LIC New Bima Gold Plan 2024 Benefit, Feature, Details, Reviews

The plan offers money-back benefits starting in the fourth policy year and continuing every four years. On maturity, loyalty additions are also added to the sum assured. The plan also provides auto cover, which provides coverage for two years even if premiums are not paid. There is an optional rider that covers accidental death and disabilities. You can get a policy loan if you need money. The plan offers attractive premium discounts, which saves you money. LIC is one of the oldest insurance companies in India and has been a major player in It provides a wide range of insurance plans to suit all budgets. Here, you can look at additional LIC plans.

The various benefits offered by LIC Bima Gold are listed below.

Survival benefits

If you are still alive during the policy term, the plan will pay you survival benefits because it is a money-back plan. Benefits are paid out based on the policy term you choose. The benefits of each of the three options for the policy term are as follows:

If the term is 12 years

If the term is 16 years

If the term is 20 years

Maturity benefit

The maturity benefit is calculated as follows when the plan comes to an end: survival benefits that have already been paid; (aggregate premiums paid over the policy duration plus loyalty additions).

Death benefit

The nominee receives the entire sum assured if the insured passes away during the policy’s term. The existing survival benefits would not reduce this guaranteed sum.

Auto cover benefit

The coverage would not be reduced if you have paid the premiums for at least two policy years but are unable to pay the subsequent premiums.

Guaranteed surrender value

You can surrender the plan if you want to cancel the policy before the tenure is up. You receive a guaranteed surrender value when you relinquish the

Paid-up value

The auto cover benefit would become available if you have paid premiums for at least three full years and future payments are not paid. Additionally, the coverage would continue even after the car cover period has ended. In these scenarios, the policy would be paid in full and would have a paid-up value. The paid-up value would be determined using the formula below: Paid-up value is calculated by deducting earlier survivor benefits from the total premiums paid up until lapse.

Loan

If necessary, you can apply for a loan under the plan. If the policy has accumulated a paid-up value, loans are available. Up to a certain amount would be the loan’s

Revival

If your policy has expired and you’d like to bring it back to life, you can do so by paying the unpaid premiums plus interest. Additionally, evidence of insurability would be needed. Revisions are permitted within five years following the policy’s

Premium discounts LIC Bima Gold offers two types of premium discounts which are as follows –

Modal discount

You receive a 2% premium discount if you pay your payments annually. On the other side, the premium discount would be 1% if you paid your premiums every six months.

High sum assured discount

Discounts are also permitted if you select high sums insured. These are the discounts:

An optional Accidental Death and Disability Benefit Rider is available under LIC Bima Gold. This rider covers accidental fatalities and permanent disabilities.

Eligibility parameters of LIC Bima Gold Plan

The premiums paid would be repaid if the insured committed suicide and passed away within 12 months of purchasing the plan.

Assume for the purposes of this explanation that you purchase a 16-year policy with a 5 lakh rupee sum assured. At age 35, the premium is INR 25,260. Here is how the strategy would operate:

• 15% of the total assured would be paid following the end of the fourth, eighth, and twelfth policy years. Thus, at the conclusion of the fourth, eighth, and twelfth policy years, you would receive INR 75,000.
• 5 lakhs Indian rupees would be paid in the event of a death during the policy period. Similar to a few other LIC plans and other life insurance policies in India, the LIC Bima Gold Plan is easy for policyholders to use. Before you make a buying decision, we have gone above and beyond to research the market. You can compare insurance plans like LIC Bima by going to this link.

• Visit the website and select “investment and tax planning”
• Enter the information needed to get the optimum coverage level and rates. Your age, gender, annual income, smoking
• choice, investment time, investment amount, etc. are among the specifics.
• Once the information is submitted, you may compare the top money-back offers on the market.
• Select the best coverage based on comparisons and your needs.

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