|
New Bima Gold
New Bima Gold
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.
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.
Benefits
Ø
Maturity Benefits:
ü
Total Premiums Paid + Loyalty Addition - (Less)
Survival benefits paid earlier.
Ø
Death Benefit:
ü Sum
Assured shall be payable provided life
cover is in force.
Ø
Survival Benefit:
ü
The below table shows the survival benefits payable for
available terms.
Term
|
Survival Benefit
Duration
|
Survival Benefit
Amount
|
12 Yrs
|
4th, 8th Year
|
15% Of Sum Assured
|
16 Yrs
|
4th, 8th , 12th Year
|
15% Of Sum Assured
|
20 Yrs
|
4th, 8th ,12th , 16th Year
|
10% Of Sum Assured
|
Ø
Loyalty Addition:
ü
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.
Ø
Auto-Cover
ü
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.
Ø
Extended Risk Cover
ü
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 Sum
Assured
|
Extended Term In
Years
|
12 Yrs
|
50%
|
6 Years
|
16 Yrs
|
50%
|
8 Years
|
20 Yrs
|
50%
|
10 Years
|
Ø
Mode Rebate:
ü 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
|
Ø Sum Assured Rebate:
ü The
following table shows the rebate available on the Large Sum Assured
Sum Assured
|
Rebate
|
0
To 99,999
|
Nil
|
1,00,000
To 1,99,999
|
Re.
5 Per Thousand
|
Rs.
2,00,000 And Above
|
Re.
7.5 Per Thousand
|
Features
Ø Minimum
Sum Assured - Rs. 50,000/-
Ø Maximum Sum
Assured - No Limit
Ø Minimum
age at entry - 14 years (Completed)
Ø 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.
Ø Maximum
age at expiry of extended term - 75 years (nearer birth day)
Ø Term -
12, 16, 20 years
Ø Modes
Allowed - Yly, Hly, Qly, Mly & SSS
Ø Loan
available
Ø Accident
Benefit Available from 18 years.
Ø Sum
Assured Must be in Multiple of Rs. 5,000
