What are the Benefits of LIC New Bima Gold Plan?

LIC New Bima Gold however, is no longer available for sale as it was withdrawn by the company.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.

Benefits of LIC New Bima 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:

• Death Benefit

  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.

• Maturity Benefit

  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. 

• Survival Benefit

  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. 

• Additional Bonuses

  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.

• Loan Facility

  The policyholders have the option to avail of loans against their policy and can also surrender it after three years to avail liquidity

• Tax Benefit

  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.

Who Can Buy LIC New Bima Gold?

LIC Resources

Summing it up:

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.

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