LIC New Bima Gold Plan 179

LIC New Bima Gold Plan 179 Overview

LIC New Bima Gold Plan 179 is a money-back type plan that offers survival benefits every 4th year and an extended life cover for half the policy term after maturity. It also features an auto-cover facility.

Eligibility & Rules

• Minimum Sum Assured: ₹50,000
• Policy Term: 12, 16, or 20 Years
• Premium Paying Term: Same as Policy Term
• Entry Age: 14 to 57 Years
• Status: Withdrawn Plan.

Key Plan Benefits

• Survival Benefit: 15% (for 12yr term) or 10% (for 16/20yr term) of SA paid every 4th year.
• Maturity Benefit: Total premiums paid (minus extra) + Loyalty Addition.
• Extended Cover: Half of SA continues as free risk cover after maturity.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.