What are the Benefits of LIC New Bima Gold Plan?

Benefits of LIC New Bima Gold Plan

LIC New Bima Gold offered by the LIC of India offers several benefits and allows the policyholder to secure their and their family’s future. LIC Plan 174 benefits are:

• Death Benefit

  If the policyholder dies, unfortunately, during the term, a lump sum is paid to the nominee or legal heir. If the policyholder dies after the policy's tenure but during the extended term, 50% of the sum assured is paid to the nominee.

• Maturity Benefit

  The plan also offers maturity benefits, which the policyholder can avail of if he/she services until the end of the policy term. The maturity benefit paid will be equal to the total of all the premiums paid to date plus loyalty addition.

• Survival Benefit

  In case the life insured survives during the whole tenure of the policy, then

  • At the end of the fourth and eighth years of the policy's 12-year term, 15% of the sum assured is paid.

  • For the 16-year policy term, 15% of the sum assured is paid at the end of the fourth, eighth, and twelfth years.

  • For a 20-year insurance, 15% of the sum assured is paid at the end of the fourth, eighth, twelfth, and sixteenth years. 

• Enhanced Coverage through Riders

  The LIC New Bima Gold Plan 179 also provides accidental death benefit and disability benefit riders as add-ons. These riders provide additional coverage against accidental death or disability due to an accident.

• Auto Cover Benefit

  Full death coverage will last for two years from the First Unpaid Premium (FUP) date or until the end of the policy term, whichever comes first if at least two full years' worth of premiums have been properly paid.

• Additional Bonuses

  LIC New Bima Gold Plan offers bonuses that increase the policy's maturity value, enhancing its overall returns.

• Flexibility to the Policyholder

  LIC New Bima Gold Plan offers flexibility in terms of premium payments, which can be made monthly, quarterly, half-yearly, or annually as the policyholder's convenience allows.

• Loan Facility

  The policyholders have the option to avail of loans against their policy and can also surrender it after three years to avail liquidity

• Tax Benefit

  Under Section 80C of the Income Tax Act, policyholders can claim a deduction for up to INR 1.5 lakh in their taxable income. The premium paid towards this plan is also eligible for a tax deduction under this section, which makes it an attractive investment option. Moreover, the maturity benefit received from LIC New Bima Gold Plan is tax-free under Section 10(10D) of the Income Tax Act.

Who Can Buy LIC New Bima Gold?

Note: LIC New Bima Gold is no longer available for sale as the company withdrew it.

LIC Resources

Summing it up:

Overall, the LIC New Bima Gold Plan offers comprehensive coverage with several features, making it an excellent investment option for individuals seeking financial security. The Plan has numerous benefits, making it a popular choice among policyholders.

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