LIC New Bima Gold Table 179

W.e.f. 04-09-2006

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*:
Yearly:    2%
Half Yly: 1%
Qly/SSS: Nil
*Mly:       5%

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.

Extended Terms:

This plan shall commence on the expiry of the policy term. It has the facility of an extended term which will be half of the policy term. For e.g., for 20 years term the extended term will be another 10 years. Hence., the total term will be 30 years. During this extended term, No premiums are payable.


This is a unique with profit Money Back Type plan.  Life insurance cover si available during the term as well as during the extended term of the plan. Premiums are paid in installment if they are paid over the term of the plan.  These will be paid at specified durations in case LA survives during the policy term.
  1. 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.
  2. 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.
  3. 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.
  4. 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
4th 8th 12th 16th
12 15% 15%
16 15% 15% 15%
20 10% 10% 10% 10%


Mr. Abby aged 35 years takes a 20 years policy for 2 lakh SA. He also opts for Accident Benefits Rider of Rs 2 lacs. He pays a yearly premium of rs 8020.
  • 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:
  1. In case of natural death, his nominee would get Rs. 2 Lakh SA .
  2. 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.

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