LIC's new Bima Gold is a money back type plan where total premiums paid under the policy shall be paid back to the policyholder in installments at the specified durations in case of survival and Sum Assured shall be paid in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier.

BENEFITS:
Death Benefit: On death of the Life Assured during the term of the policy, an amount equal to Sum Assured under the Basic Plan shall be payable provided the life cover is in force.
Survival Benefit: In case the life assured is surviving to the end of the specified durations, the following benefits shall be payable provided the policy is in full force.
For policy term 12 years : 15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year
For policy term 16 years : 15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &l2th policy year
For policy term 20 years : 10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year
Maturity Benefit: Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus
Loyalty Additions, if any, less the amount of survival benefits paid earlier, shall be payable in case of Life
Assured surviving to the end of the term provided the policy is in full force.

LOYALTY ADDITIONS:
This is a with-profits Plan and the policy shall participate in the profits of the Corporation’s with-profits assurance business. The policy shall, however, be eligible to a share of profits in the form of Loyalty Addition (one time) only payable on maturity. On the Life Assured surviving the stipulated date of maturity, 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 terms as may be declared by the Corporation.

OPTIONS:
Accident Benefit Rider shall be available as an optional benefit for a premium at the rate of Rs.1 per thousand Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the Basic Plan subject to an overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.

AUTO-COVER:
If at least two full years premiums have been paid in respect of this policy, any subsequent premium be 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 years from FUP shall be called Auto-Cover period.
During the Auto-Cover period, one or more installments of premiums can be paid along with interest without any revival requirements.
On revival or payment of part/full arrears of premiums during Auto-Cover period, the date of FUP will shift and accordingly the Auto-Cover facility shall again be available for two years from the date of revised FUP.

LOAN:
Loan facility is available under this plan after the policy acquires paid-up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

MODES OF PREMIUM PAYMENTS:
Premiums are payable regularly during the policy term with modes of premium payment Yearly, Half-Yearly, Quarterly, Monthly or through salary deductions.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
Minimum age at entry : 14 years (completed)
Maximum age at entry : 63 years nearer birthday
Maximum age at maturity : 75 years nearer birthday
Term 12, 16 or 20 years.
Minimum Sum Assured : Rs. 40,000 I-
Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 I- only.

REBATES FOR HIGH SUM ASSURED:
Mode Rebate
Rebates are available at the following rates:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and SSS mode : NIL
Monthly mode : 5% extra on tabular premium
High Sum Assured Rebates:
Less than Rs. 50,000 : NIL
Rs. 50,000 and Less than Rs.1 Lakh : Rs. 2.5 per thousand Sum Assured
Rs. 1 Lakh and Less than Rs.2 Lakh : Rs. 7.5 per thousand Sum Assured
Rs. 2 Lakh and above : Rs.10 per thousand Sum Assured

PAID-UP & SURRENDER VALUES (GSV,SSV):
If after at least three full years 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 First 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 benefits paid earlier, if any. This amount shall be called as Paid Up Value. This paid up value shall be payable on the date of maturity or at Life Assureds prior death. No survival benefit shall be payable under paid up policies. The policy thereafter 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 three full years premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid excluding the premiums for the first policy year, all extra premiums paid, the premiums paid for Accident Benefit Rider and the amount of survival benefits paid earlier.
Special Surrender Value will be calculated using the surrender value factors as applicable in the case of Endowment Plan and paid-up value as defined above.
Surrender value will not be available on Accident Benefit Rider Option premiums.

REVIVALS OR REINSTATEMENTS OF LAPSED POLICIES:
If the Policy has lapsed, it may be revived during the lifetime of the life assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as may be prevailing at the time of the payment. The Corporation reserves the right to accept at original terms or accept at revised terms or decline the revival of discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured. Revival of Accident Benefit Rider will only be considered along with revival of the Basic Policy, and not in isolation.

BACK DATING INTEREST:
The policies can be dated back within the financial year, as usual. Back- dating interest will be charged at the prevailing rate at the time of completion of policy for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

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