The LIC new Bima Gold Plan 179 maturity calculator is an online tool that the Life Insurance Corporation of India (LIC) offers to assist in estimating the maturity benefit and premium amounts for their LIC new Bima Gold Policy 179. It is a valuable tool for anyone looking to invest in the LIC’s new Bima Gold plan 179.
This article will discuss everything related to the policy, its features, and how to use the LIC new Bima Gold 179 maturity calculator. So let’s read to know more.
Also read: LIC Jeevan Lakshya Plan 933
What is LIC New Bima Gold Plan 179?
The LIC’s new Bima Gold Plan 179 is crucial to an individual’s financial planning, providing vital security in unexpected circumstances. LIC is a pioneer and trusted insurance company in India. It offers a diverse range of plans tailored to different individual needs. Along with the insurance plans, it also provides calculators like the LIC plan 179 maturity calculator, which is essential to calculate the policy’s requirements.
This new insurance plan from the Life Insurance Corporation of India provides the unique advantage of earning income in installments while ensuring life insurance coverage extends beyond the policy’s tenure. The insurance company pays the premium payments of the policyholder throughout the policy term. This plan combines the benefits of both an endowment plan and a money-back plan, making it one of LIC’s most popular policies.
Eligibility Criteria for LIC New Bima Gold Plan 179
The following table contains the eligibility criteria to buy the plan to be able to use the LIC new Bima Gold 179 maturity calculator.
|LIC New Bima Gold plan 179: Eligibility criteria|
|Age at entry
|18 Years Completed||12-year term||57 Years (nearest birthday)|
|16-year term||51 Years (nearest birthday)|
|20-year term||45 Years (nearest birthday)|
|Sum Assured||Rs. 50,000||No Limit|
|High Sum Assured Rebate||Mode Rebate|
|Less than 1,00,000||Nil||Yearly Mode||2 % of tabular premium|
|1,00,000 -1,95,000||Rs. 5 per 1000 SA||Half Yearly||1 % of tabular premium|
|2,00,000 and more||Rs. 7.5 per 1000 SA||Ordinary Monthly||5 % extra on tabular premium|
You can find out more about the rebates using the LIC plan 179 maturity calculator. We have described the LIC new bima gold plan 179 maturity calculator in detail in the article.
Features of LIC New Bima Gold Plan 179
An outline of all the features of the policy are given below:
- Money back benefit starts from the fourth year and recurs every four years during the policy term.
- The policyholder receives loyalty addition in addition to the sum assured.
- Option for rider coverage against accidental disability and death.
- Additional customizable benefits are available.
- The auto cover benefit continues for two years if premium payments are missed.
- Loan facility against the policy available.
- Premium payment discounts: 2% for annual payments, 1% for half-yearly payments.
Benefits of LIC New Bima Gold Plan 179
There are many benefits that you can avail of when you buy the LIC new Bima gold policy.
- If the policy lapses, you can apply for the policy revival option within five years of the lapse. The only requirement is to pay for the remaining premium with interest. You can calculate this using the LIC new bima gold 179 maturity calculator.
- The auto cover benefit is applicable if premiums are paid for at least three years.
- You are eligible for the auto cover benefit after two years of premium payments.
Benefit pattern of the policy that you can calculate using the LIC new bima gold plan 179 maturity calculator:
|LIC’S NEW BIMA GOLD (PLAN 179) – Pattern of Benefit|
|Premium Paying Term||12 Years||16 Years||20 Years|
|4th Year||15 % of Sum Assured||15 % of Sum Assured||10 % of Sum Assured|
|8th Year||15 % of Sum Assured||15 % of Sum Assured||10 % of Sum Assured|
|12th Year||Total Premium Paid (excluding riders) + Loyalty Additions – Survival Benefits already paid||15 % of Sum Assured||10 % of Sum Assured
|16th Year||Total Premium Paid (excluding riders) + Loyalty additions – Survival Benefits already paid||10 % of Sum Assured
|20th Year||Total Premium Paid (excluding riders) + Loyalty additions – Survival Benefits already paid.
Other Benefits of the LIC’s New Bima Gold Plan 179
1. Survival Benefit
This plan offers survival benefits throughout the policy term as it operates on a money-back scheme. The frequency of these benefits depends on the chosen tenure. For a 12-year term, you receive 15% of the insurance coverage at the end of the fourth and eighth years. A 16-year term is at the fourth, eighth, and twelfth years. And for a 20-year term, it’s at the fourth, eighth, twelfth, and sixteenth years.
