LIC New Bima Gold Plan

One of the most trusted and largest insurance companies in India, LIC has introduced New Bima Gold Plan, which is a money back endowment plan providing an extended cover beyond the premium paying term. Categorized under special plans by LIC, New Bima God Insurance policy is non-unit linked insurance plan that offers comprehensive life coverage at a nominal cost.

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Under this plan, even if the premium is paid for the entire tenure of the policy, the plan continues till the extended term. The policy offers survival benefits to the insured at regular pre-decided intervals. After the tenure of the policy comes to an end, the policyholder receives the maturity benefit, which is the difference between the survival benefits and all the premiums you paid plus the loyalty additions. Moreover, till the extended tenure of the policy, 50% of the sum assured as life coverage is paid to the insured. During the extended term, the insured does not need to pay any premium.

Keys Features of LIC New Bima Gold Plan

  • The insured can pay the premium until the end of the policy tenure and survival benefits can also be received till then.
  • Till the extended term the policy, it continues providing life coverage. As soon as the tenure of the policy comes to an end, the policyholder neither pays any more premium and nor receives any survival benefits.
  • The policyholder can choose the tenure of the policy according to their suitability and the premium is paid until the end of the policy tenure.
  • The extended tenure of the policy is the half of the policy tenure.
  • The death benefit during the tenure of the policy is 100% of the sum assured and during the extended tenure of the policy is 50% of the sum assured.
  • Maturity benefits are payable after the completion of the policy term.
  • Maturity benefit that is paid to the insured is equal to the total premium paid plus the loyalty addition (if any) minus the survival benefit.
  • The plan also provides add-on coverage as Accidental Death Benefit rider and Disability Benefit rider.
  • The plan offers a rebate on the larger sum assured. 

Benefits Provided by LIC New Bima Gold Plan

Death Benefit

In case of unfortunate demise of the insured person during the tenure of the policy, 100 % of the sum assured is paid to the beneficiary of the policy. If the insured dies after the tenure of the policy but during the extended term, then 50% of the sum assured is paid to the beneficiary.

Survival Benefit-

In case the life insured survives during the whole tenure of the policy, then

  • 15 % of the sum assured is paid at the end of 4th and 8th-year of policy tenure for 12 years.
  • 15% of the sum assured is paid at the end of the 4th, 8th and 12th year for the policy term of 16 years.
  • 15% of the sum assured is paid at the end of the 4th, 8th, 12th and the 16th year for policy tenure of 20 years. 

Maturity Benefit-

On the maturity of the policy, the insured will get back the total of all the premiums paid till date plus loyalty addition. However, the amount already paid in the form of the survival benefits will be deducted from the sum assured on maturity. Moreover, till the extended tenure of the policy where no further premiums are payable, 50% of the sum assured is provided as life coverage till the end of the extended term.

Income Tax Benefit

The premium paid and maturity proceeds are exempt from tax deduction under section 80C and 10(10D).

In order to purchase the policy, one needs to fit the eligibility criteria of the policy. For your convenience, we have shown the eligibility criteria in the following table

 

      Minimum

        Maximum

Sum Assured

50,000

No limit

Tenure of Policy

12,16

20

Tenure of premium payment

Equal to the policy term

Extended Term

Half of the policy term

 

Entry Age of the Policy Tenure

14

57 for term 12 years

51 for term 16 years

45 for term 20 years

Maturity age of policy

-

75

Payments Mode

Yearly, Half-yearly, quarterly and monthly

 

Categorized under special LIC plans, LIC New Bima Gold plan is apt for those insurance seekers who want the benefit of both money back plan and endowment plan simultaneously.

Since LIC New Bima Gold has been withdrawn recently, you can no longer buy the plan from LIC. So, if you want to buy a similar plan, just go through our website and feel free to write any query that you have. We will be pleased to answer your queries.

More Useful Resources

LIC Online Services

LIC Investment Plans

LIC Other Plans

LIC Policy Status Check

LIC Jeevan Umang Plan

LIC Term Insurance Plans

LIC Online Premium Payment

LIC Jeevan Lakshya Plan

LIC Pension Plans

LIC Registration Process

LIC Money Back Policy

LIC ULIP Plans

LIC Online Login Portal

LIC New Jeevan Anand

LIC Child Education Plans

LIC Maturity Calculator

LIC New Endowment Plan

LIC One Time Investment Plan

Written By: PolicyBazaar - Updated: 05 July 2021

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