What is the benefit of New Bima Gold Plan 179?

What is the benefit of New Bima Gold Plan 179?

Key Features of LIC’s New Bima Gold Plan.

How is maturity amount of new Bima Gold calculated?

Maturity Benefit – At the maturity of the Policy Term, the insured will get Total of all Basic Premiums paid till date + Loyalty Additions, if any – Survival Benefits already paid. 50% of the Sum Assured continues as Life Coverage till the end of the Extended Term. No premium needs to be paid for this.

What are the benefits of Bima Gold policy?

Under LIC Bima Gold you get an optional Accidental Death and Disability Benefit Rider. This rider covers deaths and disablements suffered in an accident. In case of accidental death, the rider sum assured would be paid in addition to the basic sum assured of the policy.

How do you calculate loyalty addition in New Bima Gold?

Loyalty Addition for per 1000 of Maturity Sum Assured 640 for per 1000 of Maturity Sum Assured (MSA). Now, suppose there is a policy with maturity sum assured of 1,00,000 and policy term as 16 years. So loyalty addition will be 100000 x 640/1000= 64,000.

How much is loyalty addition in LIC?

Loyalty additions rates of a 25-year term are Rs 1100 per 1000 sum assured. This means 110% of the sum assured is paid as loyalty additions for plans maturing this year in addition to the sum assured and guaranteed additions.

What is extended coverage in LIC?

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid. Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

What is new Bima Gold plan?

LIC New Bima Gold Plan is a combination of a money back plan and endowment plan with extended cover beyond premium paying term. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan.

How can I check my LIC maturity amount?

To check the updates through SMS, one can type “ASKLIC” followed by the policy number and SMS it to the phone number 56767877 made available by the Corporation. “ASKLICAMOUNT.” All of the queries mentioned above can be resolved by sending the SMS code to the same number, that is, 56767877.

What is new Bima Gold?

What is sum assured in LIC?

What is the Sum Assured? The sum assured is the guaranteed amount that the beneficiary of your life insurance policy will receive in case of your death. The sum assured is also known as the coverage or the cover of your insurance policy.

What is LIC loyalty bonus?

Which is LIC New Bima gold plan no-179?

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.

When is premium paid in New Bima gold plan?

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. Maximum: 57 years NBD (next birthday) for term 12 years

What are the features of LIC Bima gold?

Key Features of LIC’s New Bima Gold Plan. It is a money back plan where Survival Benefits are payable on every fourth year. Premium paying terms available are 12, 16 and 20 Years. Maturity Benefit available at the end of the premium paying term.

What are the Tears for BIMA term 16?

For policy term 16 tears: 15% of the sum assured under basic plan at the end of each 4th, 8th 12th policy year. On expiry of policy term: total amount of premiums (excluding extra/optional rider premiums, if any) paid plus loyalty addition, if any less the amount of survival benefit paid earlier.