LIC

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  The premium is paid for the entire Policy Term but the plan continues even beyond that till the end of the Extended Term, which is half of the Policy Term after the Policy Term ends. During the Policy Term, Survival Benefit is paid at regular and pre-decided intervals.

  After the Policy Term ends, the total of the (Premiums Paid + Loyalty Additions – Survival Benefit already paid) is paid as Maturity Benefit and 50% of the Sum Assured as Life Coverage continues till the end of the Extended Term. No premium is paid during the Extended Term.

  This plan is a Special Plan because

  · It is a Money Back Plan with a difference

  · Premium is paid till the end of the Policy Term and Survival Benefits are also received till then

  · The Life cover continues for an extended term, after the Policy Term ends with no further Premium or Survival Benefit payable.

  Key Features of LIC New Bima Gold Plan

  1) Policy Term is chosen by the policyholder and premium is paid till the end of the Policy Term.

  2) The policy continues even beyond the Policy Term till the end of the Extended Term

  3) The Extended Term is half of the Policy Term

  4) Death Benefit during the Policy Term is 100% of the Sum Assured and during the Extended term is 50% of the Sum Assured

  5) Maturity Benefit is paid at the end of the Policy Term

  6) Maturity Benefit is equal to (Total of Premiums paid + Loyalty Additions, if any – Survival Benefits already paid)

  7) There is an optional Accidental Death and Disability Benefit rider

  8) There is large Sum Assured Rebate available in this plan

• Benefits Of LIC New Bima Gold Plan:

   

  Death Benefit: In case of death of the Life Insured, the nominee receives

  ·        After the Policy Term but during the Extended Term, then 50% of the Sum Assured is paid

   

  Survival Benefit: In case the Life Insured survives, he would get

  · 15% of the Sum Assured is paid at the end of the 4th and 8th year for Policy Term of 12 years

  · 15% of the Sum Assured is paid at the end of the 4th, 8th and 12th year for Policy Term of 16 years

  · 10% of the Sum Assured is paid at the end of the 4th, 8th, 12th and 16th year for Policy Term of 20 years

   

  Maturity Benefit: At the maturity of the policy, the insured will get

  ·        Total of all Basic Premiums paid till date +

  ·        Loyalty Additions, if any.

  ·        Survival Benefits already paid

  · And 50% of the Sum Assured continues as Life Coverage till the end of the Extended Term where no further premiums are payable.

  If You stop paying the premium: – If you stop paying the premiums after 2 policy years, the policy cover continues for another 2 years from date of First Unpaid Premium under Auto Cover option.

  Surrender Value: There is a Guaranteed Surrender Value after 3 policy years

  Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

   

   

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