LIC Bima Gold

About LIC Bima Gold

• It is a special endowment plan that offers periodic repayment
• The money is repaid at the end of every fourth year of the policy term.
• Has an option to choose the fixed policy term of 12 or 16 or 20 years
• LIC Bima gold provides an automatic death cover for two years if the premiums are previously premium is paid for 2 years consecutively.

How does this plan work?

Under this LIC Bima Gold, an individual has to pay a regular premium throughout the selected policy term (12 or 16 or 20). During the policy term the insured receives the survival benefit in the form of periodic repayments. As per the policy term, given below is the percentage of the survival benefit of basic sum assured that is repaid at the end of each 4th year.

After the term is over the insured receives a maturity benefit which consists of all the premiums paid plus any loyalty additions. If in-case of the death of the individual during the policy term, then the nominee receives only the sum assured. 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,

Person’s age: 35
Sum assured: Rs. 1 lakh
Premium Paying Term: 12 years
Policy term: 12 years

Consider a 35 year old person, who pays a yearly premium of Rs 6193 for this LIC New Bima Gold Plan by selecting a policy term of 12 years. At the end of fourth and eight year he receives Rs 15000 each as a survival benefit.  On maturity he gets Rs 52716 as maturity amount which consists of total premium paid after deducting the 30000 (15000 + 15000 paid in the 4^th and 8^th year) as survival benefit and loyalty additions.  If in-case on death of the person during the policy term, his nominee gets Rs 1 lakh.  Suppose if he forgets to pay premium in the last two years, then he will not get the maturity benefit, but his nominee receives Rs 1 lakh as death benefit, in-case of his death in the 11^th year.

Riders & Add On

Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.

Claim Process

Know Claim Process of LIC Bima Gold

Claim Process