What is LIC's New Bima Gold Plan? All You Need to Know About It

LIC New Bima Gold Plan179: An Overview

Insurance is the most important aspect of an individual's financial planning. It gives you financial protection in case of an unforeseen crisis. LIC is one of the earliest and most trusted insurance companies in India. They provide a wide range of schemes that suit the needs of different types of individuals. The new bima gold plan is offered by the Life Insurance Corporation of India (LIC). The policy offers you to earn income in installments and at the same time, it gives you life insurance coverage beyond the tenure of the policy. The insurance company pays back the installment payment made by the policyholder during the tenure of the policy. It offers the benefits of both an endowment plan and a money-back plan, making it one of the most sold policies by LIC. In this article, we are going to learn about bima gold plan 174, LIC plan 179 details, and the benefits of the new bima gold. 

What is LIC's New Bima Gold Plan?

The new bima gold policy was launched on the occasion of the golden jubilee year of LIC. It offers the benefits of a money-back plan which means the insurance company will pay back your money in installments at regular intervals. The policyholders have to continue paying the premium amount throughout the tenure of the policy. They get maturity benefits along with loyalty benefits. The policy gives you benefits beyond the tenure of the policy and the policyholder gets to receive survival benefits at pre-decided intervals. Hence, it is ideal for those who want to earn income to fulfill their financial requirements. 

Features of New Bima Gold Policy

• The policyholder starts receiving money-back benefits from the fourth year of the policy and continues to receive at every 4 years during the tenure of the policy. 
• The policyholder receives loyalty additions along with the insurance sum assured. 
• The plan gives you an additional option to add rider benefits to provide insurance coverage for accidental disabilities and death. 
• The policyholder continues to get the auto cover benefit for two years in case he/she has not paid the premium. 
• You can avail loan against your policy. 
• The plan offers an attractive discount on premium discount on premium payment which helps you to save money. If you pay your premium on an annual basis, you get a 2% discount, and a 1% discount if you pay the premium on a half-yearly basis. 

Benefits of New Bima Gold (Plan-179)

1. Survival benefits: The plan offers survival benefits during the tenure of the policy because it is a money-back plan. However, the frequency of paying survival benefits is determined by the tenure you choose. If the tenure of your LIC bima gold plan is 12 years, you will receive 15% of the insurance cover as a survival benefit at the end of the 4th and 8th year of the policy. If the tenure of the plan is 16 years, you will receive 15% of the insurance sum assured at the end of the 4th, 8th, and 12th year of the policy. If the tenure of the plan is 20 years, you will receive 10% of the insurance sum assured at the end of the 4th, 8th,12th, and 16th years of the policy. 
2. Maturity benefit: At the end of the policy, the policyholder receives the death benefit which is calculated by adding total premiums paid during the tenure of the policy and loyalty additions (except the paid survival benefits). 
3. Death benefit: The nominee receives the total sum assured in case of the demise of the policyholder. However, the insurance cover amount will not be reduced due to paid survival benefits. 
4. Revive the policy: The policyholder can revive the policy within five years in case it has lapsed. All you have to do is to pay the remaining premium with interest. 
5. Paid-up value: The auto cover benefit applies to your plan if you have paid the premium for at least three years. 
6. Loan benefits: You can avail of loan benefits up to a specific limit against the LIC new bima gold plan.
7. Assured surrender value:  You can surrender your policy before the completion of the tenure in case you need finance on an urgent basis. You will receive an assured surrender value if you have paid the premium for three years of the policy. 
8. Auto cover benefit: You will be eligible to get auto cover benefit if you have paid the premium for two years of the policy. 

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To conclude, the new bima gold plan helps you to receive regular income throughout the tenure of the policy at fixed intervals. However, the policyholder gets the benefit beyond the tenure of the plan. Additionally, the plan offers survival benefits along with insurance sum assured. Before choosing any plan, you should research well about the benefits they are providing, and the terms and conditions to make informed decisions.