Features of LIC New Bima Gold Policy

The LIC New Bima Gold Policy offers life cover during the policy’s term as well as during the extended term. There is also survival benefit, death benefit, accidental death and disability benefit, loan facility, and revival facility.
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New Bima Gold is one of the most popular plans offered by the Life Insurance Corporation of India. Under this plan, the premiums that policyholders pay over the policy term are eventually paid back in the course of the policy term in the form of installments. The life cover under New Bima Gold is available during the term of the policy as well as during the plan’s extended term.

Benefits Offered by LIC New Bima Gold Policy:

  • Survival Benefit:

The survival benefit is provided only when the life assured has survived throughout the term of the policy, paid regular premiums, and if the policy is still in force.

    • If the term of the policy is 12 years: 15% of the basic sum assured amount (basic plan) which will be given at the termination of the 4th and 8th policy year
    • If the term of the policy is 16 years: 15% of the basic sum assured amount (basic plan) which will be given at the termination of the 4th, 8th, and 12th policy year
    • If the term of the policy is 20 years: 10% of the basic sum assured amount (basic plan) which will be given at the termination of the 4th, 8th, 12th, and 16th policy year
    • If the policy has expired: In case the policy has reached its expiration date, the total premiums are paid by LIC which includes Loyalty Additions (if any)
  • Death Benefit:

    • If the insured passes away during the term of the policy: LIC pays a portion of money that is equivalent to the sum assured under the basic plan, in case the Life Assured passes away during the term of the policy. For this provision, however, the life cover has to be in force.
    • If the insured passes away during the extended term of the policy: LIC pays a portion of money that is equivalent to 50% of the sum assured amount under the basic plan, in case the Life Assured passes away during the extended term of the policy. The policy’s extended term is usually half the term of the policy post the policy term expiry.
  • Accidental Death and Disability Benefit:

If the policyholder’s death has been caused by an accident (road, railway, etc.), then LIC pays a certain extra component which is known as Accident Benefit Rider Sum Assured to his/her family members. In case the accident has caused permanent and total disability to the insured, then LIC pays the Accident Benefit Rider Sum Assured in installments (every month) over the timeframe of 10 years. However, the policy only provides the Rider sum assured money in case of disability, i.e. if the event has completely rendered the policyholder incapacitated and he/she is not able to perform any task to earn money. The following disabilities are typically covered under New Bima Gold policy:

    • If both the eyes have been damaged beyond repair
    • If both hands have been amputated at or over the wrists
    • If both feet have been amputated at or over the ankles
    • If one hand and one foot has been amputated at or over the wrists and ankle, respectively

Some of the Other Benefits Offered by LIC New Bima GoldPolicy:

  • Loan facility:

New Bima Gold offers a facility for policyholders to avail loan, however, the policy has to have acquired the paid-up value. LIC determines the interest rate.

  • Revival policy:

If a policy has lapsed, it can be revived by paying LIC arrears of premium alongside interest over a timeframe of 5 years from the date of the first unpaid premium.

  • Grace period:

LIC offers a grace period of one month to policyholders in order to pay premiums on a yearly, half-yearly or quarterly basis. For premiums paid on a monthly basis, the grace period is reduced to 15 days.

  • Cooling off period:

In case the policyholder is dissatisfied with the terms and conditions offered in the policy, he/she can return the same to LIC within the period of 15 days from the day of the purchase.

In order to understand the terms and conditions of LIC New Bima Gold in depth, one can read through the policy document of the same.

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Features of LIC New Bima Gold Policy Reviews

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  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
    Was this review helpful? 0
    , ranchi
    Reviewed on Dec 13, 2019
  • LIC
    LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Moderate service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2019
  • HDFC Life Life Insurance
    "Worst Life Insurance Company Ever"
    0.5 0.5/5 "Unacceptable"
    HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed. If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
    Was this review helpful? 0
    , jaipur
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
    Was this review helpful? 0
    , pune
    Reviewed on Dec 12, 2019
  • Bajaj Allianz Life Life Insurance
    "budget Plans"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
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