Maturity and Death Benefits
At the policy’s end, the policyholder receives the death benefit. This can be calculated using the LIC new bima gold plan 179 maturity calculator. You can find it by adding the total premiums and loyalty additions (excluding survival benefits) paid during the term. The nominee receives the total sum assured in case of the policyholder’s passing without any reduction due to survival benefits paid.
3. Loan Benefits
This plan allows you to avail of a loan up to a specific limit if you encounter an unexpected need for finances. You can surrender your policy before its tenure completion, provided you’ve paid premiums for at least three years, guaranteeing an assured surrender value.
What is the LIC New Bima Gold Plan 179 Maturity Calculator?
The LIC 179 maturity calculator is a tool you can use to understand the plan’s benefit structure comprehensively. The new Bima gold maturity calculator offers detailed insights into your payments, available survival benefits, insurance coverage progression, maturity benefits, and more. Input your personal details like Age, Sum Assured, Term, etc., and receive a comprehensive plan breakdown in a tabular format.
Benefits of using LIC New Bima Gold 179 Maturity Calculator
You can avail of various benefits using the LIC new Bima gold plan 179 maturity calculator:
1. Maturity Benefit Estimation
The LIC new bima gold maturity calculator provides an estimate of the maturity benefit at the end of the policy term. It factors in the sum assured, bonuses, and policy-specific features.
2. Premium Calculation
The LIC new Bima Gold 179 maturity calculator helps determine the required premium for the LIC new Bima Gold policy. This helps in doing calculated financial planning and scaling your affordability.
3. Plan Comparison
The LIC new Bima Gold plan 179 maturity calculator allows for comparing different LIC new Bima Gold policy options. It considers various parameters and their impact on maturity benefits and premiums. This helps you know which policy best suits your needs and financial status.
The LIC 179 maturity calculator can be tailored to your specific details and preferences. To produce personalized results, you can feed in details, including policy terms, premium payment terms, and sum assured.
5. Financial Planning
With the help of the LIC New Bima Gold Plan 179 maturity calculator, you can assess the potential returns and premiums associated with the LIC New Bima Gold policy. A clear understanding of this helps set up your financial goals and make informed decisions for all your insurance needs.
How to use LIC’s new Bima Gold Plan 179 Maturity Calculator
Using the LIC new bima gold 179 maturity calculator is an easy process that helps policyholders estimate the benefits they can receive after maturity. Here’s a step-by-step guide on how to use it:
1. Access the Calculator
Visit the LIC’s official website or use a trusted financial portal that offers the LIC’s new Bima Gold Plan 179 maturity calculator.
2. Provide Policy Details
Input the necessary policy details into the LIC new bima gold 179 maturity calculator. These typically include:
- Policy Term: The duration for which you plan to hold the policy.
- Premium Payment Term: The period over which you’ll be making premium payments.
- Sum Assured: The amount of insurance coverage you have chosen.
- Age: Your current age at the time of policy purchase.
3. Click ‘Calculate’
Click the ‘ Calculate ‘ button after entering the required information in the LIC new bima gold maturity calculator. The calculator will process the data and generate an estimate based on the details provided.
4. Review the Results
The LIC new bima gold 179 maturity calculator will display the estimated maturity benefits. The results will also include the sum assured, bonuses, and other policy-specific features contributing to the total benefit amount.
5. Consider Various Scenarios
You can use the LIC new bima gold plan 179 maturity calculator to try around various results. You can experiment with different policy terms, premium payment terms, and sum assured amounts to see how they affect the projected maturity benefit.
6. Compare Plans (Optional)
If you’re considering multiple LIC new Bima Gold plans, you can use the LIC plan 179 maturity calculator to compare the benefits and premiums of different policies. This result allows you to determine the best policy suited to your needs. Hence, you can make a fully informed decision.
Example of using LIC’s new Bima Gold 179 Maturity Calculator
Let’s see an example to know the advantages of the LIC new bima gold plan 179 maturity calculator.
Suppose a 35-year-old individual opts for a policy of ₹10,00,000 with a 12-year term. Here is how you can know the projected benefits based on the current bonus rates using the LIC new bima gold 179 maturity calculator:
This is how you can use the LIC new Bima Gold 179 maturity calculator to know the nearest estimate of the premium you’ll need to pay for the LIC Bima Gold plan.
Using the LIC LIC new bima gold plan 179 maturity calculator provides valuable insights into the potential benefits of the policy. The LIC’s new Bima Gold 179 maturity calculator empowers individuals to make informed decisions about their insurance coverage. Users can tailor the plan to their specific needs and financial goals by customizing policy details.
As a LIC plan 179 maturity calculator, this tool is a valuable resource for policyholders and prospective buyers. Hence, using the LIC new Bima gold maturity calculator ensures a clear understanding of the benefits and premiums associated with the New Bima Gold Plan.