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LIC’s New Bima Gold – 179 | Details with Premium and Benefit Calculators

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LIC’s New Bima Gold – Plan 179 – All details with premium and benefits calculator. New Bima Gold is one of the most popular insurance plan ever sold by Life Insurance Corporation of India (LIC). It is a money back plan where a portion of ‘Sum Assured’ is paid back at specific intervals as ‘Survival Benefits’. Maturity benefit includes the total premium paid (Excluding riders), plus Loyalty Additions (if any), less Survival benefits(paid earlier).

New Bima Gold

Let us have a detailed look at LIC’s New Bima Gold (Plan – 179).

Key Features of LIC’s New Bima Gold Plan.
  • 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.
  • 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.
  • Auto Cover for two more years available, if two full-year premia have been paid.
  • Loan facility shall be available after three full-year premia have been paid.
LIC’s New Bima Gold (Plan 179) – Benefit pattern
Premium Paying Term12 Years16 Years20 Years
4th Year15 % of Sum Assured15 % of Sum Assured10 % of Sum Assured
8th Year15 % of Sum Assured15 % of Sum Assured10 % of Sum Assured
12th YearTotal Premium Paid (excluding riders) + Loyalty Additions – Survival Benefits already paid15 % of Sum Assured10 % of Sum Assured
16th YearTotal Premium Paid (excluding riders) + Loyalty additions – Survival Benefits already paid10 % of Sum Assured
20th YearTotal Premium Paid (excluding riders) + Loyalty additions – Survival Benefits already paid.
Loyalty Additions – New Bima Gold (Plan 179)

New Bima Gold is a with-profits plan and shall participate in the profits of the Corporation. But, unlike the plans which have the simple reversionary bonus, which is added every year to the policy account, loyalty addition is added as a one-time payment at the time of maturity. On life assured surviving the premium paying term of the policy, loyalty addition at the stipulated rate available at that time is paid to the policyholder along with maturity benefit. Details on how much loyalty addition shall become payable for a particular term shall be available only once LIC of India declares the loyalty addition rates. So far LIC has declared the Loyalty Addition rates for the 12-year term only and the declared loyalty addition rate for the 12-year term, New Bima Gold is Rs. 100 per 1000 Sum Assured.

New Bima Gold – Eligibility conditions and restrictions
Age at entry18 Years Completed12-year term57 Years (nearest birthday)
16-year term51 Years (nearest birthday)
20-year term45 Years (nearest birthday)
Sum AssuredRs. 50,000No Limit
Rebates Available
High Sum Assured RebateMode Rebate
Les than 1,00,000NilYearly Mode2 % of tabular premium
1,00,000 -1,95,000Rs. 5 per 1000 SAHalf Yearly1 % of tabular premium
2,00,000 and moreRs. 7.5 per 1000 SAOrdinary Monthly5 % extra on tabular premium
New Bima Gold (179)  Premium and Benefits Calculator

You can use the Online Premium and Benefit calculator for New Bima Gold (Plan 179) to get a clear idea of the benefit pattern of the plan. This calculator can provide you with all the details on what you are paying, survival benefits available, the pattern of insurance coverage, maturity benefits etc. You can supply your own details such as Age, Sum Assured, Term etc and get complete details of the plan in a table format.

New bima gold premium and benefit calculator

New Bima Gold (179) –  Example of Benefits

In order to understand the benefits of New Bima Gold Plan, let us consider an example. Let us assume that a 35-year-old person is taking a 10,00,000 policy with term 12 years. The benefits as per the current bonus rates shall be as given below.

premium details New Bima Gold - 179

The benefit pattern for the example considered here shall be as given below.New Bima Gold 179 example of benefits

Please note that the above illustration is as per the details of the example considered above. If you want to calculate details based on your own details, please use the Calculator provided above.

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Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.