Life Insurance Corporation of India (LIC) has been a trusted name in life insurance for decades, providing various plans suited to different financial goals and needs. One of the popular plans introduced in the past by LIC was the New Bima Gold Plan (Plan No. 179). Although this plan has been withdrawn from sale, it remains important for many policyholders who still have active policies or want to understand its benefits and calculations.

Introduction to LIC New Bima Gold Plan 179

LIC New Bima Gold Plan 179 was launched to offer a mix of insurance protection and regular money-back benefits. This plan was designed as a money-back plan where the policyholder could receive a portion of the sum assured at regular intervals during the policy term, along with life cover and maturity benefits.

Key Features of New Bima Gold Plan

• Money-back benefits: Survival benefits were payable at specific intervals (on every 4th policy year).
• Premium payment terms: Available for 12, 16, and 20 years.
• Extended insurance coverage: Even after the policy matures, an extended insurance cover of 50% of the sum assured is available for half of the policy term.
• Auto Cover: Protection continues for two additional years if premiums for at least two full years are paid.
• Loan facility: Available after 3 full years of premium payment.
• Participation in profits: Includes Loyalty Additions declared by LIC, paid at maturity.
• Flexible premium payment modes: Yearly, half-yearly, quarterly, or monthly.

Plan Launch and Withdrawal Dates

• Launch Date: LIC New Bima Gold Plan 179 was introduced on 4th September 2006.
• Withdrawal Date: LIC stopped selling this plan from 1st January 2014. However, existing policies continue until maturity or other conditions.

This information helps prospective and current policyholders understand that while the plan is no longer available for new buyers, details of the plan remain relevant for existing policy management and benefit calculations.​

Benefits of LIC New Bima Gold Plan 179

Survival Benefits

The plan promised regular payouts called survival benefits during the policy term at every 4th year. The percentage of Sum Assured paid depends on the policy term. For example:

Policy Term	Survival Benefit Percentage on Every 4th Year
12 years	15% of Sum Assured on 4th and 8th year
16 years	15% on 4th, 8th, and 12th year
20 years	10% on 4th, 8th, 12th, and 16th year

Maturity Benefit

At the end of the policy term (maturity), the policyholder receives:

• Total premiums paid (excluding rider premiums)
• Plus Loyalty Additions declared by LIC from time to time
• Minus the survival benefits already paid

Loyalty Additions are one-time bonuses paid at maturity apart from regular bonuses, enhancing returns for policyholders.​

Death Benefit

In the event of the policyholder’s unfortunate demise during the policy term, the nominee receives:

• The full Sum Assured
• Survival Benefits already paid
• Bonuses declared till date

If death occurs during the extended term after maturity, 50% of the Sum Assured is payable to the nominee.​

Other Benefits

• Accidental Death and Disability Riders: Optional add-ons to provide additional protection.
• Auto Cover Benefit: Extends death coverage for two years post the last unpaid premium date if at least two full years of premium paid.
• Loan Facility: Policyholders can avail of loans against their policy after paying premiums for 3 years.
• Tax Benefits: Premiums qualify for deductions under Section 80C, and maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act.​

Eligibility and Policy Details

Parameter	Minimum	Maximum
Entry Age	14 years	57 years (12-year term)
		51 years (16-year term)
		45 years (20-year term)
Sum Assured	Rs. 50,000	No upper limit
Policy Term	12, 16, or 20 years
Premium Payment Mode	Yearly, Half-yearly, Quarterly, Monthly
Policy Extended Term	Half of the policy term

These conditions ensure flexibility for a broad range of policyholders.​

Using the LIC New Bima Gold Plan 179 Calculator

Calculating the exact benefits of LIC New Bima Gold Plan 179 can be complex due to survival benefits paid during the term, loyalty additions, and maturity benefits. Hence, LIC or third-party services provide an online calculator or downloadable tools to help policyholders.

What Does the Calculator Do?

The LIC New Bima Gold calculator estimates:

• Premium amount based on age, sum assured, and policy term.
• Survival benefits payable at specified intervals.
• Maturity benefit, including premiums paid and estimated loyalty additions.
• Death benefit estimate.
• Extended insurance coverage details.
• Visualization of the benefit payout schedule based on personalized inputs.

