The Bima Gold plan is a new addition to the plethora of plans offered by Life Insurance Corporation of India. The Bima Gold plan has been launched at the 50th anniversary of the Corporation. The Bima Gold plan is a money back plan. Being a money back plan, the Bima Gold offers a certain percentage of the sum assured at the regular intervals. In this manner, it infuses the plan with additional liquidity. With the additional liquidity it enables the policyholder to be financially equipped to cope with financial exigencies as and when they occur.

This policy is offered the following options with respect to the term of the insurance plan. It comes in three variants - A policy with a 12 year term, policy with a 16 year term and a policy with a term of 20 years. Hence, the individual will be in a position to exercise his choice as far as the tenure of the policy is concerned.

• For a 12 years period - 15% of the sum assured is payable at 4th and 8th year of the policy
• For the 16 years period - 15% of the sum assured is payable at 4th, 8th and 12th year of the policy
• For the 20 years period - 10% of the sum assured is payable at 4th, 8th, 12th and 16th year of the policy

On maturity of the term of the policy, the total premiums along with loyalty additions (if any) less the earlier pay outs is given to the policyholder. However, in case of death the entire sum assured is paid to the policyholder irrespective of the earlier payouts.

The policy also has an auto cover facility. In case two years premiums have been paid, then there is a failure to pay the subsequent premium, then the risk cover will continue for a period of two years from the date of the first unpaid premium. This is in contrast with other plans where the premium holiday is only 30 days.

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% 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.

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.

Once this plan acquires a surrender value, it is possible to avail a loan under this plan. Presently, the interest rate is charged at 9% payable half-yearly. The Corporation reserves the right to revise the interest on the loan.

• Minimum age is 14 - 63 years
• Maximum age at maturity - 75 years
• Term of the policy - 12, 16 and 20 years
• Minimum sum assured - Rs.40,000 while there is no limit for the maximum sum assured. However, the sum assured will be increased only in multiples of Rs.5,000.