September 2006

After the thumping success of Bima Gold, the close ended Golden Jubilee Product, LIC has today launched ‘New Bima Gold Plan’. On the occasion of this launch Shri T.S.Vijayan, the Chairman said that Bima Gold had become so popular that there was a growing demand from the policyholders and marketers for continuance of the plan. The Corporation had sold over 1 crore policies under the close ended scheme within seven months’ period.

The New Bima Gold is a money back plan for 12, 16 & 20 years fixed durations. The survival benefits are payable at the end of every four years while the policy is in force. This is a With Profit Plan and is entitled for Loyalty Addition on maturity. On maturity, total premiums paid, plus loyalty addition less survival benefits and premiums of extras and riders, are payable to the policyholder. Yet, the risk cover equal to 50% of the basic sum assured continues during the extended period which is of the original term chosen under the plan. The auto cover benefit is available after premiums for 2 years from commencement of policy are paid in case of non-payment of premiums for a period of 2 years from the date of First Unpaid Premium.

The risk cover for full sum assured is available during the original term without any deduction of survival benefits already paid. While minimum age at which policy can be taken is 14 completed years, maximum ages at entry are 57, 51 & 45 for premium paying terms 12, 16 and 20 years respectively.

The plan can be had for minimum sum assured of Rs.50,000/-; while there is no ceiling on the maximum sum assured. Accident benefit rider, as per policy conditions, can be obtained on payment of additional premium of Rs.1/- per thousand sum assured per annum.

For age 35 annual premium for sum assured of Rs.1,00,000/- is Rs.4,160/-. Loan facility against the assignment of policy is available during original term of the policy as per policy conditions.

Corporation expects yet another bumper response from the policyholders as the premium rates and benefits are very competitive.