For LIC New Bima Gold is the LA going to be added per 1000 SA for only terminal year or every year?

POSTED BY OnlyPrabir ON February 24, 2014 1:19 pm COMMENTS (3)

Plan:Lic New Bima Gold(T No.179)

Term:20 years

Basic Premium:35,776

SA:1050000

Just like the Bonus which LIC declares suppose 43 per 1000 SA so for 1050000 SA it’ll be 45150 each year & in total 20 yrs,accumulated bonus will be 903000…in case of my policy there is no Bonus or FAB..only LA is to be paid.so what will be the calculation formulae?

3 replies on this article “For LIC New Bima Gold is the LA going to be added per 1000 SA for only terminal year or every year?”

  1. ashalanshu says:

    Dear Onlyprabir, please get it clarified for yourself from LIC if you are in doubt.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Onlyprabir, in this policy, the Loyalty addition ‘ll be only one time affair not a reversionary bonus thing as is there in other plans of LIC.

    Thanks

    Ashal

    1. OnlyPrabir says:

      Please have a look into Jeevan Tarang Benefit Illustration page where it is mentioned that Loyalty Addition is given per 1000 SA per year.Please note that Jeevan Tarang also has benefit of reversionary bonus,whereas New Bima Gold has only LA.So I dont think as a typical endowment plan customers of Bima Gold will be betrayed compared to Jeevan Tarang.
      Loyalty Addition:
      Scenario 1: Rs.6/- per Rs.1,000/- Basic Sum Assured per annum;
      Scenario 2: Rs.24/- per Rs.1,000/- Basic Sum Assured per annum.

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