Calculate LIC Policy Maturity Returns

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LIC New BIMA Gold


LIC New Bima Gold Plan (Table 179) is a combination of a money back plan and endowment plan. Premium needs to be paid till the end of policy maturity. A money back return based on the policy term will be paid once every 4 years.
On survival of the policy holder till the end of the policy term, the money back returns once in 4 years and Sum assured at the end of the policy term will be paid.
An extended cover of 50% of Sum Assured continues till the end of the Extended term which is half of the policy term.

Features of LIC New BIMA Gold :


• A Money back amount will be paid back once in ever 4 years
• Life cover continues till the end of the extended term
• Maturity Benefit is equal to (Total of Premiums paid + Loyalty Additions, if any – Survival Benefits already paid)


LIC New BIMA Gold Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 12 , 16 , 20
Premium Payment Term(in years) Equal to Policy Term
Entry Age of Policyholder 14 57
Age at Maturity - 75
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Benefits of LIC New BIMA Gold :


Maturity Benefit – At the maturity of the Policy Term, the insured will get Total of all Basic Premiums paid till date + Loyalty Additions, if any – Survival Benefits already paid.
50% of the Sum Assured continues as Life Coverage till the end of the Extended Term. No premium needs to be paid for this.

Money back Amount — The return on every 4th year for each policy term is:

· 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



Death Benefit – In case of death of the Life Insured

· During the Policy Term, then 100% of the Sum Assured is paid
· After the Policy Term but during the Extended Term, then 50% of the Sum Assured is paid



Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available
Housing Loan Surity- Available