New Bima Gold
New Bima Gold (THIS PLAN IS NO LONGER AVAILABLE)
Please choose from other LIC plans below:
Other LIC Plans | |||
---|---|---|---|
Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
Jeevan Lakshya | |||
Jeevan Rakshak | |||
Limited Premium Endowment |
New Bima Gold (THIS PLAN IS NO LONGER AVAILABLE)
New Bima Gold (Plan No. 179)
This is a money back plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.
The extended life insurance cover is available for half of the original sum assured and half of the original term without paying any premium.
Features
- Premiums paid are returned back periodically
- Insurance cover is available for extended term without paying any premiums
- Double tax benefit
- Additional accidental sum assured (Maximum Rs 50 Lakhs from age of 18 yrs)
- Loan against policy is available
Eligibility Conditions
Available Terms
|
12,16 and 20 years
|
Minimum age at entry
|
14 years
|
Maximum age at entry for 12 year term
|
57 years
|
Maximum age at entry for 16 year term
|
51 years
|
Maximum age at entry for 20 year term
|
45 years
|
Maximum age at maturity
|
75 years
|
Minimum sum assured
|
Rs 50,000.00
|
Maximum sum assured
|
No higher limit
|
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Survival Benefits
Policy
Term
|
Percentage of Sum Assured paid
periodically
|
|||
4th
year
|
8th
year
|
12th
year
|
16th
year
|
|
12
year term
|
15%
|
15%
|
--
|
--
|
16
year term
|
15%
|
15%
|
15%
|
--
|
20
year term
|
10%
|
10%
|
10%
|
10%
|
Possible Events
On Death
If policy holder dies during the policy term, his/her nominee will receive the sum assured.
On Accidental Death
If during the policy term, the policy holder dies due to an accident, his/her nominee will receive the sum assured + Additional accidental sum assured.
On Survival
If policy holder survives the term of the policy, he/she will get the amount as below:
Total premiums paid (excluding additional accidental premium)
less Survival benefit already paid periodically
Plus Loyality Additions
Understand New Bima Gold with an example
Mr. Iqbal is a 30 year old IT employee. He takes LIC New Bima Gold policy for 20 year term and Rs 5,00,000.00 (Rupees Five Lakhs) sum assured.
He will be paying annual premium of Rs 18,408.00 (Rupees Eighteen Thousand Four Hundred and Eight only).
Possible Events
On Survival
During the policy term Mr. Iqbal will receive following survival benefits:
4th year - Rs 50,000.00 (10% of Sum assured)
8th year - Rs 50,000.00 (10% of Sum assured)12th year - Rs 50,000.00 (10% of Sum assured)
16th year - Rs 50,000.00 (10% of Sum assured)
20th year - All premiums paid (excluding the accidental sum assured premium)
Less Survival benefit already paid during policy term
= [(Rs 18,408 x 20 yrs) - Rs 10,000.00 (Accidental Premium)] - (Rs 2,00,000.00)
= [Rs 3,68,160.00 - Rs 10,000.00] - Rs 2,00,000.00
= Rs 1,58,160.00 + Loyalty Additions
Extended Cover - The policy will still continue for Rs 2,50,000.00 (half of original sum assured) and for 10 years (half of original term).
On Death
If Mr. Iqbal dies during the policy term, his nominee will receive the sum assured (Rs 5,00,000.00). The survival benefits already paid periodically will not be deducted from this.
On Accidental Death
If Mr. Iqbal dies during the policy term due to an accident, his nominee will receive Rs 10,00,000.00 (Rupees 10 Lakhs) which includes the basic sum assured and the additional accidental sum assured.
The survival benefits which have been already paid periodically will not be deducted from this.
Other LIC Plans | |||
---|---|---|---|
Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
Jeevan Lakshya | |||
Jeevan Rakshak | |||
Limited Premium Endowment |