How is maturity amount of new Bima Gold calculated?
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.
What is Bima Gold policy?
LIC Bima Gold is a traditional money back policy which pays money back benefits at regular intervals. The policy, therefore, provides liquidity through money-back benefits which help you deal with your financial needs. The plan also pays loyalty additions which help in boosting the benefit that you receive.
What is the maturity amount of new Bima Gold Plan 179?
Key Features of LIC’s New Bima Gold (Plan 179). Premium paying terms available are 12, 16 and 20 Years. Maturity Benefit available at the end of the premium paying term. Extended insurance coverage equal to 50 % of Sum Assured shall be available even after maturity, for a period equal to half of the term of the plan.
What is LA for New Bima Gold?
Key Features of LIC’s New Bima Gold Plan.
|LIC’s New Bima Gold (Plan 179) – Benefit pattern|
|Premium Paying Term||12 Years|
|4th Year||15 % of Sum Assured|
|8th Year||15 % of Sum Assured|
|12th Year||Total Premium Paid (excluding riders) + Loyalty Additions – Survival Benefits already paid|
What is survival benefit in New Bima Gold?
Survival Benefit- 15% of the sum assured is paid at the end of the 4th, 8th and 12th year for the policy term of 16 years. 15% of the sum assured is paid at the end of the 4th, 8th, 12th and the 16th year for policy tenure of 20 years.
How Loyalty addition is calculated?
Loyalty Addition for per 1000 of Maturity Sum Assured So loyalty addition will be 100000 x 640/1000= 64,000. If death of the policy holder happens in 10th policy year then applicable Loyalty Addition rate will be 425 and total loyalty addition will be 1,00,000 x 425/1000= 42,500.
What is loyalty addition in LIC Bima Gold 174?
Loyalty addition: Lic Bima gold policy is having loyalty addition which is payable only on maturity. Loyalty is not payable during death claim or surrender value.
What is LIC survival benefit?
Survival Benefits: If the policyholder survives the policy term, the nominee will receive 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year and 40% of Sum Assured in addition to accrued bonuses.
What is LIC maturity date?
What is Maturity Date? It is a date on which the principal amount of a note or draft or acceptance bond or another type of debt instrument becomes due and is repaid to the investor and the interest payments stop.
How is maturity value calculated for LIC Bima gold?
For all other terms (16 and 20), the maturity value which also includes loyalty additions can be accurately calculated only when LIC has declared the rates for the respective terms. Key Features of LIC’s New Bima Gold (Plan 179). It is a money back plan where Survival Benefits are payable on every fourth year.
Which is better Bima gold or money back?
This plan is money back type plan. The main feature of Bima gold policy is free death cover for 2 years is available even though premiums have not been paid after at least 2 full year premiums have been paid. Also this is having high sum assured rebate and low premium rates compared to money back plan.
What are the benefits of Bima gold plan 179?
Key Features of LIC’s New Bima Gold (Plan 179). It is a money back plan where Survival Benefits are payable on every fourth year. Premium paying terms available are 12, 16 and 20 Years. Maturity Benefit available at the end of the premium paying term.
When was LIC Bima gold policy plan no-174 introduced?
Introduction about Lic Bima gold Policy plan no – 174 Lic Bima gold policy was INTRODUCED ON – 01/09/2005 and WITHDRAWN ON- 01/04/2006. Lic presented ‘Golden Jubilee policy- Bima Gold’ on its 50th Golden Jubilee year. This plan is money back type plan.