The LIC New Bima Gold Plan 174 is a comprehensive insurance policy that provides various features and benefits to its policyholders. This plan is a combination of savings and protection, which makes it an ideal option for individuals who want to secure their future financially. One of the significant benefits of the LIC New Bima Gold Plan is that it offers life cover throughout the policy term.Read more
LIC New Bima Gold however, is no longer available for sale as it was withdrawn by the company.
Continue reading to explore more benefits of the LIC NewBima Gold Plan.
LIC New Bima Gold offered by the LIC of India offers several benefits and allows the policyholder to secure their as well as their family’s future. LIC Plan 174 benefits are:
In case of the unfortunate demise of the policyholder during the term, a lump sum amount is paid to the nominee or legal heir. In case the policyholder dies after the tenure of the policy but during the extended term, then 50% of the sum assured is paid to the nominee.
The plan also offers maturity benefits, which can be availed by the policyholder if he/she services till the end of the policy term. The maturity benefit paid will be equal to the total of all the premiums paid till date plus loyalty addition.
In case the life insured survives during the whole tenure of the policy, then
At the end of the fourth and eighth years of the policy's 12-year term, 15% of the sum assured is paid.
For the 16-year policy term, 15% of the sum assured is paid at the end of the fourth, eighth, and twelfth years.
For a 20-year insurance, 15% of the sum assured is paid at the end of the fourth, eighth, twelfth, and sixteenth years.
Enhanced Coverage through Riders
The LIC New Bima Gold Plan 179 also provides accidental death benefit and disability benefit riders as add-ons. These riders provide additional coverage against accidental death or disability due to an accident.
Auto Cover Benefit
Full death coverage will last for two years from the date of the First Unpaid Premium (FUP) or until the end of the policy term, whichever comes first, if at least two full years' worth of premiums have been properly paid.
LIC New Bima Gold Plan offers bonuses that are added to the maturity value of the policy, enhancing its overall returns.
Flexibility to the Policyholder
LIC New Bima Gold Plan offers flexibility in terms of premium payments, which can be made monthly, quarterly, half-yearly or annually as per the convenience of the policyholder.
The policyholders have the option to avail of loans against their policy and can also surrender it after three years to avail liquidity
Under Section 80C of the Income Tax Act, policyholders can claim a deduction for up to INR 1.5 lakh in their taxable income. The premium paid towards this plan is also eligible for a tax deduction under this section, which makes it an attractive investment option. Moreover, the maturity benefit received from LIC New Bima Gold Plan is tax-free under Section 10(10D) of the Income Tax Act.
|Sum Assured||50,000||No limit|
|Entry Age of the Policy Tenure||14 years||57 years for term 12 years
51 years for term 16 years
45 years for term 20 years
|Tenure of premium payment||Equal to the policy term|
|Tenure of Policy||12 years||20 years|
|Payments Mode||Yearly, Half-yearly, quarterly and monthly|
|Extended Term||Half of the policy term|
|Maturity age of policy||-||75 years|
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Overall, LIC New Bima Gold Plan offers comprehensive coverage with several features that make it an excellent investment option for individuals looking for financial security. Investing in LIC New Bima Gold Plan has numerous benefits, making it a popular choice among the policyholders.
*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:- http://bit.ly/3J20bXZ