LIC New Bima Nivesh Calculator

LIC New Bima Nivesh Plan (UIN: 512N203V01) is a single premium endowment policy by LIC of India, popular for its guaranteed additions and simple structure.

Introduction to LIC New Bima Nivesh

LIC New Bima Nivesh is designed for individuals seeking a blend of assured returns and life insurance coverage in a single premium payment format. The plan offers guaranteed additions, making it attractive for conservative investors.

Key Features of LIC New Bima Nivesh

• Single Premium Payment: Only one premium payment is needed at the start.
• Guaranteed Additions: Clear, assured returns added every year.
• Life Insurance Coverage: Protection for nominees in case of the policyholder’s demise.
• Simple Enrollment: Minimal documentation, especially for lower sums assured.
• Flexible Terms: Option to choose between 5-year and 10-year policy durations.​

Launch and Withdrawal Dates

• Launch Date: The plan was introduced after the earlier Bima Nivesh (2001) and was available for several years.
• Withdrawal Date: According to LIC’s list of withdrawn plans for 2012-13, the New Bima Nivesh (UIN: 512N203V01) was withdrawn before the close of that fiscal year.​
• Typical Active Period: Like many LIC endowment products, the plan was replaced or withdrawn as the regulator’s requirements or market conditions changed.

For verification, you can check the official withdrawn products page on the LIC India website: LIC Withdrawn Plans.​

How LIC New Bima Nivesh Calculator Works

The LIC New Bima Nivesh Calculator is an online tool (or manual method) that helps you estimate:

• Single premium required for your chosen sum assured.
• Guaranteed additions through the term.
• Maturity amount at the end of the policy.
• Possible loyalty addition, if announced.

Steps to Use the Calculator

1. Go to Calculator: If available, use the official LIC tool or a reliable third-party calculator relevant to New Bima Nivesh.
2. Input Details:
   • Sum Assured you wish to opt for.
   • Term (5 or 10 years).
   • Age at entry.
3. Get Results:
   • Premium payable.
   • Total returns including guaranteed additions.​
4. Compare Scenarios: Check maturity amount for different terms or sum assured to match your financial goals.

LIC New Bima Nivesh Plan Structure

Policy Benefits

Premium Payment: Only a single premium at policy start.​

Guaranteed Additions

• 5-Year Term: Guaranteed addition of ₹60 per ₹1,000 sum assured each year.
• 10-Year Term: Guaranteed addition of ₹65 per ₹1,000 sum assured each year.
• Paid every policy year and added to maturity.​

Maturity Benefit

At the end of the term, you get:

• Sum Assured
• All accrued guaranteed additions
• Loyalty addition (if applicable for the year, not guaranteed)

Death Benefit

• On policyholder’s death during policy term: Sum Assured plus accrued guaranteed additions (and loyalty addition if applicable)
• Paid to nominee in a lump sum.​

Loyalty Addition

LIC may declare a loyalty addition at maturity or on death, depending on performance, market, and bonus rates, but it is not guaranteed in all years.

Eligibility Criteria

• Minimum Age at Entry: 18 years (completed)
• Maximum Age at Entry: 50 years
• Maximum Maturity Age: 75 years
• Minimum Sum Assured: ₹25,000
• Maximum Sum Assured: ₹50,00,000

Premium Rates

• For ₹1,000 Sum Assured:
  • 5-year term: Approx ₹952 single premium
  • 10-year term: Approx ₹863 single premium
• Mode: Single premium only. No regular or limited premium payment options.

Other Important Features

• No Medicals for Lower Sums: No medical checkup is required for sums up to ₹10 lakh if the health declaration is satisfactory.​
• Loan Facility: Available after a certain period, as per LIC’s terms at the time of policy issue.
• Rebate for Employees: Certain rebates on premium for LIC employees as officially notified.
• Agent Commission: Standard commission rates apply as per LIC rules during product lifetime.​

Advantages of LIC New Bima Nivesh

• Safety: Backed by LIC, India’s most trusted insurer.
• Transparency: Simple single premium, no unforeseen future premium hikes.
• Tax Benefits: Eligible for tax benefits under Section 80C and Section 10(10D) as per prevailing rules (consult a tax advisor for the latest rules).

Sample Calculation

If you want to calculate returns, here’s a sample for 5-year term:

• Sum Assured: ₹1,00,000
• Single Premium (5 years): ₹95,200 (Approx at ₹952 per ₹1,000).​
• Guaranteed Addition (per year): ₹6,000 (60 x 100)
• Total Guaranteed Addition (over 5 years): ₹30,000
• Maturity Value: ₹1,30,000 (Sum Assured + all guaranteed additions)
• Loyalty Addition: Extra, if declared.

The calculator applies the above formula. Adjust figures for different sums assured or terms, and the premium will go up or down proportionally.

How to Apply for LIC New Bima Nivesh (if reintroduced)

Although currently withdrawn, if a similar plan is relaunched, the usual steps are

1. Check Eligibility: Age, sum assured, and health declaration.
2. Contact LIC Agent/Visit LIC Branch: For current product availability.
3. Fill Proposal Form: Provide personal and nominee details.
4. Pay Single Premium: One-time payment at policy commencement.
5. Obtain Policy Document: Check terms and conditions.

When Should You Use the Calculator?

• To compare the single premium required for 5-year vs 10-year term.
• To check maturity amount for different sum assured levels.
• To estimate realistic returns in combination with other financial goals.

Frequently Asked Questions

Conclusion

LIC New Bima Nivesh was a simple and reliable single premium plan for those wanting guaranteed returns without regular premium hassles. The LIC New Bima Nivesh Calculator was a valuable tool for financial planning and making an informed decision about the suitable sum assured and term.

Although the plan is withdrawn, understanding its structure can help you evaluate similar products from LIC in the future.