What is Bima Gold policy of LIC?

What is Bima Gold policy of LIC?

LIC Bima Gold is a traditional money back policy which pays money back benefits at regular intervals. The policy, therefore, provides liquidity through money-back benefits which help you deal with your financial needs. The plan also pays loyalty additions which help in boosting the benefit that you receive.

What is the benefit of New Bima Gold plan 179?

Key Features of LIC’s New Bima Gold Plan.

LIC’s New Bima Gold (Plan 179) – Benefit pattern
Premium Paying Term 12 Years
4th Year 15 % of Sum Assured
8th Year 15 % of Sum Assured
12th Year Total Premium Paid (excluding riders) + Loyalty Additions – Survival Benefits already paid

How maturity is calculated in LIC Jeevan Anand?

Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now whenever the death of the policyholder happens (even after the policy term), the nominee will additionally get the Sum Assured amount as the Death Benefit.

What is loyalty addition in LIC Bima Gold 174?

Loyalty addition: Lic Bima gold policy is having loyalty addition which is payable only on maturity. Loyalty is not payable during death claim or surrender value.

How do you calculate surrender value?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

How can I get my lic money after maturity?

Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No. 3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

What is benefit of Bima Gold Plan 174?

About LIC Bima Gold The money is repaid at the end of every fourth year of the policy term. LIC Bima gold provides an automatic death cover for two years if the premiums are previously premium is paid for 2 years consecutively.

How is maturity value calculated for LIC Bima gold?

For all other terms (16 and 20), the maturity value which also includes loyalty additions can be accurately calculated only when LIC has declared the rates for the respective terms. Key Features of LIC’s New Bima Gold (Plan 179). It is a money back plan where Survival Benefits are payable on every fourth year.

How long is LIC Jeevan Bima Jyoti policy term?

LIC Jeevan Bima Jyoti Plan (860) is a saving and insurance plan which provides guaranteed return. It is limited premium plan in which premium paying term is 5 years less than policy term. This policy is available to 0 (90 days) to 60 years age group with 15-20 years policy term.

What are the benefits of Bima gold plan 179?

Key Features of LIC’s New Bima Gold (Plan 179). 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.

When do I get my money back from Bima gold?

On survival of the policy holder till the end of the policy term, the money back returns once in 4 years and Sum assured at the end of the policy term will be paid. An extended cover of 50% of Sum Assured continues till the end of the Extended term which is half of the policy term. Sum Assured (in Rs.)

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.

What is the benefit of New Bima Gold Plan 179?

What will be the maturity amount of LIC Bima Gold?

On maturity he gets Rs 52716 as maturity amount which consists of total premium paid after deducting the 30000 (15000 + 15000 paid in the 4th and 8th year) as survival benefit and loyalty additions….How does this plan work?

Policy term Percentage Paid (%) Repayment years
20 years 10 4th, 8th, 12th and 16th

What is survival benefit in LIC Bima Gold?

During the Policy Term, Survival Benefit is paid at regular and pre-decided intervals. After the Policy Term ends, the total of the (Premiums Paid + Loyalty Additions – Survival Benefit already paid) is paid as Maturity Benefit and 50% of the Sum Assured as Life Coverage continues till the end of the Extended Term.

How do you calculate loyalty addition in New Bima Gold?

Loyalty Addition for per 1000 of Maturity Sum Assured So loyalty addition will be 100000 x 640/1000= 64,000. If death of the policy holder happens in 10th policy year then applicable Loyalty Addition rate will be 425 and total loyalty addition will be 1,00,000 x 425/1000= 42,500.

How Loyalty addition is calculated?

What is the maturity amount of money back policy?

20% of the sum assured is paid out to the policyholder at the completion of the 5th, 10th, and 15th policy years. The remaining sum will be paid as the maturity benefit. If the policyholder, however, succumbs to an untimely death, their nominee will receive a death benefit payout from the insurer.

How much is final additional bonus in LIC?

Final Addition Bonus For LIC Money Back Policy 20 Years

No of Years Final additional bonus per 1000 sum assured
Up to 25,000 50,001 to 1,99,999
Upto 14 Years 0 0
15 to 19 Years 0 15
20 Years 0 30

Why is surrender value less than premium?

A policy acquires surrender value only when premiums for full three years have been paid to the insurance company. By surrendering a policy, the customer loses out on all the benefits of the scheme and receives a much lower amount than the premiums he has already paid.

What is minimum guaranteed surrender value?

The minimum amount defined in the policy that the contract owner is guaranteed to receive upon surrender of the annuity after the application of surrender charges and market value adjustments (MVA), if any.

Is the LIC New Bima gold plan still available?

This plan has been withdrawn by the insurance company and is no longer available for sale. 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 is survival benefit paid in Bima gold plan?

In this plan, the premium is paid for the entire Policy Term but the plan continues even beyond that till the end of the Extended Term, which is half of the Policy Term after the Policy Term ends. During the Policy Term, Survival Benefit is paid at regular and pre-decided intervals.

What happens if you forget to pay LIC Bima?

In this LIC Bima plan, if an individual has paid premiums regularly for minimum two years and forgets to pay in future, then he receives an automatic risk cover (death benefit) for two more years from the year of unpaid premium Let us understand this by an illustration,