Lic New Bima gold Policy plan no – 179 Review
Lic New Bima gold policy was INTRODUCED ON – 04/09/2006 and WITHDRAWN ON –
It is a combination of Money back and Endowment type plan.
Lic New Bima gold policy was re-introduced after withdrawal of Lic Bima gold plan – 174, with all features and benefits similar to plan -174 and New bima gold plan – 179 is also having additional benefit of Extended cover i.e., Free insurance cover.
In New Bima gold plan, premium is paid till the end of the policy maturity. Here the plan continues even after the policy term i.e, free insurance is available for 50% of Sum Assured and continues till the end of the Extended term which is half of the policy term.
Lic New Bima gold policy Conditions
AGE AT ENTRY: Minimum: 14 years completed
Maximum: 57 years NBD (next birthday) for term 12 years
51 years NBD for term 16 years.
45 years NBD for term 20 years.
POLICY TERM and
PREMIUM PAYING TERM(PPT) : 12,16 and 20 years.
MODE OF PAYMENTS: Yearly, Half yearly, Quarterly,SSS and Monthly
MAXIMUM MATURITY AGE: 75 years
SUM ASSURED: Minimum: 50,000
Maximum: No limit
SUM ASSURED IN MULTIPLE: 5,000
Lic New Bima gold Policy Rebates
There are 3 types of Rebates,
- Sum assured rebate
- Mode rebate
- CEIS rebate
Sum assured rebate:
Under Lic New Bima gold policy Sum assured rebates are high.
|UP to 95,000||Nil|
|1,00,000 to 1,95,000||Rs.5.00 per 1000 sum assured.|
|2,00,000 and above||Rs.7.50 per 1000 sum assured.|
|Yearly mode||2% of tabular premium|
|Half-yearly mode||1% of tabular premium|
|Monthly||5% Extra on tabular premium|
|Quarterly and SSS||No Rebate|
Under New Bima gold plan, CEIS rebate is 10% of tabular premium.
Lic New Bima gold Policy Survival Benefits
Survival benefits of New Bima Gold plan -179 is same as Bima gold plan -174 i.e, If all premiums have been paid and life insured survives, then certain % of basic sum assured will be repaid to life insured as SB (survival benefit).
SB is not payable under auto cover period.
|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 New Bima gold Policy Maturity Benefits
If premiums for the policy term have been paid fully and life assured survives till the maturity date, then
Maturity claim = total amount of premiums paid (excluding optional rider premium) + loyalty addition (if any) – survival benefit amounts paid earlier.
From the above details we can say that Maturity benefit under this plan – 179 is same as Bima gold plan – 174 but,
If the policy is under Free death cover then,
Maturity claim will be same as shown below and policy will be treated as paid up policy only.
If at least 3 full year premiums have been paid and future premiums were discontinued, then
Maturity claim = total amount of premiums paid(excluding optional rider premium, if any) – survival benefit amounts paid earlier.
In this case Loyalty addition is not payable and Free death cover during extended term will not be available.
Lic New Bima gold Policy Death claims
If life assured dies during the policy term provided policy is in force or death during auto cover period, the nominee will be paid with
Death claim = sum assured
If death of life assured occurs after auto cover period and provided premiums have also been paid for at least 3 years, then
Death claim = total premiums paid (excluding any extra premium) – survival benefits paid earlier.
Lic New Bima gold Policy Free Death Cover benefit
After paying all premiums during policy term, then free death cover will be extended for an amount of 50% of basic sum assured during the extended term which is 50% of the policy term.
- Extended free death will start immediately on expiry of policy term.
- During extended term premiums are not payable.
- Maturity or Surrender value is not payable for extended free death cover.
- Also accident benefit rider will not be available during the extended term.
- The only payable amount on life assured’s death during extended term is free death cover of 50% of basic sum assured
Lic New Bima gold Policy Additional Benefits
Lic New bima gold is having Loyalty addition which is payable on date of maturity. During death claim or surrender value, loyalty addition is not payable. Loyalty addition rates will be declared separately every year.
Riders Available in Lic New Bima gold Policy
Accident benefit rider:
Accident benefit rider in new bima gold policy is as an optional benefit for a premium at the rate of Rs.1/- per 1000 Accident benefit rider sum assured. It includes DAB & EPDB, but this policy do not include PDB for first 20,000 sum assured.
If in case life insured is engaged in high- risk jobs like police officer or military man etc., the rate of accident benefit rider premium shall be Rs.1.50 per 1000 sum assured.
During extended term Accident benefit rider is not available.
GUARANTEED SURRENDER VALUE:
Guaranteed surrender value is available under Lic New Bima gold policy, after completion of at least 3 policy years and at least 3 full years premiums have been paid.
GSV = 30% ( total amount of premiums paid) – premiums for the first policy year, all extra premium paid, premium paid for accident benefit rider and the amount of survival benefits paid earlier.
PAID UP VALUE:
After paying at least 3 full year premiums, if any further premium is not duly paid, the policy will acquire Paid up value.
Paid up value = total premiums paid ( excluding any extra premium) – survival benefits paid earlier(if any).
SPECIAL SURRENDER VALUE:
Under Lic New bima gold policy, after paying at least 3 full year premiums and completion of 3 years from date of commencement of policy, policy will acquire SSV,
SSV = paid up amount X SSV factor.
Additional Information about Lic New Bima gold Policy
Loan facility is available under New Bima gold policy, after policy acquires paid up value. Rate of interest on loan will be as determined from time to time. Loan will be granted 90% or 85% of SV.
After paying at least 2 full year premiums, if any future premium is not duly paid, full death cover shall continue for a period of 2 years from due date of 1st unpaid premium. That period of 2 years from FUP is the Auto Cover Period.
Lic New Bima gold Policy Benefit illustration
Mr. Tom, aged 30 years chooses new bima gold (plan – 179) for Sum assured of 2 lakhs, paying an annual premium of Rs.7363/- for 20 years period.
He receives Rs.20,000 each at the end of 4,8,12 and 16 years. On maturity the net amount payable will be total premium paid _ paid up survival benefit + loyalty addition (if any) i.e.,
7363 x 20 – 20,000 x 4 = 1,47,260 + loyalty addition (if any)
he will also get the extended term of 10 years i.e.
the term will be 20+10 = 30 years.
But if Mr. Tom dies after 12 years, his nominee will receive Rs.2 lakhs without deducting the survival benefit paid to Mr. Tom.