LIC New Bima Gold Table 179
New BimaGold Requirements:
- Minimum age at entry: 14 years completed.
- Maximum age at entry: 57/51/45 years (nb)
- Minimum Sum Assured: Rs. 50,000
- Maximum Sum Assured: Any Amount.
- SA is multiples: Rs. 5000
- Term: 12/16/20 years.
- Extended Term: 6/8/10 years.
- Age at expiry of extended term: 75 years nbd:
- Modes allowed: All except SP
- Accident Benefit* per 1000 SA: Re 1 extra
*maximum of 50 lakh including in-built accident policies of LIC & other Insurance companies including existing policies under individual/group.
Lic India New Bima Gold Underwriting:
- Risk coverage: Basic SA
- Female Lives category: I/II/III
- Age proof: Std./NSAP-1/2/3.
- Form No.: 300/340
- Dating Back** @ 8% : Allowed
- Non-medical general: Allowed
- Non-medical prof. : Allowed
- Non-medical special : Allowed
** Policy can be dated back even prior to introduction of the plan.
Servicing Bima Gold Policy:
- TRB/CIR: No.
- Policy loan@ 9% : Yes.
- Housing Loan: Yes
- Revival: yes
- Surrender of policy: Yes
- Assignment: Yes
- Grace period: Yes.
- Survival Benefits: Yes.
- Nomination: Yes.
- SA Rebate per 1000
Upto 95,000 Nil
1 lac to 195000 5.0
2 lacs & above 7.5
- Mode rebate/extra*:
Loyalty Additions New Bima Gold Plan:
- Loyalty addition (one time if any), will be payable only on maturity.
- Auto Cover: Full death cover shall continue for a s period of 2 years from the date of first Unpaid Premium if atleast 2 full premiums have been paid, any subsequent premium be not duly paid.
- Cooling Off Period: If not satisfied with the terms & conditions of the policy you can returned the policy to the corporation within 15 days.
- Maturity benefits: During the term of the New Bima Gold Lic policy, total amount of premiums paid, less survival benefits paid earlier + Loyalty addition, if any, will be paid. Extra/optional rider premiums paid, if any, will not be returned.
- Accident benefits: During the term of the policy, if opted and if the L.A. dies in an accident, Accident benefit SA + Basic SA will be paid. It is not applicable in extended term but it is available only during the policy term.
- Death benefits: During the extended term, 50% of the basic SA will be paid, provided all premiums under the policy have been paid. During policy term, basic SA will be paid to the nominee.
- Survival Benefits: In case LA survives till the end of specified durations the benefits shall be payable as per the following chart:
|% of Sapayable at the end of policy year|
- On Maturity, (at the end of the policy year), he will get Rs. 76,400 (total premiums paid for 20 years i.e. 8020 X 20 = 160400 minus AB Rider premium of Rs. 4000 less 80000 Survival Benefit already paid) + Loyalty additions if any: If Mr. Abby dies during 17th Policy year:
- In case of natural death, his nominee would get Rs. 2 Lakh SA .
- 2. In case of accidental death, his nominee would get Rs. 4 lakh.
- In both cases of 1 and 2, the above benefits will be in addition to the total survival benefits of Rs 80000 already paid at the end of 4th, 8th, 12th, & 16th policy year. Hence, Total amount received on this policy will be Rs. 2 lakhs + 80000 = 280000.
- In case of accidental death, it will be Rs 400000 + 80000 = 480000.
- If Mr. Abby is dead during the extended term of 10 years either due to natural/accidental death, his nominee will get Rs 1 lakh SA (i.e. 50% less of Basic SA). This is apart from Survival Benefit & maturity Benefits received earlier.
- Loyalty addition is applicable only for Maturity Benefit & not for death benefit.
- On his survival, he’ll get survival benefits of Rs 20000 (10% of SA) each at the end of 4th, 8th, 12th, 7 16th year totaling to Rs. 80,000.