New Bima Gold

Plan Details:
It is a plan where premiums paid over the term of plan are paid back during the policy term in installments at specified durations in case of survival of life assured and life insurance cover is available not only during the term but also during the extended term of the plan.

Premiums: The policy is available for 12,16 and 20 years term. Premiums are payable regularly during the policy term with yearly, half-yearly, quarterly or monthly modes or through salary deductions.

Extended term: The Extended Term will be half of the policy term and shall commence immediately on the expiry of the policy term. For example, for a 16 years policy term, the Extended Term will be 8 years with the result the total term will be 24 years. No premiums are payable during the Extended Term of the plan.
Benefits:

Death Benefit:

During the policy term:Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Survival Benefit: In case the life assured survives till the end of the specified durations, the following benefits shall be payable:
For policy term 12 years: 15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year
For policy term 16 years:15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year
For policy term 20 years: 10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year
On expiry of policy term: Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.
Loyalty additions:This is a with-profit plan and the policy shall participate in the profits of the Corporation's with-profit assurance business. The policy shall, however, be eligible to a share of profits in the form of Loyalty Addition (one time) only payable on expiry of policy term. On the Life Assured surviving the stipulated date of expiry of policy term, 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.

Options:Accident Benefit Rider shall be available as an optional benefit for a premium at the rate of Re.1 per thousand Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the Basic Plan subject to an overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.

Auto-cover:If at least two full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium (FUP). This period of 2 years from FUP shall be called Auto-Cover period. During the Auto-Cover period, one or more installments of premiums can be paid along with interest without considering continued insurability of the life assured.

Loan: Loan facility is available under this plan after the policy acquires paid-up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation.
Eligibility:

*Sum Assured will be in multiples of Rs.5,000 /- only.
For the Accident Benefit Rider Option:

*Sum Assured will be in multiples of Rs.5,000 /- only.

Paid-up & surrender values (GSV,SSV): If after at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years Auto Cover Period from the due date of First Unpaid Premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/optional premium) less the survival benefits paid earlier, if any. This amount shall be called as Paid Up Value. This paid up value shall be payable on the date of expiry of the policy term or at Life Assured's prior death. No survival benefit shall be payable under paid up policies. The policy, thereafter, shall be free from all liabilities for payment of the within mentioned premiums.
The Guaranteed Surrender Value shall be available after completion of at least three policy years and at least three full years' premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid excluding the premiums for the first policy year, all extra premiums paid, the premiums paid for Accident Benefit Rider and the amount of survival benefits paid earlier.
Special Surrender Value shall be calculated using the surrender value factors as applicable in the case of Endowment Plan and paid-up value as defined above.
Surrender value shall not be available on Accident Benefit Rider
premiums. There is no surrender value during extended term.

Grace period for payment of premium: A grace period of one month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly premiums.

Revivals or reinstatements of lapsed policies: If the policy has lapsed, it may be revived during the lifetime of the life assured, but within a period of 5 years from the due date of first unpaid premium and before the date of expiry of policy term.

Cooling-off period: If a policyholder is not satisfied with the 'Terms and Conditions' of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.

Back dating interest: The policies can be dated back within the financial year, as usual. Back- dating interest will be charged at the prevailing rate at the time of completion of policy for dating back in excess of one month.