The Hindu Business Line : LIC launches `New Bima Gold'

The Life Insurance Corporation of India has launched `New Bima Gold'. According to a press release, Mr T.S. Vijayan, Chairman, LIC, said there is a growing demand for Bima Gold. The Corporation had sold over one crore policies under the close ended scheme within a seven-month period.

The New Bima Gold is a money back plan for 12, 16 and 20 years fixed duration. The survival benefits are payable at the end of every four years while the policy is in force. On maturity, total premiums paid, plus loyalty addition less survival benefits and premiums of extras and riders, are payable to the policyholders.

The risk cover equal to 50 per cent of the basic sum assured continues during the extended period, which is half of the original term chosen under the plan.

The plan can be had for a minimum sum assured of Rs 50,000 while there is no ceiling on the maximum sum assured.

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