LIC New Bima Gold Plan

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Policy discontinued
LIC New Bima Gold Plan

 

LIC New Bima Gold Plan is a combination of a money back plan and endowment plan with extended cover beyond premium paying term. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan.

 

In this plan, the premium is paid for the entire Policy Term but the plan continues even beyond that till the end of the Extended Term, which is half of the Policy Term after the Policy Term ends. During the Policy Term, Survival Benefit is paid at regular and pre-decided intervals. After the Policy Term ends, the total of the (Premiums Paid + Loyalty Additions – Survival Benefit already paid) is paid as Maturity Benefit and 50% of the Sum Assured as Life Coverage continues till the end of the Extended Term. No premium is paid during the Extended Term.

 

This plan is a Special Plan because

  • It is a Money Back Plan with a difference
  • Premium is paid till the end of the Policy Term and Survival Benefits are also received till then
  • The Life Cover continues for an Extended Term, after the Policy Term ends with no further Premium or Survival Benefit payable. 

Compare Money Back Plans

 

Key Features of LIC New Bima Gold Plan


  • Policy Term is chosen by the policyholder and premium is paid till the end of the Policy Term.
  • The policy continues even beyond the Policy Term till the end of the Extended Term
  • The Extended Term is half of the Policy Term
  • Death Benefit during the Policy Term is 100% of the Sum Assured and during the Extended term is 50% of the Sum Assured
  • Maturity Benefit is paid at the end of the Policy Term
  • Maturity Benefit is equal to (Total of Premiums paid  + Loyalty Additions, if any – Survival Benefits already paid)
  • There is an optional Accidental Death and Disability Benefit rider
  • There is large Sum Assured Rebate available in this plan

 

Benefits you get from LIC New Bima Gold Plan

 

Death Benefit – In case of death of the Life Insured

·         During the Policy Term, then 100% of the Sum Assured is paid

·         After the Policy Term but during the Extended Term, then 50% of the Sum Assured is paid

 

Survival Benefit— In case the Life Insured survives, he would get:

·         15% of the Sum Assured is paid at the end of the 4th and 8th year for Policy Term of 12 years

·         15% of the Sum Assured is paid at the end of the 4th, 8th and 12th year for Policy Term of 16 years

·         10% of the Sum Assured is paid at the end of the 4th, 8th, 12th and 16th year for Policy Term of 20 years

 

Maturity Benefit – At the maturity of the Policy Term, the insured will get

·         Total of all Basic Premiums paid till date +

·         Loyalty Additions, if any –

·         Survival Benefits already paid

And 50% of the Sum Assured continues as Life Coverage till the end of the Extended Term where no further premiums are payable.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility conditions and other restrictions in LIC New Bima Gold Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

12, 16

20

Premium Payment Term (in years)

Equal to Policy Term

Extended Term (in years)

Half of Policy Term

Entry Age of Policyholder

14

57 for Term 12 years

51 for Term 16 years

45 for Term 20 years

Age at Maturity

-

75

Payment modes

Yearly, Half-yearly, Quarterly, Monthly and SSS

 

Get the Best Money Back Plan Compare Money Back Plans

 

Sample illustration of premium of LIC New Bima Gold Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured of Rs 1,00,000 for a Policy Term of 20 years.
Hence Extended Term is ½ of Policy Term, i.e. 10 years.

Thus, Guaranteed Return of 10% of Sum Assured is provided after 4th, 8th, 12th and 16th Policy Year.

Maturity Benefit is paid at the end of 20 years= Total Premium paid + Loyalty Bonus – Survival Benefits already paid.

LIC New Bima Gold Sample Premium Values

 

Additional Features and Benefits of LIC New Bima Gold Plan

 

Riders- There is 1 additional rider available:

·         Accidental Death and Disability Benefit 

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 2 policy years, the policy cover continues for another 2 years from date of First Unpaid Premium under Auto Cover option.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy. The present rate of interest is 9% p.a.

