LIC New Bima Gold Plan 179 Calculator
Calculate Premium, Maturity & Survival Benefits
Plan Highlights
- Money Back Plan with Survival Benefits every 4th year
- Extended Term coverage for half the policy term
- Maturity Benefit: Total Premiums + Loyalty Additions
- Age: 14-57 years | Min Sum Assured: ₹50,000
Calculation Results
Survival Benefits Schedule
| Year | Benefit Type | Amount |
|---|
LIC New Bima Gold Plan 179 and UIN 512N236V01, was a favorite money-back insurance option that gave people regular payouts while keeping life cover strong. Even though it’s no longer sold new since 2014, many folks still hold these policies and use calculators to check maturity values or benefits.
What is LIC New Bima Gold Plan 179?
Think of this plan like a steady friend who hands you money at set times and protects your family too. It’s a with-profits money-back policy where you pay premiums for 12, 16, or 20 years. In return, you get survival benefits every four years, a maturity payout at the end, and death cover throughout.
The plan pays back part of your sum assured as cash during the term, so it’s not just waiting till the end. Plus, there’s an extended term after maturity for half the policy length with 50% cover. Loyalty additions boost the final amount, based on LIC’s profits. Age at entry starts from 14 years completed, up to 57 for 12-year term, 51 for 16-year, and 45 for 20-year, with max maturity age at 75.
Minimum sum assured is Rs 50,000, in multiples of Rs 5,000, no upper limit. Premiums could be yearly, half-yearly, quarterly, or monthly. It was great for those wanting income plus insurance without too much hassle.
Key Features That Made It Popular
This plan stood out for its mix of savings and security. Survival benefits came regularly: 15% of sum assured at 4th and 8th year for 12-year term; 15% at 4th, 8th, 12th for 16-year; 10% at 4th, 8th, 12th, 16th for 20-year.
At maturity, you get total premiums paid (minus extras and survival benefits already given) plus loyalty additions. For example, past rates showed Rs 100 per Rs 1,000 sum assured for 12-year term. Death benefit is full sum assured during term, 50% in extended term if premiums paid.
Auto-cover kicks in if two full years’ premiums paid – full cover for two more years from first unpaid premium. Loan available after three years’ premiums. Riders like accident benefit added extra protection for Re 1 per Rs 1,000. Simple rebates for high sum assured or yearly pay made it affordable.
How the Calculator Works
The LIC New Bima Gold Plan 179 calculator is a free online tool to estimate premiums, survival benefits, maturity, and death payouts. You enter age, sum assured, term, and mode – it spits out a full breakdown.
It factors in guaranteed parts and variable loyalty additions at assumed rates like 6% or 10% returns. Not exact, since bonuses depend on LIC’s performance, but close enough for planning. Sites like Policybazaar or insurancefunda have versions; even Excel sheets work by plugging in brochure rates.
Step-by-step: Pick term (12/16/20), age (e.g., 35), sum assured (Rs 1 lakh), premium mode. It shows yearly premiums, cashback dates, total maturity with/without bonuses. Great for existing holders checking value or comparing options.
Eligibility and Premium Details
Anyone from 14 years could join, but max entry age varied by term to keep extended cover till 75. For accident rider, min 18 years. No smoking extras mentioned in basic, but standard lives assumed.
Premium samples from brochure: For Rs 1,000 sum assured, yearly rates like Rs 63.30 at age 12 for 12-year term, up to Rs 121.80 at 55; lower for longer terms. Rebates: 2% off for yearly, 1% half-yearly; extra 5% for monthly. High SA rebates: Rs 5 per 1,000 for Rs 1-2 lakh, Rs 7.5 above.
| Age | Annual Premium per Rs 1,000 Sum Assured (12-year term) | (16-year term) | (20-year term) |
|---|---|---|---|
| 12 | 63.30 | 55.20 | 40.40 |
| 20 | 64.25 | 56.00 | 41.20 |
| 30 | 66.90 | 58.80 | 44.20 |
| 40 | 78.10 | 68.10 | 52.75 |
| 50 | 103.30 | 88.10 | – |
Use calculator for your exact figure – multiply by sum assured, apply rebates.
