LIC issued a special policy on its golden jubilee year called the LIC Bima Gold. This policy was issued for a limited tenure and is now withdrawn. However, let’s check out the policy in details –
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.
Here are some key features which are offered by the plan –
LIC is one of the oldest insurance companies in India and it has been a key player in the Indian insurance market. It offers a variety of insurance plans to suit the masses. You can browse more LIC plans here.
Here are the different types of benefits which LIC Bima Gold offers –
The time when survival benefit is paid | Amount of survival benefit |
End of the 4th policy year | 15% of the sum assured |
End of the 8th policy year | 15% of the sum assured |
The time when survival benefit is paid | Amount of survival benefit |
End of the 4th policy year | 15% of the sum assured |
End of the 8th policy year | 15% of the sum assured |
End of the 12th policy year | 15% of the sum assured |
The time when survival benefit is paid | Amount of survival benefit |
End of the 4th policy year | 10% of the sum assured |
End of the 8th policy year | 10% of the sum assured |
At the end of the 12th policy year | 10% of the sum assured |
At the end of the 16th policy year | 10% of the sum assured |
If you pay premiums annually, you get a premium discount of 2%. On the other hand, if you pay premiums half-yearly, the premium discount would be 1%.
Discounts are also allowed if you choose high levels of sum assured. The discounts are as follows –
Sum assured level | Available discount |
INR 50,000 to INR 99,999 | INR 2.5 per INR 1000 sum assured |
INR 1 lakh to INR 199,999 | INR 7.5 per INR 1000 sum assured |
INR 2 lakhs and above | INR 10 per INR 1000 sum assured |
Under LIC Bima Gold you get an optional Accidental Death and Disability Benefit Rider. This rider covers deaths and disablements suffered in an accident. In case of accidental death, the rider sum assured would be paid in addition to the basic sum assured of the policy. In case of accidental disablement, on the other hand, the rider sum assured is paid in monthly instalments over a period of 10 years.
The premiums which are paid towards LIC Bima Gold policy are considered to be a tax-free deduction under Section 80C. These deductions lower your tax liability by up to a maximum of INR 1.5 lakhs. The survival benefits, death benefit or maturity benefit which you receive from the policy would also be considered to be fully exempted from tax under Section 10(10D). These benefits would, therefore, be a tax-free income in your hands.In fact, all life insurance policies can be used to lower the overall tax liability, that can be a miracle for savings if you browse through our carefully curated plans by clicking on the link below.
Eligibility parameters of LIC Bima Gold Plan
Entry age | 14 years to 63 years |
Maximum maturity age | 75 years |
Policy term | 12, 16 or 20 years |
Sum assured | Minimum – INR 40,000
Maximum – no limit |
Premium | Depends on age, the sum assured and policy term |
If the insured commits suicide and dies within 12 months of buying the plan, the premiums paid would be refunded.
You are required to pay premiums throughout the term of the policy under LIC’s Bima Gold Plan. The sample premium rates for different policy tenures and at different ages are depicted below. The sum assured is assumed to be INR 5 lakhs and premiums are assumed to be paid yearly.
Age of the insured | Term 12 years | Term 16 years | Term 20 years |
30 years | INR 28,445 | INR 24,035 | INR 16,660 |
35 years | INR 29,817 | INR 25,260 | INR 17,861 |
40 years | INR 32,365 | INR 27,391 | INR 19,796 |
45 years | INR 41,283 | INR 30,576 | INR 22,614 |
To understand the working of the policy, let’s assume that you buy a policy for 16 years with a sum assured of INR 5 lakhs. The premium at age 35 years is INR 25,260. Here’s how the plan would work –
LIC Bima Gold Plan works conveniently for the policyholders, just like a few other LIC policies and other life insurance policies in India. We have gone the extra mile to scout the market before you make a purchase decision. By visiting this page you will be able to compare policies similar to LIC Bima.
LIC Bima Gold was a limited period insurance plan offered by LIC which currently stands withdrawn. So, you cannot apply for a new Bima Gold policy. You can, however, buy other money-back insurance plans offered by LIC or other insurance companies.
However, you can buy other money-back insurance plans through Turtlemint. Turtlemint is an online platform which allows you to buy the best money-back insurance plans available in the market. To buy through Turtlemint, take the following steps –
With these simple steps, you can easily buy an insurance policy for yourself and build a secure future for your family. You can also simply click the button below and buy a life insurance plan now.
In case a survival claim falls due, you are required to submit a claim discharge form and an identity proof. After verifying the details, the survival benefit would be paid. Even in the case of maturity claims, a claim discharge form, policy bond and identity proof would be required. Based on the documents submitted, you would get the maturity claim.
In case of death of the insured, the nominee is required to inform the insurance company about the death. Claim Form 3783 is required to be filled and submitted to the insurance company. The nominee should also submit the following documents in case of a death claim –
The documents would be verified by LIC and the death claim would be settled.
You can also make your insurance claim through Turtlemint. This facility is allowed to you if you have bought the policy through Turtlemint. In that case, you can raise your claim with Turtlemint by calling them at 1800 266 0101 or by sending them an email at claims@turtlemint.com. Once the claim is raised, Turtlemint’s team would take the necessary steps on your behalf and get your life insurance claim settled.
Life insurance plans are of different types and offer the advantage of savings, investment, protection, and most of all, peace of mind. Which is why, we at Turtlemint have made it a breeze for you to choose the insurance policies after being spoilt for choice. It all starts with a simple click in the below.
You can pay premiums annually, half-yearly, quarterly or monthly. Monthly premiums would be allowed under the Salary Saving Scheme.
The rate of loyalty additions is not fixed. It depends on the profit experience of LIC and is determined by LIC from time to time.
The interest charged on the loan that you avail under LIC Bima Gold Policy is 9% per annum.
Yes, there is a cooling-off period of 15 days available under the policy. This period is allowed so that you can cancel the policy after buying it if you are not satisfied. On cancellation, the premiums paid would be refunded after deducting the cost of issuing the policy and the mortality charge for the period for which the policy was in force.