New Bima Gold Table No. 179

LIC’s New Bima Gold Summary: (Table No.179)

Gold never loses its value, just like LIC Of India‘s New Bima Gold insurance policy. The Unique Identification Number (UIN) for LIC Of India‘s New Bima Gold Plan is 512N236V01.

 LIC’s New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.

Features:

Auto-cover Facility: If atleast 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) or till the end of policy term, whichever is earlier.

Benefits:

Survival Benefit: Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

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 &12th 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.

On expiry of policy term:

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.

Death Benefit:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

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 premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s New Bima Gold:

FOR BASIC PLAN:
Minimum age at entry: 14 years (completed)
Maximum age at entry: 57 years (nearest birthday) for Term 12 years
Maximum age at entry: 51 years (nearest birthday) for Term 16 years
Maximum age at entry: 45 years (nearest birthday) for Term 20 years

Age at expiry of extended term: Maximum 75 years (nearest birthday)
Policy Term: 12, 16 and 20 years.
Minimum Sum Assured:  Rs. 50,000 /-
Maximum Sum assured:   No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

FOR THE ACCIDENT BENEFIT RIDER OPTION :
1. Minimum age at entry: 18 years (completed)
2. Maximum age at entry:  57 years (nearest birthday) for Term 12 years
ii.Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Minimum Sum Assured:  Rs. 50,000 /-
Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

Rebates:
Mode Rebate:
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.

Dating Back Interest Rate:
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.

CEIS REBATE:The rebate for eligible employees of the Corporation shall be @ 10% of the Tabular Premium for the basic plan.

COMMISSION FOR AGENTS / CORPORATE AGENTS / BROKERS AND D.O. CREDIT:
Commission rates (as percentage of premium) payable to Agents, Corporate Agents during the term are as under:

Year	1st Year	2nd & 3rd Year	Subsequent Years
Commission	15%	7.5%	5%

N.B: Bonus Commission : 40% of 1st year commission.

Commission rates (as percentage of premium) payable to Brokers during the term are as under:

Year	1st Year	Subsequent Years
Commission	20%	5%

N.B: No Bonus Commission shall be paid to the Brokers.

Development Officer's Credit:
For term 12 years : 60%
For terms 16 and 20 years : 100%

GRACE PERIOD FOR PAYMENT OF PREMIUM:
A grace period of one month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly premiums.

NORMAL REQUIREMENTS FOR CLAIM:
The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer’s certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.

Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, if the age is not admitted earlier.

POLICY STAMPING:
Policy stamping charges will be 20 paise per thousand Sum Assured under the Basic Plan.

REINSURANCE:Normal procedure for reinsurance will apply.

ASSIGNMENTS / NOMINATIONS:
Notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.

PROPOSAL FORM: Proposal Form No. 300 or 340 shall be used for the plan.

 

How to Apply for LIC Of India’s New Bima Gold policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online.