Survival and Maturity Benefits Explained
Survival cash comes like clockwork. For 12-year: 15% SA at year 4, 15% at 8, then maturity (premiums + loyalty – cash given). Example: Rs 1 lakh SA, 35-year-old, 12-year term, yearly premium Rs 6,463. Year 4: Rs 15,000; year 8: Rs 15,000; year 12: Rs 47,556 guaranteed + up to Rs 18,000 variable.
Maturity formula: Total premiums paid (no riders) + loyalty – prior survival. Loyalty not fixed, but past 12-year was Rs 100/1,000 SA. Extended term: Half policy term, 50% SA death cover only, no survival pay.
Calculator shows scenarios: Low bonus (6% assumed), high (10%). Helps see if it’s worth keeping or surrendering.
Death and Rider Benefits
If something happens during term, nominee gets full sum assured. Extended term: 50% SA. Auto-cover extends full cover two years post-miss if two premiums paid.
Accident rider: Extra SA on accidental death, or 10-year monthly for total disability (loss of eyes/hands/feet). Excludes suicide first year, wars, riots. Suicide clause: Void if within year 1, only third-party interest paid.
These made it reliable for family heads.
Paid-Up, Surrender, and Loan Options
Miss premiums after three years? Becomes paid-up: Value = premiums paid – survival given, payable at maturity/death, no more survival. No extended term then.
Surrender after three years: 30% of premiums paid (minus first year, extras, survival). Loan at 9% then, now updated rates.
Revival possible five years with proof, interest. Grace: 30 days yearly/etc.
Tax Benefits and Extras
Premiums qualify under 80C up to Rs 1.5 lakh. Maturity tax-free u/s 10(10D). Survival benefits usually tax-free too.
Cooling-off 15 days. Section 41 no rebates outside allowed.
Why Use the Calculator Today?
Even withdrawn, calculators help existing policies check maturity (premiums + bonuses – payouts). Input policy details for personalized view. Compares if better than FD or new plans.
For Rs 1 lakh, 35yo, 20-year: Premium Rs 4,160/yr, survival 10% x4 = Rs 40,000, maturity Rs 43,200 + Rs 37,000 variable. Real value higher with bonuses.
Sample Calculation Walkthrough
Take 30-year-old, Rs 5 lakh SA, 16-year term. Premium around Rs 29,400/yr (from rates). Survival: Rs 75,000 at 4,8,12 yr (15% each). Maturity: Total prem ~4.7 lakh + loyalty – 2.25 lakh survival.
Calculator: Enter details, get table like brochure illustrations. Scenario 1 (low): Maturity ~2.45 lakh; high: 3.65 lakh. Death anytime: Rs 5 lakh.
Try online – instant insight.
Comparison with Similar Plans
Unlike pure endowment, money-back gives interim cash. Vs new LIC plans, less return but guaranteed refund base. Good for conservative savers.
Common Mistakes to Avoid
Don’t forget: Loyalty not guaranteed, calculator approximate. Check policy doc for exact. Surrender early loses value.
FAQs
Q: Is LIC New Bima Gold still available?
A: No, withdrawn Jan 1, 2014, but existing policies continue with benefits.
Q: What is the minimum sum assured?
A: Rs 50,000, multiples of Rs 5,000.
Q: Can I get loan on this policy?
A: Yes, after three full premiums, at current interest rates.
Q: What if I miss premiums?
A: Auto-cover two years if two paid; then paid-up.
Q: Are survival benefits taxable?
A: Generally no, but check latest tax rules.
Q: How to calculate maturity exactly?
A: Use online calculator with your age, SA, term; add declared loyalty.
Q: What is extended term cover?
A: Half policy term post-maturity, 50% SA death benefit.
Conclusion
LIC New Bima Gold Plan 179 offered solid protection with money-back perks, and its calculator remains handy for policyholders to track returns. Whether checking maturity or planning next steps, tools like these keep you informed. Talk to your LIC agent for personal advice – secure your future step by step.
