LIC’s New Bima Gold Summary: (Table No.179)
Gold never loses its value, just like LIC Of India’s New Bima Gold insurance policy. LIC’s New Bima Gold (plan no.179) is special with a profit money back plan that offers 50% of the life cover during extended term even after maturity.
Features:
Auto-cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of the policy term, whichever is earlier.
Benefits:
Survival Benefit: Payable in case of the life assured surviving to the end of the specified durations provided the policy is in full force as given below:
For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year.
For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year.
For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year.
On the expiry of policy term:
The total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.
Death Benefit:
During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on the death of the Life Assured during the policy term provided the life cover is in force.
During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on the death of the Life Assured during the extended term provided all the premiums under the policy have been paid.
Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.
Payment of Premiums:
The regular premium can be paid either in yearly, half-yearly, quarterly, or monthly (ECS) installments.
Eligibility Conditions and Restrictions for LIC Of India’s New Bima Gold:
FOR BASIC PLAN:
1. Minimum age at entry: 14 years (completed)
2. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Age at expiry of extended term: Maximum 75 years (nearest birthday)
Policy Term: 12, 16 and 20 years.
Minimum Sum Assured: Rs. 50,000 /-
Maximum Sum assured: No limit
Sum Assured will be in multiples of Rs.5,000 /- only.
FOR THE ACCIDENT BENEFIT RIDER OPTION :
1. Minimum age at entry: 18 years (completed)
2. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii.Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Minimum Sum Assured: Rs. 50,000 /-
Sum Assured will be in multiples of Rs.5,000 /- only.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.
The Unique Identification Number (UIN) for LIC Of India’s New Bima Gold Plan is 512N236V01.
Update: This plan has been discontinued.
i have applied new beema gold few years back, Some Personal need i want to Close my Plan now. can i close this and get back my money.
S.RAMESH
VELLORE
an you send me my police detale my policy name new bima gold police no 256599841 and my 2ds police no 272829562 plz send me full detale thanks
prikshit gujjar
9634340433
i have taken policy no 179 12yr on14 5 2007 at dehradun now im living at haldwni my dehradun land lord inform me that he got a cheqe from lic now that is over date.i also lost my policy document please tell me 1.how can i got new cheque 2. how i got new policy bond 3.can i change my address from haldwni 4. is it possibe all above can done by online thanks
I WANTS LIC BEEMA GOLD POLICY FOR MY SON MASTER RISHABH GUPTA 09837265451 R/O 22,VIJAY NAGER PUNJABI GALI MEERUT (UP)
I took an LIC Jeevan Bhima 4 years back for 10 lakhs for a tenure of 16 years. My premium amount was around 49000. After 4 years, I will be getting 15% of the sum assured. That would be 1,50,000/-.
But few days back, I thought 10 lakh covergae is not enough and I went for a pure term insurance from ICICI. It had 1 crore cover for 30 years. The premium amount was around 13000 per year. I know this policy does not provide any survivor benefit. But I have an insurance coverage of 1 crore for 30 years (It was 10 lakhs for 16 years and 5 lakhs for another 8 years by LIC for a hefty premium of 49,000).
If the rest of the money 36000 (49000-13000) is invested in a simple investment options such as PPF, which provides an interest of 8.6%, I could have saved more money than I can get from LIC. If I had paid, 36000 per year (3000 per month) in PPF, after 16 years it should be around 1230552.61/-. If I had gone for more riskier options like equity the returns wrould be much more( Can atleast expect 15% for 16 year horizon). More than that, I am getting life cover of 1 crore for 30 years from ICICI.
I read there is LOYALTY bonus after 16 years. How do you decide what is the LOYALTY bonus? What are the factors deciding this LOYALTY bonus? I might get the loyalty bonus, or might not get. It is not assured from what I understand. If the loyatly bonus is good, then I think, I might consider going forward with this plan. Otherwise, is it even advisable to go frward with this plan? Please let me know your suggestions.
Thanks,
Paul
I have taken a money back policy no. 115145666 of 20 years term on 27th may 2008. I have submitted the NEFT form. Is it updated ? And when will be the first bonus amount credited to my a/c.
hi, I have one policy, I need the features for this plan. Policy No.735527827 in the name of Pushpa Latha (Spouse).
sir, I have a money back policy no.436298338 with 20 terms from 10.03.2006.How much will get after 20 years. T.K.Pradhan.Jharsuguda, Odisha.768203.25.10.2012.Mob No.8895324751
Dear sir,
Please let me clear what is the loyalty addition LIC has declared for the last 2-3 years.(for every thousand)
plz, sugget me to know the maturity amount of the following :
Date of commencement of policy – 26/12/2007
Premium paying term – 20
sum assured – 1,00,000 /-
Extended term benefit – 50,000 /-
installment premium – Rs.313 /- monthly.
Date of expiry for policy term – 26/12/2027
Thanks.