LIC New Bima Gold Plan (Plan No. 179) is a unique money-back insurance policy 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.
Key Features of LIC New Bima Gold Plan
LIC New Bima Gold Plan provides several distinctive features that make it a valuable choice for policyholders.
Auto-Cover Facility
With the Auto-Cover Facility, policyholders receive extended coverage even after missing premium payments:
- If at least two years of premiums have been paid, full death cover continues for up to two years from the date of the first unpaid premium (FUP) or until the policy term ends, whichever is earlier.
Flexible-Premium Payment Options
LIC New Bima Gold offers flexible payment modes for added convenience:
- Premiums can be paid yearly, half-yearly, quarterly, or monthly (via ECS), accommodating diverse financial needs and preferences.
Extended Coverage After Policy Term
This plan includes an extended term that provides life coverage even after the policy term concludes:
- Policyholders are covered for an extended term that’s half the length of the original term, offering 50% of the sum assured as life coverage during this period.
Benefits of LIC New Bima Gold Plan
Survival Benefits
Survival benefits are payable at specific intervals if the life assured survives through the policy term. The percentage of the sum assured paid varies by policy term:
- 12-Year Term: 15% of the sum assured at the end of the 4th and 8th years.
- 16-Year Term: 15% of the sum assured at the end of the 4th, 8th, and 12th years.
- 20-Year Term: 10% of the sum assured at the end of the 4th, 8th, 12th, and 16th years.
Death Benefit
This plan ensures financial protection for the policyholder’s family:
- During the Policy Term: The full sum assured is payable in case of death while the policy is active.
- During the Extended Term: If death occurs during the extended period, 50% of the sum assured is paid, provided all premiums were paid during the policy term.
Maturity Benefit
On policy maturity, the plan provides a return of premiums, ensuring robust financial support:
- Policyholders receive the total premiums paid (excluding extra or rider premiums) minus the survival benefits already paid, along with any Loyalty Additions if applicable.
LIC New Bima Gold Plan Eligibility Criteria
Here’s a quick overview of the eligibility conditions for LIC New Bima Gold:
| Feature | Minimum | Maximum |
|---|---|---|
| Entry Age | 14 years | 57 years (for 12-year term), 51 years (for 16-year term), 45 years (for 20-year term) |
| Policy Term | 12, 16, or 20 years | – |
| Sum Assured | Rs.50,000 | No upper limit (in multiples of Rs.5,000) |
| Extended Coverage Age | – | Up to 75 years |
Additional Information on LIC New Bima Gold Plan
Cooling-Off Period
Policyholders can use the 15-day cooling-off period to return the policy if they’re unsatisfied with the terms and conditions.
Tax Benefits
The premiums paid under this plan are eligible for deductions under Section 80C of the Income Tax Act. Additionally, the maturity proceeds are tax-free under Section 10(10D), offering tax-efficient returns.
Loan Facility
A loan can be availed against this policy after paying 3 full years’ premiums, making it easier to access funds in times of need.
Riders for Extra Protection
Policyholders can enhance their coverage by adding optional riders, such as:
- Accidental Death Benefit Rider
- Disability Benefit Rider
These riders provide added financial security against unexpected events, making the policy more comprehensive.
Frequently Asked Questions (FAQs)
Q1: What is the minimum sum assured under LIC New Bima Gold Plan?
A: The minimum sum assured is Rs.50,000, with no upper limit (in multiples of Rs.5,000).
Q2: Can I apply for a loan against my LIC New Bima Gold policy?
A: Yes, a loan facility is available after three full years of premium payments.
Q3: Is there a tax benefit on LIC New Bima Gold Plan?
A: Yes, premiums qualify for tax deductions under Section 80C, and maturity benefits are tax-free under Section 10(10D).
Q4: What happens if I miss a premium payment?
A: 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.
Q5: How can I maximize my returns with LIC New Bima Gold?
A: Ensure timely premium payments and consider adding riders for enhanced protection.
Conclusion: Is LIC New Bima Gold Plan Right for You?
LIC New Bima Gold Plan offers a valuable combination of savings and life insurance 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 official LIC website to learn more.
Dear sir,
I am having lic beema gold policy, yearly i have to pay a premium of Rs.38400, first year i paid.Now in 2nd year i am facing financial problem hence i want to modify the premium amount around Rs.20000.Kindly help me.
what is the Jeevan ankur plan
want to take a new bima gold policy, premium amount of Rs. 36k/yearly, of sum assured Rs. 10 lac with 10% return after 4,8,12,16 yrs for 20 yrs. what will be matured amount after 20 yrs?
what are the amounts i will get after 4,8,12 and 16 yrs?
I have a bhima gold policy taken in June’2008 and premium amount is 1975/- quterly sum assured is 200000 with 10% return after 4,8,12,16 yrs for 20 yrs. what will be matured amount after 20 yrs.
pls tell me how much amount i will get at the end on new bima gold policy?
term/15 year
PREMIUM: 26424 per year
new bima gold
pls tell me approximate valve.
Reply
In bima gold plan for 20 years, Can we pay the money through bank 3 months once?
i am taken bima gold money back policy for 15 year, yearly this premium amount is 56848 RS i want to know what is the profit this policy, and i think may be this policy big loss?
sir,
please don’t give the incorrect information regarding bima gold policy. it gives benefit only if the policy holder dies, if the policy holder survives this policy is nothing but cheating one. there is no any guarantee for the returns. there is no bonus for this policy and the said loyalty addition also unknown. how can we believe the returns and benefits regarding this policy.
my wife has subscribed this policy. we paid the premium for seven years, the amount rs.53000. in the fifth year lic gave rs.21000 to us. now our money rs.32000 is in lic. we wished to surrender this policy and approached the lic office, at there, the concerned officer said that the surrender value of this policy is rs.6000. do you know the value of our loss, the principle is rs.26000 plus interest for the seven years may be rs.10000, at least, whose money is this. is this good. it is nothing but cheating and fraud.
please don’t say this policy as a good one.
with kind regards
sivakumar
Hi
I want to take a new bima gold policy, premium amount of Rs. 36k/yearly, of sum assured Rs. 10 lac with 10% return after 4,8,12,16 yrs for 20 yrs. what will be matured amount after 20 yrs?
what are the amounts i will get after 4,8,12 and 16 yrs?
pls tell me how much amount i will get at the end on new bima gold policy?
term: 16 years
SA: 50,000
PREMIUM: 2194 per year
new bima gold
pls tell me approximate valve.