'''LIC New Bima Gold'''
LIC New Bima Gold '''is a type of money back plan''' in which the total premiums that are paid under the policy will be paid later in case of the survival of the policy holder in terms of installments at the durations specified. In case of the death of the policy holder during the policy term, the sum assured will be paid regardless of the earlier payment of the survival benefits, if any.
This LIC New Bima Gold is provided with the loan facility when the policy has acquired the paid – up value. From time to time, the corporation then determines and charges the rate of interest for the loan amount. At present, the rate of interest that is payable half-yearly is 9% per annum.
The following are the mode rebates for the high sum assured. They are as follows. For the yearly mode, it is 2% of the tabular premium, under half-yearly mode, it is 1% of tabular premium and there is no rebate in quarterly and SSS mode. 5% extra rebate on tabular premium is given under the monthly mode.
'''The benefits under this LIC New Bima Gold policy are:'''
Survival benefit and
This is a with-profit plan and thus it takes part in the profits provided under the corporation's assurance business. This policy shares the profits in the form of the loyalty additions which is payable one time on the time of maturity.
With respect to this LIC New Bima Gold policy, if at least two years premium has been paid completely, full death cover policy continues for a period of 2 years from the first unpaid premium and this 2 years is called as Auto cover period. Thus the benefits and other features are explained.
LIC New Bima Gold is one of the special plans introduced by the corporation. In this plan the premiums are paid over the plan term during the policy term installment. The Life Insurance cover is available during the term and also during the extended term, plan.
The premiums are allowed to pay yearly, half yearly, quarterly, monthly or through salary deductions over the term of the policy.
The LIC New Bima Gold offers different term benefits. The benefits are:
* 15% of the assured sum under the basic policy term of 12 years is paid at the end of every 4th and 8th policy year.
* 25% of the assured sum under the basic plan of 16 years is paid at the end of every 4th, 8th and 12th policy year.
* 10% of the assured sum under the basic plan of 20 years is paid at the end of each 4th, 8th, 12th and 16th policy year.
* On the expiry of the policy term the total amount of premium with the loyalty additional are paid.
* During the term of the policy an amount equal to the assured sum under the basic plan is provided.
* During the extended term an amount equal to 50% of the assured sum due to the death of the insured person is paid under the policy.
* The extended term shall be half of the term policy after the expiry of the policy.
The other benefits of LIC New Bima Gold are:
* Loans are available under this plan. The rate of interest at present is 9% per annum payable half yearly.
* A grace period of one month not less than that is allowed for the monthly premiums.
* The customer can return the policy within 15 days if he/she is not satisfied with the terms and conditions.
The eligibility criteria for the LIC New Bima Gold are:
For the basic plan the applicant must be minimum 14 years and maximum 57 years for 12 year term, 51 year for 16 year term, 45 year for 20 year term.
The expiry of extended term is 75 years.
The minimum sum assured is Rs 50000/- and no limit for maximum. The assured sum will be in the multiples of Rs 5000/-.