 

 

Alternate Money Back Plans from different insurance companies

 
Met Sukh Plan from MetLife
ICICI Prudential Cashbak
BSLI Bachat Money Back Plan

 

 

Other Money Back Plans from Life Insurance Corporation of India


LIC Money Back Policy-20 Years
LIC Money Back Policy-25 Years
LIC Jeevan Surabhi-15 Years
LIC Jeevan Surabhi-20 Years
LIC Jeevan Surabhi-25 Years
LIC Bima Bachat

Get the Best Money Back Plan Compare Money Back Plans

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC New Bima Gold Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC New Bima Gold Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

a customer take policy 179 bima gold for 10 year after 8 year she is expired how much amount get her family from lic

By Mohan Chandra Joshi on Sep 19, 2014 Reply

Hello,
On 25/08/2010, i have paid the first premium and started the Policy. Can you explain clearly..
What does it mean "after completing 4 years" ??
After paying the 4 premiums - 25/08/2013 (or)
After completing the 4 years i.e., after paying the 5th premium - 25/08/2014
Please answer.. Might be most of the people getting same doubt.
Thanks in Advance!

By Arjun Raj on Aug 25, 2013 Reply

Dear Raj, it means after you pay 4 premiuims - basically you finish 4 policy years. The 5th premium need not come into play.

Replied By Admin (MIC Staff) on Aug 26, 2013 Reply

Thanks for the reply.
I'm paying at the start of the year itself, by the time i pay the 4th premium, i'm just completing the 3rd year and entering in to the 4th year.
In this case 4 years are not completing but i'm paying the 4th premium.
Please clarify

Replied By Arjun Raj on Aug 26, 2013 Reply

Hi Raj, if this is in context of the payouts being received, it means "after" completing 4 policy years. So you pay the premium for the 4th year and you receive the payouts as the year gets over. You will not receive it at the start of the year when you make the payments for the year.

I hope this is what you wanted to clarify.

Do let me know...

Replied By Admin (MIC Staff) on Aug 26, 2013

Dear sir,
I have a New Bima gold policy for 20 years.the commencement date is 10/07/2010 & the premium amount is 18107 per year including accidental benefit premium.I have already paid 6 years of premium at a time during the enrollment.since it's yet to complete 4 years I haven't received any maturity benefit.
after completing 3 years I wan't to surrender the policy completely.can you inform me what could be the probable amount i'm about to get from the LIC?
Regards,
kaushik

By Kaushik Gupta on Jun 24, 2013 Reply

Dear Kaushik, on completing 4 years you would get 15% of the Sum Assured in this plan.

To get any surrender value you will have to pay at least 3 years premium. Then you will get 30% of the total premiums paid minus the 1st years premium.

Unfortunately, you tend to lose a lot when surrendering.

Replied By Admin (MIC Staff) on Jun 25, 2013 Reply

Dear sir i having new bima gold table no.179 policy of 20 years plan...the assured amount is 10 lakhs...Quaterly i am paying 9700/- from last two years...please give me details about how much i can get at the 4th,8th,12th,16th year & also 20th year(after maturity)...& i would like to take the loan on this policy...so please send the information to this mail id:malvirama@yahoo.com

By Ramdas Malvi on Apr 09, 2013 Reply

Dear Ramdas, the Survival Benefits of New Bima Gold Plan is as follows for the 20 year plan. For policy term 20 years: 10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year. On expiry of policy term: Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier. You would have to contact the LIC office for the details of the loan as it would depend on when you are planning to take it.

Replied By Admin (MIC Staff) on Apr 09, 2013 Reply

Actually i want such a policy which must be monthly and not more than 2500 per month and may be of long duration but gives high amount at the end......and gives about 3,00,000 rs after 1.5 years if i start from july2013.This amount is required for gold purchasing in marriage. Age-23 income-1,20,000 per year by Ruchi

By Sonu Sharma on Mar 13, 2013 Reply

Hi Sonu, if you are wanting Rs.3,00,000 after 1.5 years of investing Rs. 2,500 per month, it would just not be possible with any insurance plan. And life insurance should be taken having a longer time horizon.

Replied By Admin (MIC Staff) on Mar 18, 2013 Reply

Hi Sonu,
You can choose LIC Jeevan Saral...In this you have to pay monthly 2000 and it will give you life cover of 500000( 5 lakh) after 15 year you will get maturity amount of around 8 lakh rupees. You can mature your policy any time after 10 year.

