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.
pls infrom me taht when my bima gold policy bonus release.
my policy no.960335370
Hi,
If new bima gold policy of Rs. 10 Lakh. of rs .29816/- paid every six months. Then what will be the maturity amount? and what are the amounts received 4th, 8th & 12th years.
I have a bhima gold policy taken in june 2007 .Its is a 20 years money back policy.can u please tell me when will I get my first return and also want to know if I could avaial a loan on this policy and how much could I avail.
can you send me my police detale my policy name new bima gold police no 164347681 and my wife s police no 164347681 plz send me full detale thanks
If i did not encash the cheque within the specified period,it will be forfeited or this will accumulated to policy bonus next time
You need to call 1251 or contact your Branch
I have a bhima gold policy holder.this month I am completing my 4years of 20years policy.I have received a cheque for the bonus amount Rs.20k.My question it is must to credit this cheque in my account?If i don’t have a bank a/c how can I with draw? I did not withdraw this cheaque will it be forfeited?Kindly answer please.
You need to have a Bank account to encash cheque.
When I will pay my Son’s Abhilash Mohanty’s Policy No. 587865862
( Child care policy) and the amount for the aforesaid premium.
Please intimate me on my Email ID- mohanty_dulal@yahoo.com
Prakash Kumar Mohanty
23rd March, 2010.
I would like to know my Bima Gold Policy No. 416852311 next premium due date and amount, please intimate me on my Email Id.
Prakash Kumar Mohanty,
dated 23rd march, 2010.
Please contact your Agent or branch.
Hi,
I have lic’s new bima gold policy. Please advice me how i can see
my payments and updates on on-line? I send enquiry two times but no answer.
thanks
You need to register on LIC’s official website first. Once you have your login details, you can login with your username and password to track your policy details, payment etc.
pse confirm when I would receive the money back on policy no 202327865