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The New Bima Gold Plan from LIC offers income in installments while providing life cover for an extended period beyond the policy term. The installments paid by the policyholder is paid back during the policy term, however, the life cover continues for another half of the entire policy term. Under this policy, the policyholder is provided the option to attach an add-on/rider that enhances the benefits and coverage. The beneficiary of this policy is entitled to either survival or death benefits. The policy can be bought for a 12, 16, or 20 years policy term with rebate benefits on different modes of premium and high sum assured.
The plan can be bought by any individual who meets the eligibility criteria outlined by Life Insurance Corporation in the following table:
|Minimum age at entry||14 years|
|Maximum age at entry||
|Maximum maturity age||75 years|
|Minimum sum assured||Rs.50,000|
|Maximum sum assured||Multiples of Rs.5,000 only (no limit)|
|Policy term||12, 16, and 20 years|
|Premium payment term||Based on policy term|
|Premium payment mode||Yearly, half-yearly, quarterly, monthly, or through salary deductions|
The age is based on the last birthday of the customer.
|Death benefit||In case of policyholder's death during the policy term, the nominee will be entitled to the death sum assured. If the death occurs during the extended term, 50% of the sum assured will be payable. The death sum assured is equal to the sum assured chosen at the inception of the policy.|
|Survival benefit||If the policyholder survives till the end of the policy term, he/she will be entitled to the following survival benefits:
|Nomination||At any time during the policy term, the policyholder can get in touch with Life Insurance Corporation to change the details of the beneficiary.|
LIC's New Bima Gold Plan offers an option to attach a rider to increase the coverage and benefits. It can be bought for a premium of Rs.1 per thousand Accident Benefit Rider Sum Assured. In any case, the Accident Benefit Rider will not be exceeding the sum assured under the basic plan with an overall limit of Rs.50 lakh. The rider benefits are applicable during the policy term only and not extended as the life cover under the base plan.
In case of death arising due to an accident, an additional amount equal to the sum assured under the Accident Benefit Rider will be payable. If the accident results in total and permanent disability within 180 days from the date of accident and it disables the life assured from carrying out any work to earn the living, the policyholder will receive the sum assured in monthly installments over a period of 10 years.
In order to buy the Accident Benefit Rider, the following eligibility criteria are taken into consideration:
|Minimum age at entry||18 years|
|Maximum age at entry||
|Minimum Sum Assured||Rs. 50,000|
Suicide exclusion – Suicide within 1 year from the policy inception date, whether sane or insane, is excluded under this policy. The nominee has the option to claim for the premiums paid till the date of death.
|Free-look period||The policy offers a 15 days free-look period to the policyholder to cancel/return the policy if he/she doesn't agree with any of the terms and conditions of the policy. In order to cancel/return the policy for a refund, the policyholder is required to send the original policy document along with a statement of objection to Life Insurance Corporation. The refund will be sent to the customer after the deduction of applicable charges.|
|Guaranteed surrender values||The policy acquires surrender value after the completion of 3rd policy year provided all the premiums have been paid. The guaranteed surrender value is 30% of the total premiums paid excluding the premiums for the first policy year.|
|Grace period||Grace period is the time allowed to pay the premium after the due date. The policy offers a grace period of one month for premiums paid in yearly, half-yearly, and quarterly intervals. If the premiums are being paid on a monthly basis, a grace period of 15 days is applicable. If the premiums are not paid within the grace period, the policy will lapse and the cover will cease to continue.|
|Policy revival||A lapsed policy can be revived by making the payment for the due premiums within 5 years from the due date of the first unpaid premium.|
|Policy loan||Once the policy gains the paid up value, the policyholder can apply for a policy loan. The rate of interest on the loan will be decided by the insurer which is subject to change based on various factors.|
The policy offers tax benefits under the Section 80C and Section 10(10D) of the Income Tax Act, 1961. The premiums paid for this plan are eligible for tax deductions while the benefits are exempted from tax. Tax rules are subject to change. Customers are advised to consult a qualified advisor before buying this policy.
In addition to the features and benefits listed above, the following factors are also needed to be considered to make an effective policy buying decision:
The LIC's New Bima Gold Plan helps the customers in getting regular payment throughout the policy term while the life extends for another half period of the total policy term. Moreover, the policyholder is entitled to survival benefits and the family is covered with a death sum assured. The benefits and cover can be enhanced with the attachment of the Accident Benefit Rider that offers a minimum sum assured of Rs.50,000, same as the base policy. Life Insurance Corporation is the largest insurance provider in India who has a pan-India presence. The customer service team is fully trained and qualified to assist the customers to highest standards. The company has received many awards for excellence in services offered to the customers and also for building a trust factor that has been increasing the LIC's customer base for past few decades.
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