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New Bima Gold

New Bima Gold (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***

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 80 C   : Premiums paid under this plan are eligible for tax rebate u/s 80C

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

The policy will still provide insurance cover for extended period (half of the sum assured and half the original term).





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.



*** To buy a new LIC plan call Vikas 99111-70785 ***
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