LIC New Bima Gold Plan 179 Calculator
Money Back Insurance Plan with Extended Life Cover
Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age (12 Year Term) | 14 Years | 57 Years |
| Entry Age (16 Year Term) | 14 Years | 51 Years |
| Entry Age (20 Year Term) | 14 Years | 45 Years |
| Sum Assured | ₹50,000 | No Limit |
| Policy Term | 12, 16 or 20 Years | |
Survival Benefit Structure
| Policy Term | Survival Benefit |
|---|---|
| 12 Years | 15% SA on 4th & 8th Year |
| 16 Years | 15% SA on 4th, 8th & 12th Year |
| 20 Years | 10% SA on 4th, 8th, 12th & 16th Year |
Extended Insurance Coverage
One of the most attractive features of LIC New Bima Gold Plan 179 is its Extended Insurance Cover.
- After maturity, life cover continues automatically.
- Extended Cover Amount = 50% of Sum Assured.
- Coverage remains active for a period equal to half of the original policy term.
- No additional premium is required for this benefit.
- If death occurs during the extended period, nominee receives 50% of Sum Assured.
Additional Benefits
- Auto Cover Benefit available after paying at least 2 full years premium.
- Auto Cover remains active for 2 years from first unpaid premium.
- Loan Facility available after completion of 3 full policy years.
- Accidental Death & Disability Rider available.
- Participation in LIC profits through Loyalty Additions.
- Flexible premium payment modes available.
- Tax Benefits available under prevailing Income Tax rules.
Frequently Asked Questions
What is LIC New Bima Gold Plan 179?
LIC New Bima Gold Plan 179 is a traditional Money Back Insurance Plan offering periodic survival benefits along with life insurance protection.
When was the plan launched?
The plan was launched on 04 September 2006.
When was the plan withdrawn?
The plan was withdrawn from sale on 01 January 2014.
What is the minimum Sum Assured?
The minimum Sum Assured is ₹50,000 in multiples of ₹5,000.
What happens at maturity?
The policyholder receives maturity benefits including Loyalty Additions, after adjusting survival benefits already paid.
Can I get a loan against the policy?
Yes. Loan facility is available after completion of 3 full policy years.
Important Notes
- This calculator is designed for educational and illustration purposes only.
- Premium rates used are based on LIC New Bima Gold Plan 179 brochure.
- Loyalty Additions are estimated values and actual rates declared by LIC may differ.
- Death benefits may vary depending on policy status and rider benefits.
- Survival benefits shown are based on declared plan structure.
- Extended cover benefits apply only according to LIC policy conditions.
- Always verify actual figures from LIC policy bond and official LIC documents.
Disclaimer
The LIC New Bima Gold Plan 179 Calculator provides estimated premium, survival benefit, maturity value, death benefit and extended insurance cover calculations based on publicly available LIC plan information. Actual policy values may vary depending upon underwriting decisions, policy status, loyalty additions declared by LIC, riders selected, tax regulations and policy conditions.
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Important Notes
- This plan was discontinued on 1 January 2014 and is no longer available for new purchases.
- The minimum Sum Assured under the policy was ₹50,000, available in multiples of ₹5,000.
- After maturity, an extended life cover equal to 50% of the Sum Assured remained available for a period equal to half of the original policy term.
- Loyalty Additions, if declared by LIC, were payable at maturity.
- Premium rates were based on LIC’s official New Bima Gold Plan 179 brochure.
Introduction to LIC New Bima Gold Plan 179
Life Insurance Corporation of India (LIC) has introduced numerous insurance products over the years to address different financial requirements. Among its popular money-back policies was LIC New Bima Gold Plan 179. Although the plan has been withdrawn, it continues to be relevant for existing policyholders who wish to understand its features, benefits, and payout calculations.
LIC New Bima Gold Plan 179 was designed as a money-back insurance plan that combined life protection with periodic cash payouts during the policy term. Along with survival benefits, it also offered maturity benefits and insurance coverage, making it a balanced savings and protection plan.
Key Features of LIC New Bima Gold Plan 179
- Periodic survival benefits were paid at fixed intervals during the policy term.
- Policy terms were available for 12, 16, and 20 years.
- Extended insurance coverage remained available even after maturity.
- Auto Cover Benefit provided continued protection under specified conditions.
- Policy loans could be availed after payment of three full years’ premiums.
- The plan participated in LIC’s profits through Loyalty Additions.
- Multiple premium payment modes were available, including yearly, half-yearly, quarterly, and monthly options.
