- 1 Lic Bima Gold Policy Review
- 1.1 Introduction about Lic Bima gold Policy plan no – 174
- 1.2 Lic Bima gold policy Conditions
- 1.3 Lic Bima gold Policy Rebates
- 1.4 Lic Bima gold Policy Survival Benefits
- 1.5 Lic Bima gold Policy Maturity Benefits
- 1.6 Lic Bima gold Policy Death Claims
- 1.7 Lic Bima gold Policy Additional Benefits
- 1.8 Riders Available in Lic Bima gold Policy
- 1.9 Additional Information about Lic Bima gold Policy
Lic Bima Gold Policy Review
Plan No – 174
Introduction about Lic Bima gold Policy plan no – 174
Lic Bima gold policy was INTRODUCED ON – 01/09/2005 and WITHDRAWN ON- 01/04/2006.
Lic presented ‘Golden Jubilee policy- Bima Gold’ on its 50th Golden Jubilee year. This plan is money back type plan.
The main feature of Bima gold policy is free death cover for 2 years is available even though premiums have not been paid after at least 2 full year premiums have been paid. Also this is having high sum assured rebate and low premium rates compared to money back plan.
There will be high risk coverage for same range of premium compared to money back plan.
Lic Bima gold policy Conditions
AGE AT ENTRY: Minimum: 14 years completed
Maximum: 63 years
POLICY TERM and
PREMIUM PAYING TERM(PPT) : 12,16,20 years.
MODE OF PAYMENTS: Yearly, Half yearly, Quarterly,SSS and Monthly
MAXIMUM MATURITY AGE: 75 years
SUM ASSURED: Minimum: 40,000
Maximum: No limit
SUM ASSURED IN MULTIPLE: 5,000
Lic Bima gold Policy Rebates
There are 3 types of Rebates,
- Sum assured rebate
- Mode rebate
- CEIS rebate
Sum assured rebate:
|Up to 45,000||Nil|
|50,000 to 95,000||Rs.2.50 per 1000 sum assured.|
|1,00,000 to 1,95,000||Rs.7.50 per 1000 sum assured.|
|2,00,000 and above||Rs 10.00 per 1000 sum assured.|
|Yearly mode||2% of tabular premium|
|Half-yearly mode||1% of tabular premium|
|Quarterly and SSS||No Rebate|
Under Lic Bima gold plan CEIS rebate is 10% of tabular premium.
Lic Bima gold Policy Survival Benefits
If all premiums have been paid and life insured survives, then certain percentage of basic sum assured will be refunded to life insured as survival benefit.
|12||AB||15%4 years||15%8 years|
|16||AB||15%4 years||15%8 years||15%12 years|
|20||AB||10%4 years||10%8 years||10%12 years||10%16 years|
Where A = % of Basic sum assured payable as Survival Benefit amount.
B = Survival benefit amount payable at the end of the no. of years from date of commencement of policy.
Lic Bima gold Policy Maturity Benefits
If premiums for the policy term have been paid fully and life insured survives up to the maturity date, then
Maturity claim = total amount of premiums paid (excluding optional rider premium, if any) + loyalty addition (if any) – survival benefit amounts paid earlier.
If at least 3 full year premiums have been paid and further premiums were discontinued, then
Maturity claim = total amount of premiums paid(excluding optional rider premium, if any) – survival benefit amounts paid earlier.
Lic Bima gold Policy Death Claims
On death of life assured during policy term or death during auto cover period, the nominee will get an amount equal to sum assured as death claim. But premiums due from FUP to policy anniversary following date of death need not be recovered.
If death occurs before FUP, no need to recover the premiums to complete the policy anniversary while settling the claim.
If death occurs within the days of grace during the policy term, then recovery of all the unpaid premiums during the policy year of death is required while settling the claim.
If death occurs after FUP and provided premiums have also been paid for at least 3 years, then
Death claim = refund of total premiums paid (excluding any extra/optional premium) – survival benefits paid earlier.
Lic Bima gold Policy Additional Benefits
Lic Bima gold policy is having loyalty addition which is payable only on maturity. Loyalty is not payable during death claim or surrender value.
Riders Available in Lic Bima gold Policy
Accident benefit rider:
Accident benefit rider is available as an optional benefit for a premium at the rate of
Rs.1/- per 1000 Accident benefit rider sum assured.
Accident benefit rider includes DAB & EPDB, but this policy do not include PDB for first
20000 sum assured.
GUARANTEED SURRENDER VALUE:
In Lic Bima gold policy, Guaranteed surrender value will be available after completion of 3 policy years and at least 3 full year premiums have been paid.
GSV = 30% of the total amount of premiums paid – the premiums for the 1st policy year, all extra premium paid, premium paid for accident benefit rider and the amount of survival benefits paid earlier.
Loyalty addition is not payable.
PAID UP VALUE:
After paying premiums for at least 3 full years, if any future premium is not duly paid, the policy will acquire paid up value.
Paid up value = total premiums paid ( excluding any optional premium) – survival benefits paid earlier(if any).
Paid up value is payable on maturity date or at life insured death.
SPECIAL SURRENDER VALUE:
After paying at least 3 full years premiums and also after completion of 3 years from date of
commencement of policy, it will acquire SSV.
SSV = paid up amount X SSV factor.
Additional Information about Lic Bima gold Policy
- Under Lic Bima gold policy Loan facility is available, after policy acquires paid up value.
- The rate of interest on loan will be as determined from time to time.
- Loan will be granted 90% or 85% of SV.
If any future premium is not duly paid after paying at least 2 full year premiums, full death cover will continue for a period of 2 years from due date of 1st unpaid premium. Then that period of 2 years from FUP is the auto cover.