 years (for 12-year term), 51 years (for 16-year term), 45 years (for 20-year term)</td></tr><tr><td><strong>Policy Term</strong></td><td>12, 16, or 20 years</td><td>&#8211;</td></tr><tr><td><strong>Sum Assured</strong></td><td>Rs.50,000</td><td>No upper limit (in multiples of Rs.5,000)</td></tr><tr><td><strong>Extended Coverage Age</strong></td><td>&#8211;</td><td>Up to 75 years</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Additional Information on LIC New Bima Gold Plan</h2>



<h3 class="wp-block-heading">Cooling-Off Period</h3>



<p>Policyholders can use the ;<strong>15-day cooling-off period</strong> ;to return the policy if they’re unsatisfied with the terms and conditions.</p>



<h3 class="wp-block-heading">Tax Benefits</h3>



<p>The premiums paid under this plan are eligible for deductions under ;<strong>Section 80C</strong> ;of the Income Tax Act. Additionally, the maturity proceeds are tax-free under ;<strong>Section 10(10D)</strong>, offering tax-efficient returns.</p>



<h3 class="wp-block-heading">Loan Facility</h3>



<p>A loan can be availed against this policy after paying <strong>3 full years’ premiums</strong>, making it easier to access funds in times of need.</p>



<h3 class="wp-block-heading">Riders for Extra Protection</h3>



<p>Policyholders can enhance their coverage by adding optional riders, such as:</p>



<ul class="wp-block-list">
<li><strong>Accidental Death Benefit Rider</strong></li>



<li><strong>Disability Benefit Rider</strong></li>
</ul>



<p>These riders provide added financial security against unexpected events, making the policy more comprehensive.</p>



<h2 class="wp-block-heading">Frequently Asked Questions (FAQs)</h2>



<p><strong>Q1: What is the minimum sum assured under LIC New Bima Gold Plan?</strong><br /><strong>A:</strong> The minimum sum assured is Rs.50,000, with no upper limit (in multiples of Rs.5,000).</p>



<p><strong>Q2: Can I apply for a loan against my LIC New Bima Gold policy?</strong><br /><strong>A:</strong> ;Yes, a loan facility is available after three full years of premium payments.</p>



<p><strong>Q3: Is there a tax benefit on LIC New Bima Gold Plan?</strong><br /><strong>A:</strong> ;Yes, premiums qualify for tax deductions under Section 80C, and maturity benefits are tax-free under Section 10(10D).</p>



<p><strong>Q4: What happens if I miss a premium payment?</strong><br /><strong>A:</strong> ;If at least two full years’ premiums have been paid, the policy will still provide death cover for up to two years from the first unpaid premium date.</p>



<p><strong>Q5: How can I maximize my returns with LIC New Bima Gold?</strong><br /><strong>A:</strong> ;Ensure timely premium payments and consider adding riders for enhanced protection. </p>



<h2 class="wp-block-heading">Conclusion: Is LIC New Bima Gold Plan Right for You?</h2>



<p>LIC New Bima Gold Plan offers a valuable combination of ;<strong>savings and life insurance</strong> ;with the added flexibility of survival benefits and extended coverage. With its tax advantages and optional riders, this plan is an excellent choice for individuals seeking long-term financial security. For further guidance, contact an LIC representative or visit the ;<a href="https://www.licindia.in/">official ;LIC ;website</a> ;to learn more.</p>



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This post was last modified on November 13, 2024
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