New Bima Gold

Table of Topics

Table No. 179


New Bima Gold is a Money Back type plan where total premiums paid under the policy shall be paid back to the policyholder in installments at the specified durations in case of survival and Sum Assured shall be paid in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier.

Since this is a high risk cover low premium policy, it is highly recommended for young people with high responsibility with lower income. Though the maturity benefits are not attractive, the short term financial needs of the family in case of premature death will be taken care of . Being a Money Back type Plan, the money becomes available at regular intervals. The amount may be used for short term financial needs like, purchase of household durables or for children’s education. Or the amount received as survival benefit can be re invested in any secured investment so that the policy holder will have a substantial lumpsum amount at the end of the term of the policy.


  • Maturity Benefits:

Total Premiums Paid + Loyalty Addition – (Less) Survival benefits paid earlier.

  • Death Benefit:

Sum Assured shall be payable provided life cover is in force.

· Survival Benefit:

The below table shows the survival benefits payable for available terms.

Term Survival Benefit Duration Survival Benefit Amount

12 4th, 8th Year 15% of Sum Assured

16 4th, 8th, 12th Year 15% of Sum Assured

20 4th, 8th, 12th, 16th Year 10% of Sum Assured

  • Loyalty Addition:
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This is a with-profit plan and the policy shall participate in the profits of the Corporation’s with-profits assurance business. The policy shall, however, be eligible to a share of profits in the form of Loyalty Addition (one time) only payable on maturity. On the Life Assured surviving the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.

  • Auto-Cover

If at least two full years premiums have been paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium. This period of 2 years from First Unpaid Premium is called Auto-Cover Period.

  • Extended Risk Cover

The risk cover as a percentage of sum assured continues for even after maturity. This percentage and duration depends on term of the policy as shown in the following table

Term % of Basic Extended Term

In Years Sum Assured In Years

12 50% 6

16 50% 8

20 50% 10

  • Mode Rebate:

The following table shows the rebate available on the mode of premium payment.

Mode Rebate

Yearly 2.0 % of tabular premium

Half-Yearly 1 % of tabular premium


  • Sum Assured Rebate:

The following table shows the rebate available on the Large Sum Assured

Sum Assured Rebate per 1000 S.A

0 to 99,999 Nil

1,00,000 to 1,99,999 Rs.5

2,00,000 and above Rs.7.5

  • Minimum Sum Assured – Rs. 50,000/-
  • Maximum Sum Assured – No Limit
  • Minimum age at entry – 14 years (Completed)
  • Maximum age at entry – 57 years (nearer birthday) for 12 years Term, 51 years (nearer birthday) for 16 years terms and 45 years (nearer birthday) for 20 years term.
  • Maximum age at expiry of extended term – 75 years (nearer birth day)
  • Term – 12, 16, 20 years
  • Modes Allowed – Yly, Hly, Qly, Mly & SSS
  • Loan available
  • Accident Benefit Available from 18 years.Sum Assured Must be in Multiple of Rs. 5,000
Related Material  Policy Guidelines & Help Line

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