LIC NEW BIMA GOLD (Table No. 179)

Benefits & Features

Eligibility & Premiums


New Bima Gold from LIC is a combination of money back plan and endowment plan. Life insured gets maturity on certain intervals during the term. This policy includes special feature of risk cover during extended term after completion of policy term.

You can choose policy term of 12, 16 or 20 years with provision of certain amount of SUM assured pay back on certain periods. Life cover will continue after policy term and 50% of SUM assured will be given in case of death during extended term. Extended term will be half of the policy term. Maturity benefits will be Total of premiums paid + loyalty additions, if any excluding survival benefits already paid. New Bima Gold is a not unit linked policy.


Maturity Benefits : Maturity benefits payable during term depends on the term of the policy:

15% of the SUM assured at the end of the 4th and 8th year for 12 years of policy term.

15% of the SUM assured is paid at the end of the 4th, 8th and 12th year for 16 years of policy term.

10% of the SUM assured is paid at the end of the 4th, 8th, 12th and 16th year for 20 years of policy term.

At the End of Term : After paying above benefits, total premium along with loyalty additions, if any will be paid (excluding the amount of survival benefits paid earlier and extra premiums).

Death Benefits : An amount equal to SUM assured will be paid in case of death during policy term. In case of death after completion policy term and during extended term an amount equal to 50% of SUM assured will be paid. Extended term will be half of the policy term after the expiry of the policy term.

Policy Loan : Loan against policy is available in this plan.

Tax Benefits : Tax benefits on premium under section 80 C and death claim under section 10 (10D) as per Income Tax Act 1961.


Surrender Value : After completion three years of premium payment, policy will be eligible for Guaranteed Surrender Value. The guaranteed surrender value under New Bima Gold policy will be 30% per cent of the total premiums paid excluding first year premiums and extra premiums paid.

Others Benefits : You may take riders for accidental death or disability benefits.

Grace Period : 15 days of grace period for monthly premium payment policies and grace period of one month is given for policies paying premium quarterly / half yearly and yearly.

Revival : Lapsed policy can be revived by paying arrears of premium along with interest within five years from the due date of first unpaid premium.