Review of LIC New Bima Gold

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. I received the death benefit which helped me and my sibling to fulfill the dreams that our parents have for us. I am forever grateful to them for helping me shape my future even in their absence. By Disha Parekh 

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

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However, the plan is no longer available for sale as it was withdrawn by the LIC of India in 2014.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.

Benefits of LIC New Bima Gold

  1. 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.

  2. 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 insured is provided as life cover until the policy's extended term is finished and no more premiums are due.

  3. 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. 

  4. Tax Benefit

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

  5. Loan Benefit

    The plan offers the loan facility to the policyholders once the policy acquires paid up value. 

  6. 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. 

  7. Optional Rider Benefit

    Under LIC New Bima Gold, 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 Accident Benefit Rider Sum Assured is payable. Whereas, on the permanent and total disability arising due to an accident (within 180 days from the date of the accident an amount equal to the Accident Benefit Rider Sum Assured will be paid over 10 years in monthly installments.


What is the Eligibility Criteria of LIC New Bima Gold?

Minimum Maximum
Sum Assured 50,000 No limit
Tenure of Policy 12 years 20 years
Tenure of premium payment Equal to the policy term
Extended Term Half of the policy term
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
Maturity age of policy - 75 years
Payments Mode Yearly, Half-yearly, quarterly and 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

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL