New Bima Gold Policy

NEW BIMA GOLD INSURANCE POLICY BY LIC (table: 179)

Features of plan It has been decided to introduce LIC,S new bima gold (plan no. 179) with effect from 4th September, 2006. it is a plan where premiums paid over the term of plan are paid back during the policy term in instalments at specified duration in case of survival of life assured and life insurance cover is a available not only during the term but also during the extended term of the plan.

Extended term: the extended term will be half of the policy term and shall commence immediately on the expiry of the term. For example for a 16 years policy term The extended term will be 8 years with the result the total term will be 24 years. No premium are payable during the extended term of the plan.

Plan parameters
Age at entry: Min. 14 yrs (comp) max. 57 yrs (NBD) for term 12 yrs max.51 yrs (NBD) for term 16 yrs. Max 45 yrs (NBD) for term 20 yrs
Age at expiry of
Extended term: max. 75 yrs. (NBD)
Sum assured: min. 50,000 max. no. limit
S.A in multiples: 5000
Term: 12, 16, 20 years.
Mode of payment: YLY/HLY/ QLY/ SSS/ MLY
Accident benefit: Re. 1 extra per
(Max. 50Lacs inclusive all plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.AUnderwriting conditions
Form no: 300/340
Age proof: std/ NSAP- 1
Female lives category: I/II
Non-medical (gen): allowed
Non-medical (prof): allowed
Actual coverage: SA+ Bonus
Dating back @ 8%: Allowed

Benefits:

Death benefit: during the policy term: payment of amount equal to sum assured under the basic plan on death of the life assured during the policy term

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 premium under the policy have been paid.

Survival benefit: in case the life assured is surviving to the end of the specified durations, the following benefit shall be payable:For policy term 12 years: 15% of the sum assured under basic plan at the end of each 4th policy year.

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.

Loyalty addition: this is a with-profit plan and the policy shall participate in the profits corporation’s with-profits assurance business. The policy shall however, be eligible to a share of profit in the form of loyalty addition (on time) only payable on expiry of policy term. On the life assured surviving the stipulated date of expiry of policy term, the policy may be eligible for payment of loyalty addition, if any; depending upon the experience of the corporation at such rate and on such term as may be declared by the corporation.

Auto cover: if at least two full year’s premium has been paid in respect of this policy, any subsequent premium is not duly paid, full death cover shall continue for a period of two years from the date of first unpaid premium (FUP). This period of 2 during the auto-cover period, one or more installments of premiums can be paid along with interest without considering continued of the life assured.

Paid-up & surrender values (GSV, SSV): if after at least full year’s premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years auto cover period from the due date of fist unpaid premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/ optional premium) less the survival benefit paid earlier, if any. This amount shall be called as paid up value. This policy, thereafter, shall be payable on the date of expiry of the policy term or at life assureds prior death. No survival benefit shall be free from all liabilities for payment of the within mentioned premiums.
The guaranteed surrender value shall be available after completion of at least three policy years and at least full years’ premiums have been paid. The guaranteed surrender value is equal to 30 percent of the total amount of premium paid for accident benefit rider and the amount of survival benefit paid earlier.

Cooling-off period: if a policyholder is not satisfied with the “term and conditions” of the policy, he/she may return the policy to the corporation within 15 days from the date receipt of the policy

Example: Mr. Ashok, aged 30 years opts for new bima gold (T. No.179) for 2lac S.A, paying an annual premium of Rs.7363/- for 20 years period. He receives Rs.20,000 each at the end of 4,8,12 and 16 years. On maturity the net amount payable will be total premium paid _ paid up survival benefit + loyalty addition, if any i.e. 7363 x 20 – 20,000 x 4 = 1,47,260 + loyalty addition, if any, he will also enjoy the extended term of 10 years i.e. the term will be 20+10 = 30 years. But if Mr. Ashok dies after 12 years, his nominee will receive Rs.2lac without deducting the survival benefit paid to Mr. Ashok.

148 Comments on "New Bima Gold Policy"

  1. Mohammed Ashraf V M | August 21, 2014 at 5:27 pm | Reply

    My policy number 425232984 know my status

  2. lekh ram prajapat | August 16, 2014 at 12:41 pm | Reply

    P.n.503231119 ka plan of year and rs. Par year

  3. lekh ram prajapat | August 16, 2014 at 12:34 pm | Reply

    P.n.503231119

Leave a comment

Your email address will not be published.




Policy Status - Life Insurance Corporation of India If you have clicked "yes" for the question "Do you have any LIC policies?" you will be presented with an online policy enrolment form after you click the submit ... New User Registration - Life Insurance Corporation of India Policy No. *. Installment Premium (Rs.) *. Date of Birth, (dd/mm/yyyy) * ... Centre | Glossary | Associates | Feedback | FAQs Grievances | Sitemap | Privacy Policy Policy Guidelines - Life Insurance Corporation of India Policy Status – Where Available. Revival Of Lapsed Policies ... for availing a loan by you. LIC retains the policy bond when you go in for a loan against the policy. Check LIC Policy Status Online Using Policy Number ... With time LIC too has modernized. Now you can check your LIC policy status online, with just few clicks on your computer. Not only this now you can also pay ... LIC Policy Status by Policy Number-Check Online Oct 24, 2014 - LIC policy status by policy number – How can I get it? Can I check it Online or by SMS? Is it possible to check LIC policy status without ... LIC ONLINE POLICY STATUS PFIGE This App is very useful for LIC Professionals. This app includes following featuresPOLICY SERVICES- Latest Policy Status of any Policy from all over India- Loan ... Lic Policy Status by Policy Number Online - LIC24 Jan 30, 2014 - Life insurance corporation of India had gave best option for the policy holders that is Lic Policy Status by Policy Number Online,Lic policy status ... LIC policy status, LIC fund value and pay premium online Thanks to LIC India for providing online and mobile options to check LIC Policy status, Fund value and to pay the policy premium. After shifting my place I lost ... check LIC policy details & status online, sms & phone Jun 14, 2014 - If you have an LIC policy and you can check details / status of your LIC policy via LIC portal (www.licindia.in) , by phone or by SMS. You can ... How to Check LIC Policy Status? - Policybazaar May 27, 2014 - LIC Policy Status: Learn how to check status of your LIC policy be it total amount, premium due date etc. Searches related to lic policy status lic policy status by policy number online lic policy status online free lic policy status login lic policy status enquiry online view lic policy status lic policy status report lic policy status check online now how to check lic policy status without registration