Launch and Withdrawal Dates
| Particulars | Details |
|---|---|
| Launch Date | 4 September 2006 |
| Withdrawal Date | 1 January 2014 |
LIC stopped offering this plan to new customers from 1 January 2014. However, policies purchased before withdrawal continue to receive benefits according to the original policy conditions.
Benefits of LIC New Bima Gold Plan 179
Survival Benefits
The policy provided money-back benefits at every fourth policy year. The percentage of Sum Assured payable depended on the selected policy term.
| Policy Term | Survival Benefit |
|---|---|
| 12 Years | 15% of Sum Assured on 4th and 8th year |
| 16 Years | 15% of Sum Assured on 4th, 8th and 12th year |
| 20 Years | 10% of Sum Assured on 4th, 8th, 12th and 16th year |
Maturity Benefit
On completion of the policy term, the policyholder received:
- Total premiums paid (excluding rider premiums)
- Plus Loyalty Additions declared by LIC
- Less the survival benefits already paid during the policy term
The inclusion of Loyalty Additions enhanced the overall maturity value of the policy.
Death Benefit
If the life assured passed away during the policy term, the nominee became entitled to:
- Full Basic Sum Assured
- Survival benefits already paid
- Applicable bonuses and additions declared under the policy
In case of death during the extended insurance period after maturity, 50% of the Sum Assured was payable to the nominee.
Other Benefits
Accidental Death and Disability Riders
Optional rider benefits could be added by paying an additional premium, providing enhanced protection against accidental risks.
Auto Cover Benefit
If at least two full years’ premiums had been paid, the policy continued to provide risk cover for up to two years from the date of the first unpaid premium.
Loan Facility
Policyholders could avail themselves of loans against the policy after payment of three full years’ premiums, subject to LIC’s terms and conditions.
Tax Benefits
Premiums paid qualified for deductions under Section 80C of the Income Tax Act, while eligible maturity proceeds and death benefits enjoyed tax benefits under Section 10(10D).
Eligibility and Policy Details
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 14 Years | 57 Years (12-Year Term) |
| 51 Years (16-Year Term) | ||
| 45 Years (20-Year Term) | ||
| Sum Assured | ₹50,000 | No Upper Limit |
| Policy Term | 12, 16 or 20 Years | — |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly | — |
| Extended Cover Period | Half of Original Policy Term | — |
These eligibility conditions made the plan suitable for a wide range of individuals seeking insurance protection along with periodic returns.
Using the LIC New Bima Gold Plan 179 Calculator
Calculating the benefits of LIC New Bima Gold Plan 179 manually can be difficult because the plan includes survival benefits, Loyalty Additions, maturity payouts, and extended insurance coverage. To simplify these calculations, many online calculators are available for existing policyholders.
What Does the Calculator Do?
The LIC New Bima Gold Plan 179 Calculator helps estimate:
- Premium payable based on policy details.
- Survival benefits payable during the policy term.
- Expected maturity amount, including Loyalty Additions.
- Death benefit payable under the policy.
- Extended insurance coverage after maturity.
- Overall benefit schedule throughout the policy duration.
Using the calculator makes it easier to understand the policy’s financial value and future payouts.
Information Required for Calculation
To generate accurate results, the calculator generally asks for the following details:
- Age of the life assured at policy commencement.
- Basic Sum Assured.
- Policy term (12, 16, or 20 years).
- Premium payment mode.
- Gender, if required.
- Bonus or Loyalty Addition assumptions, where applicable.
After entering these details, the calculator automatically computes the estimated benefits.
Understanding the Calculator Results
The calculator usually provides a detailed breakdown that includes:
- Premium payable throughout the policy term.
- Survival benefit amounts and payout years.
- Estimated maturity proceeds.
- Projected death benefit.
- Eligibility for loan and extended insurance cover.
- Complete year-wise benefit schedule.
This information helps policyholders understand how the policy performs over its duration.
Sample Calculation Example
Consider the following example:
| Particular | Value |
|---|---|
| Age | 35 Years |
| Sum Assured | ₹10,00,000 |
| Policy Term | 12 Years |
| Premium Mode | Yearly |
Survival Benefits
Under the 12-year option, 15% of the Sum Assured is paid at the end of the 4th and 8th policy years.
- 15% of ₹10,00,000 = ₹1,50,000
- Survival Benefit at 4th Year = ₹1,50,000
- Survival Benefit at 8th Year = ₹1,50,000
Total Survival Benefits Received = ₹3,00,000
Maturity Benefit
At maturity, the policyholder receives:
- Total premiums paid during the policy term (excluding rider premiums)
- Plus Loyalty Additions declared by LIC
- Minus survival benefits already received
For example, if the Loyalty Addition declared is ₹100 per ₹1,000 Sum Assured, the Loyalty Addition on ₹10,00,000 Sum Assured would be approximately ₹1,00,000.