Replied By Ajeet Shrivastava on Apr 04, 2013 Reply

I know about jeevan bima gold

By Ajay on Feb 21, 2013 Reply

Dear sir i having new bima gold table no.179 policy of 20 years plan...the assured amount is 5 lakhs...monthly am paying 1462/- from last two years...please give me details about how much i can get at the 4th,8th,12th,16th year & also 20th year(after maturity)...& i would like to take the loan on this policy...so please send the information to this mail id:swamyr.jsw@gmail.com

By Swamy R on Feb 17, 2013 Reply

You will get 50,000 after 4, 8, 12, and 16 years
At maturity, you will get
Return of Premium - Accident Benefit Rider (if any) + Survival Benefits + Loyalty Addition
= 3,50,880 -AB - 2,00,000 + LA = 1,50,880 + LA - AB

Replied By Sarabjit Kuckreja on Jul 23, 2013 Reply

kindly give me a best plicy plan for my 12,14,18 years old child.

By Manoj Mahyavashi on Feb 15, 2013 Reply

Sir ihave New bema gold 179 12yer plan boy I pay re 21980. I after 12year I can take money how much& 4yer&8yer how much I can take ple email to me my agent never telling to me proberly ple email tome. Thanks

By Abdul Malik on Feb 14, 2013 Reply

sir my policy no is 775784881 so i want status of the policy now please By swapna suresh on july 19,2012

By Swapnasuresh on Jul 19, 2012 Reply

Sir,
i have a policy in lici (New Bima Gold) the agent not clearly tell me that what amount i will get after every four years, my policy is for 12years, and my yearly premium is Rs.3269. can you kindly help me what amount i will get after every 4years and what amount i will get after every 12years. thank you.

By Soumen Sarkar on Mar 26, 2012 Reply

my policy no.426673215 date.12/02/2008. Policy Holdar Name -DIPAK RAM DUSAD I want to
know that.Is this money back policy.

By Dipak Ram Dusad on Mar 12, 2012 Reply

Very third class policy hai, agent sirf loot rahe hai. Kabhi mat lena warna jindagi bhar pachtawoge.

By Shyam Sunder Singh on Feb 28, 2012 Reply

i want to know my lic policy&condition. so please tell me which site i entered the my policy no. & get detail.
i want know more on term policy plan

By Dilip Kumar Khandelwal on Feb 21, 2012 Reply

my new bima gold policy no. is 800756306.This is a 5 years policy(5,00,000)and I am paying around Rs.18000 per annum.I have received first survival benifit of 10% of total policy value.you are saying loyalty additions will be paid, if any.then what is the benifit in this policy?you are paying survival benifit and rest of amount is paying on maturity.kindly explain about this

By Sudhakar on Feb 17, 2012 Reply

I m 35 yr old, I want to know that which money back policy is the best when I invest Rs. 20,000 to 23000 per yearly premium. plz guide me

By Virendra Prasad on Feb 10, 2012 Reply

suppose if I have taken the policy of new bima gold table no.179 (Money Back Policy) for 16 years with sum of 5,00,000 rupees and according to your plan I would get the money back on 4th, 8th,12th and 16th years respectively. Please tell me towards end of the policy i.e.. after 16 years when the policy get matured then how much the total amount of money I would get....??

This month will finish 03 years

STARTED DATE:26TH MAY 2009
PREMIUM: PAYING Rs.6425 FOR QUTERLY
RECOVERY: Rs.75000.00 AFTER 04 YEARS

Thank you



VISH

By Vish on Feb 03, 2012 Reply

Sir l am 44+..yrs old,i want to this policy ,and so what premium must to pay yrly?

By Somprabh Srivastava on Jan 30, 2012 Reply

Sir, My Police No. 765511978, I need Status of this Police, Please.

By A Savithri on Jan 27, 2012 Reply

S ir my policy no is 745843074 so iwant status of the policy now please

By M Sampath on Jan 20, 2012 Reply

Please Jeevan Anand Policy ke bare mei details se likkar de.

By Pradeep Sharma on Jan 17, 2012 Reply

suppose if I have taken the policy of new bima gold table no.179 (Money Bacvk Policy) for 16 years with sum of 1,40,000 rupees and according to your plan I would get the money back on 4th, 8th and 12th years respectively. Please tell me towards end of the policy i.e.. after 16 years when the policy get matured then how much the total amount of money I would get....??

Thanks

By K.H.Jahangir on Dec 25, 2011 Reply

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