Required Inputs for the Calculator

To use the calculator, you generally need to enter:

• Age of the life assured at policy start.
• Sum Assured amount.
• Policy term (12, 16, or 20 years).
• Mode of premium payment.
• Gender (if applicable).
• Bonus and loyalty addition rates (often pre-filled based on current declared rates).

How to Interpret the Results

The calculator will output a detailed table or summary indicating:

• Year-wise survival benefit payouts.
• Premiums paid each year.
• Maturity benefit expected at the end of the term.
• Death benefit values in case of unfortunate demise.
• Additional benefits such as loan eligibility or extended coverage.

This helps policyholders plan finances and understand how their investment in New Bima Gold will perform.​

Sample Calculation Example

To illustrate the benefit pattern, consider a policyholder aged 35 years with:

• Sum assured of Rs. 10,00,000
• Policy term of 12 years
• Annual premium payment mode

Survival Benefits Over the Term

• At the end of 4th and 8th years, 15% of Rs. 10,00,000 = Rs. 1,50,000 each as survival benefit.

Maturity Benefit

• At the end of the 12th year, the policyholder receives:
  • Total premiums paid over 12 years (excluding rider premiums)
  • Plus loyalty additions declared by LIC (e.g., Rs. 100 per 1000 sum assured for 12-year term, equating to Rs. 1,00,000)
  • Minus survival benefits already paid (Rs. 3,00,000)

This example shows the investor regularly getting cashbacks during the policy, while still receiving maturity benefits on top of premiums paid and bonuses.​

Importance of Using the Calculator

• Financial Planning: Understand total premiums and payouts to manage budgeting.
• Benefit Comparison: Compare New Bima Gold with other LIC and non-LIC plans to choose the best fit.
• Investment Insights: Estimate loyalty additions and bonuses to gauge returns.
• Custom Scenario Analysis: Test different sum assured or term options for personalized decisions.

Using the calculator ensures you do not rely solely on brochure or agent info, but have clear, customized data.​

Loyalty Additions: A Special Bonus

LIC New Bima Gold offers with-profits participation. Unlike regular reversionary bonuses paid every year, loyalty additions are one-time bonuses paid at maturity based on LIC’s declared rates.

For the 12-year term, the currently declared loyalty addition is Rs. 100 per 1000 Sum Assured. For other terms (16 or 20 years), loyalty addition rates are declared later and change policy maturity values accordingly.​

Extended Insurance Coverage and Auto Cover

One unique feature is the extended insurance coverage, where after maturity, the policyholder gets half the sum assured as life cover for an additional period half the original policy term.

Additionally, Auto Cover helps continue full death coverage for 2 years after the first unpaid premium if two full years of premiums have already been paid. This protection enhances financial security beyond the policy term.​

Tax Benefits

LIC New Bima Gold Plan 179 was eligible for tax deductions on premium payments under Section 80C and tax-exempt maturity proceeds under Section 10(10D) of the Income Tax Act. This made it an attractive long-term savings cum insurance plan.​

Important Points to Remember

• The plan is withdrawn since 2014 but existing policies remain valid.
• Loyalty addition rates vary and affect maturity values.
• Survival benefits reduce maturity payouts correspondingly.
• Use official or trusted third-party calculators for accurate estimates.
• Always check loan eligibility and extended benefit clauses in your policy documents.

Where to Find LIC New Bima Gold Plan 179 Calculator?

Several websites and insurance portals offer online calculators specific to LIC New Bima Gold Plan 179, including:

• LIC’s official website (historical documents).
• Liccalculator.info
• PolicyBazaar.com
• EasyCalculation.com
• LIC agent portals

These calculators allow you to enter your details and get a detailed benefit and premium projection table.​

FAQ

Conclusion

LIC New Bima Gold Plan 179 is a classic example of LIC’s traditional money-back plans that combine insurance protection with periodic survival benefits and a maturity bonus. Although withdrawn from new sales, it still remains a valuable plan for existing policyholders.

Understanding the benefit structure, eligibility, and using the LIC New Bima Gold calculator can help policyholders manage their policies better and plan their finances smartly. The calculator simplifies complex benefit computations and offers transparency on policy returns.