The final maturity value would be calculated according to LIC’s applicable rules and declared additions.
This example demonstrates how policyholders receive periodic payouts during the term while still enjoying maturity benefits at the end of the policy period.
Why Use the LIC New Bima Gold Plan 179 Calculator?
Better Financial Planning
The calculator provides a clear picture of premiums, survival benefits, and maturity proceeds, helping users plan their finances more effectively.
Compare Policy Options
Different Sum Assured amounts and policy terms can be compared quickly to identify the most suitable option.
Estimate Future Returns
The calculator helps project future benefits, including Loyalty Additions and maturity values.
Personalized Analysis
Users can test various combinations of age, policy term, and Sum Assured to see how benefits change under different scenarios.
Improved Transparency
Instead of relying solely on brochures or estimates, the calculator offers a more detailed and customized view of policy benefits.
Loyalty Additions and Their Impact
One important aspect of LIC New Bima Gold Plan 179 is the Loyalty Addition payable at maturity.
Unlike regular bonuses, Loyalty Additions are paid as a one-time benefit and are based on LIC’s declared rates. These additions can significantly improve the maturity value and overall returns of the policy.
The actual Loyalty Addition depends on the policy term and LIC’s declaration at the time of maturity.
Extended Insurance Cover and Auto Cover Benefit
A notable feature of LIC New Bima Gold Plan 179 was the Extended Insurance Cover. After the policy matured, life insurance protection continued for an additional period equal to half of the original policy term. During this extended period, the cover amount remained 50% of the Basic Sum Assured.
The plan also offered an Auto Cover Benefit. If at least two full years’ premiums had been paid and subsequent premiums were not paid, the life cover continued for up to two years from the date of the first unpaid premium. This feature ensured continued protection even during temporary premium discontinuance.
Tax Benefits
The policy offered tax advantages under the Income Tax Act, subject to prevailing tax rules.
- Premiums paid were eligible for deduction under Section 80C.
- Maturity proceeds and eligible death benefits qualified for exemption under Section 10(10D).
These benefits enhanced the overall value of the policy as a long-term savings and protection solution.
Important Points to Remember
- LIC New Bima Gold Plan 179 was withdrawn from sale on 1 January 2014.
- Existing policyholders continue to receive benefits according to the original policy conditions.
- Loyalty Addition rates are declared by LIC and may vary from time to time.
- Survival benefits paid during the policy term affect the final maturity payout.
- Loan facility becomes available after payment of three full years’ premiums.
- Extended insurance cover remains available after maturity as per policy provisions.
- Using an updated calculator helps in obtaining accurate benefit projections.
Where to Find LIC New Bima Gold Plan 179 Calculator?
Although the plan is no longer available for new purchases, calculators for this policy can still be found on various platforms, including:
- LIC’s official website and archived resources.
- LIC-focused calculator portals.
- Insurance comparison websites.
- Financial planning and advisory platforms.
- LIC agent support portals.
These calculators help existing policyholders estimate premiums, survival benefits, maturity values, and death benefits.
Frequently Asked Questions
What is LIC New Bima Gold Plan 179?
LIC New Bima Gold Plan 179 was a traditional money-back insurance policy that provided periodic survival benefits, life insurance protection, and maturity benefits along with Loyalty Additions.
Is LIC New Bima Gold Plan 179 still available?
No. LIC discontinued the plan from 1 January 2014. However, policies purchased before the withdrawal date continue to remain in force as per their original terms.
What policy terms were available under this plan?
The plan offered policy terms of 12 years, 16 years, and 20 years.
How are survival benefits paid?
Survival benefits were payable every four years during the policy term. The percentage payable depended on the selected policy duration.
How is the maturity benefit calculated?
The maturity benefit consists of total premiums paid (excluding rider premiums), plus applicable Loyalty Additions, minus the survival benefits already received during the policy term.
Conclusion
LIC New Bima Gold Plan 179 was a popular money-back insurance plan that successfully combined life insurance protection with periodic payouts and maturity benefits. Features such as Loyalty Additions, Extended Insurance Cover, Auto Cover Benefit, loan availability, and tax advantages made it an attractive option for long-term financial planning.
Although the plan is no longer open for new purchases, it continues to hold value for existing policyholders. The LIC New Bima Gold Plan 179 Calculator remains a useful tool for estimating premiums, survival benefits, maturity proceeds, and overall policy returns, helping policyholders manage their financial goals more effectively.
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