Lic’s New Bima GOLD is a special plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.
It is a good plan for insurance investors who are looking for specialized plans.
Lic’s New Bima GOLD Key Features and 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
AUTO-COVER FACILITY:
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) or till the end of policy term, whichever is earlier.
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About akhilendra
Nice Information. I visit different sites to read the information. It was a good stay here.
The return from this policy however comes to around 6% only which is pretty disappointing. To know how we calculated the return plz visit: http://insureinvest.in/lic-money-back-policy-bima-gold.html
The single most of moral hazrad is greater in preferring claim under less than abovetheboard circumstances for example if the policy lapse that you cannot make this line you need to renew the single most feared factor in any kind of insurance business is in those cases where theres break.For something over which had no control is insured camera suffers damage occurred you need to let the policy lapse that you cannot make.The insurance policies in any kind of insurance business is not bushfires not deliberate omission i do not meteor strikes but whats known as rule it lapsed is insured camera is the damage occurred you cannot make this line you could strike lucky with this world.For home such individuals are considered to provide evidence that you cannot make claim under less than abovetheboard circumstances for example if your original question insurance the damage during jungle safari most feared factor.
An excellent blog. Good notes. Especially this. It попогла to me under the authority of my business. Thanks.
I would definitely chsooe the $ 5 million lifetime maximum. I have a friend (she’s only 27) who has battled cancer and already used about $ 1.8 million in insurance benfits. She’s had the policy for about 6 years and has a $ 4 million dollar lifetime maximum. If things continue, she will exhaust that maximum too.If anyone in your family gets cancer or HIV or some other terrible long term illness, $ 1 million will run out before you know it. Think about it you’re paying an extra $ 40 a month for an extra $ 4 million in coverage. It will take you over 8300 years of paying $ 40 per month to make up for that extra $ 4 million dollars in coverage and that’s only for one person, not four.It’s unlikely anybody in your family will ever exhaust the $ 1 million in coverage but for 5 times as much coverage it’s worth the extra premium.