What are the Benefits of LIC New Bima Gold Plan?

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. 

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LIC New Bima Gold however, is no longer available for sale as it was withdrawn by the company.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

Parameters Minimum Maximum
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

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.


  • Q: Can I customize the LIC New Bima Gold Plan to suit my needs?

    Ans: Yes, the plan offers flexibility in choosing the policy term, sum assured, and premium payment term. You can customize the plan to align with your financial goals, making it a tailored solution for your needs.
  • Q: How can I calculate the maturity benefit under this plan?

    Ans: The maturity benefit is the sum assured, along with any accrued guaranteed additions and non-guaranteed bonuses. You can use LIC's online premium calculator to estimate the maturity benefit based on your chosen policy term, sum assured, and premium payment term.
  • Q: Is the premium amount flexible, and can I choose the premium payment frequency?

    Ans: Among all other LIC Plan 174 benefits, one of the benefits is that the premium amount can be chosen by you based on your budget and financial capabilities. You can also select the premium payment frequency that suits you, whether annual, half-yearly, quarterly, or monthly.

*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
++Returns are 10 years returns of Nifty 100 Index benchmark

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