Key features of LIC Bima Gold Plan
Are you looking to invest in gold but don’t know where to start? LIC Bima has the perfect solution for you – their Gold Plan! This plan offers investors access to a range of gold assets, including both physical and investment gold products. With LIC Bima on your side, you can be sure that you’re making the most informed decision possible when it comes to your gold investments. So what are some of the key features of this plan? Check out our summary below to find out!
The plan offers money-back benefits starting in the fourth policy year and continuing every four years. On maturity, loyalty additions are also added to the sum assured. The plan also provides auto cover, which provides coverage for two years even if premiums are not paid. There is an optional rider that covers accidental death and disabilities. You can get a policy loan if you need money. The plan offers attractive premium discounts, which saves you money. LIC is one of the oldest insurance companies in India and has been a major player in It provides a wide range of insurance plans to suit all budgets. Here, you can look at additional LIC plans.
Benefits of LIC Bima Gold Plan
As an LIC Bima Gold member, you’ll be able to enjoy a number of benefits that make it a great investment. Not only will you be able to save money on your premiums, but you’ll also be able to take advantage of the insurance’s range of coverages. Here are five of the most important benefits of being a LIC Bima Gold member.
The various benefits offered by LIC Bima Gold are listed below.
If you are still alive during the policy term, the plan will pay you survival benefits because it is a money-back plan. Benefits are paid out based on the policy term you choose. The benefits of each of the three options for the policy term are as follows:
If the term is 12 years
If the term is 16 years old
If the term is 20 years
The maturity benefit is calculated as follows when the plan comes to an end: survival benefits that have already been paid; (aggregate premiums paid over the policy duration plus loyalty additions).
The nominee receives the entire sum assured if the insured passes away during the policy’s term. The existing survival benefits would not reduce this guaranteed sum.
Auto cover benefit
The coverage would not be reduced if you have paid the premiums for at least two policy years but are unable to pay the subsequent premiums.
Guaranteed surrender value
You can surrender the plan if you want to cancel the policy before the tenure is up. You receive a guaranteed surrender value when you relinquish the
Paid up value
The auto cover benefit would become available if you have paid premiums for at least three full years and future payments are not paid. Additionally, the coverage would continue even after the car cover period has ended. In these scenarios, the policy would be paid in full and would have a paid-up value. The paid-up value would be determined using the formula below: Paid-up value is calculated by deducting earlier survivor benefits from the total premiums paid up until lapse.
If necessary, you can apply for a loan under the plan. If the policy has accumulated a paid-up value, loans are available. Up to a certain amount would be the loan’s
If your policy has expired and you’d like to bring it back to life, you can do so by paying the unpaid premiums plus interest. Additionally, evidence of insurability would be needed. Revisions are permitted within five years following the policy’s
Premium Discounts LIC Bima Gold offers two types of premium discounts which are as follows –
You receive a 2% premium discount if you pay your payments annually. On the other side, the premium discount would be 1% if you paid your premiums every six months.
High sum assured discount
Discounts are also permitted if you select high sums insured. These are the discounts:
Rider benefit under LIC Bima Gold Plan
When it comes to LIC Bima Gold Plan, riders benefit from a host of benefits that are unique to this plan. These benefits include a reduction in insurance rates, 24/7 support, and better coverage for accidents and injuries. Additionally, riders can take advantage of the plan’s concierge service, which can help them with everything from booking travel to securing insurance policies.
An optional Accidental Death and Disability Benefit Rider is available under LIC Bima Gold. This rider covers accidental fatalities and permanent disabilities.
Eligibility parameters of LIC Bima Gold Plan
Exclusions under LIC Bima Gold Plan
If you are an individual or a small business owner who has not had any dealings or dealings worth more than INR 1 Crore under the License Agreement of Bima Gold Plan and want to settle any disputes related to these dealings, then you can approach the Licensing Tribunal . The Tribunal will be able to help you resolve any disputes related to any dealings done under the License Agreement of Bima Gold Plan.
The premiums paid would be repaid if the insured committed suicide and passed away within 12 months of purchasing the plan.
Premium payment under LIC Bima Gold Plan
LIC Bima Gold Plan customers can now enjoy premium payment options such as PayPal and Net banking. Customers can use these payment methods to make payments for their home insurance, car insurance, and other related services. This is an effort to make it easier for customers to pay their bills and reduce the number of times they have to visit the office.
How does LIC Bima Gold Plan work?
LIC Bima Gold Plan is an insurance plan that helps protect your investments in gold. The plan offers premiums that are directly linked to the gold prices, so you can be sure that your money is safe. Plus, you can rest assured that the plan will provide you with excellent customer service and 24/7 support. If anything goes wrong with your investments, LIC Bima Gold Plan will take care of everything.
Assume for the purposes of this explanation that you purchase a 16-year policy with a 5 lakh rupee sum assured. At age 35, the premium is INR 25,260. Here is how the strategy would operate:
- 15% of the total assured would be paid following the end of the fourth, eighth, and twelfth policy years. Thus, at the conclusion of the fourth, eighth, and twelfth policy years, you would receive INR 75,000.
- 5 lakhs Indian rupees would be paid in the event of a death during the policy period. Similar to a few other LIC plans and other life insurance policies in India, the LIC Bima Gold Plan is easy for policyholders to use. Before you make a buying decision, we have gone above and beyond to research the market. You can compare insurance plans like LIC Bima by going to this link.
How to buy LIC Bima Gold?
If you’re looking to invest in LIC Bima Gold, you’ll need to know how to buy it. This precious metal is traded on several different exchanges, so it can be hard to find the right one for you. We’ve put together a guide on how to buy LIC Bima Gold, so that you can get started as soon as possible. Therefore, you are not able to request a new Bima Gold policy. However, LIC and other insurance firms may provide various money-back insurance plans that you might purchase. Other money-back insurance options, however, are available through as well. You can get the greatest money-back insurance products on the market via this online marketplace. The steps to purchase through are as follows:
- Visit the website and select “investment and tax planning”
- Enter the information needed to get the optimum coverage level and rates. Your age, gender, annual income, smoking
- choice, investment time, investment amount, etc. are among the specifics.
- Once the information is submitted, you may compare the top money-back offers on the market.
- Select the best coverage based on comparisons and your needs.
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