Review of LIC New Bima Gold

Under New Bima Gold LIC, the premiums are paid at regular intervals of your choice and benefits are provided at the time of policyholder’s death or at the time of maturity. LIC of India offers Bima Gold with other optional rider benefits that can be added to the plan for additional risk coverage with minimal premium increment.

Learn about How LIC New Bima Gold Changed Disha’s Life

My parents bought LIC New Bima Gold to secure my future. After their demise due to an unfortunate accident, my financial needs were looked after by the plan. I received the death benefit which helped me and my sibling to fulfill the dreams that our parents had for us. I am forever grateful to them for making sure that my future stays intact even in their absence. By Disha Parekh

LIC New Bima Gold is a traditional money-back insurance policy that provides money-back benefits on a regular basis. The insurance offers liquidity through money-back benefits that assist you in meeting your future financial obligations. Additionally, the plan offers several other benefits to the policyholder that helps them to live without any financial worries.

However, the plan is no longer available for sale as it was withdrawn by the LIC of India in 2014. But those individuals who have already bought this plan can continue to avail the protection under the plan. For those who are looking for a new plan, there are other similar life insurance money back plans available on the LIC website.

What are the Benefits of LIC New Bima Gold?

Death Benefit

In case of the unfortunate death of the policyholder during the policy tenure, the nominee of the policy will receive 100% of the sum assured. 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. Remember, that the policy must be in-force and all the premiums till the date of death must be paid.

Maturity Benefit

Once the policy is matured, the policyholder will receive the maturity benefit. The maturity benefit paid will be equal to the total of all the premiums paid till date plus loyalty addition. However, the sum assured upon maturity will be reduced by the amount previously paid in the form of the survival benefits. In addition, 50% of the sum assured is provided as life cover until the policy's extended term is finished and no more premiums are due.

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 12-year term policy, 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, 10% of the sum assured is paid at the end of the fourth, eighth, twelfth, and sixteenth years.

Tax Benefit

The premium paid up to ₹1.5 lakh and maturity proceeds are exempt from tax deduction under section 80C and 10(10D).

Loan Benefit

The plan offers the loan facility to the policyholders once the policy acquires paid up value. The interest rate is determined by the corporation from time to time.

Auto Cover Facility

If at least two full years' of premiums have been duly paid, full death coverage will continue for two years from the date of the First Unpaid Premium (FUP) or until the end of the policy term, whichever comes first.

Optional Rider Benefit

Under LIC New Bima Gold policy, the policyholder has the option to enhance their coverage by opting for additional coverage through available riders. The plan offers Accidental Death and Disability Benefit Rider wherein if the policyholder dies due to the accident, an additional amount equal to the Rider Sum Assured is payable. Whereas, on the permanent and total disability arising due to an accident reported within 180 days from the date of the accident an amount equal to the Rider Sum Assured will be paid over 10 years in monthly installments.

Guaranteed Surrender Value

The GSV is provided to the policyholder at the time of surrender of the policy given that premiums of 3 years are paid and the policy term exceeds at least 3 years. GSV is 30% of total premiums paid except the first year premiums and other payments.

Grace Period

A grace period of 15-30 days (the duration is based on the frequency of premium payment) is provided to the policyholder to make premium payments.

Revival

The policyholder is eligible to revive their lapsed policy if they can provide proof for continued insurability and pay all the outstanding premiums with interest. The policy can only be revived within 5 years from the first unpaid premium.

What is the Eligibility Criteria of LIC New Bima Gold?

Is LIC New Bima Gold a Good Policy?

Yes, New Bima Gold LIC is a good policy. The 179 LIC plan is categorized under special LIC plans that was designed to offer life protection along with investments. The plan helps the policyholder to ensure his and his family’s financial security even after his demise. The plan was withdrawn by the company, and you can no longer buy this plan, however, those individuals who bought this plan before it was withdrawn will be covered under its umbrella of benefits.

LIC Resources

FAQs