LIC New Bima Gold Plan

LIC New Bima Gold Plan is a money back endowment plan that provides an extend 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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We are rated~
58.9 Million
Registered Consumer
Insurance Partners
26.4 Million
Policies Sold

LIC New Bima Gold- An Overview

Under LIC New Bima Gold 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.

The plan is no longer available for sales as it was withdrawn by the LIC of India. However, the policyholder who bought this plan before its withdrawal can continue the coverage.

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 of 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 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

Loyalty Additions

LIC New Bima Gold 179 Loyalty additions can be availed by the policyholder. Being a participating plan, the policy will share in the earnings of the corporation's with-profits assurance business. However, the policy will be entitled to a portion of the profits in the form of a Loyalty Addition (one time) payable only at maturity. Depending on the Corporation's experience, and at the rate and under the conditions that the Corporation may declare, the policy may be eligible for payment of Loyalty Addition, if any, should the Life Assured survive the specified date of maturity.

  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 Golden Jubilee Policy Bima Gold 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, you can no longer buy the plan from LIC. But those individuals who already have this plan can avail the plan’s benefits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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