What are the Survival Benefit (Money Back) percentages for different policy terms?

For a 12-Year Term: 15% of Sum Assured at the end of the 4th and 8th years (Total 30%). For a 16-Year Term: 15% of Sum Assured at the end of the 4th, 8th, and 12th years (Total 45%). For a 20-Year Term: 10% of Sum Assured at the end of the 4th, 8th, 12th, and 16th years (Total 40%).

What is the death benefit during the active policy term under Plan 179?

If the policyholder passes away during the active policy term, the full Basic Sum Assured plus Loyalty Addition (if any) is paid to the nominee. Crucially, any survival benefits already paid to the policyholder during their lifetime are NOT deducted from the death claim.

Are LIC Bima Gold Plan 179 payouts tax-free under Section 10(10D)?

Yes. All survival payouts, maturity proceeds, and death claims from LIC Bima Gold Plan 179 are 100% tax-free under Section 10(10D) of the Indian Income Tax Act. Annual premiums paid also qualify for income tax deductions up to ₹1.5 Lakhs under Section 80C.

Can I surrender or take a loan on my LIC Bima Gold 179 policy?

Yes. A policyholder can avail a policy loan up to 90% of the surrender value once the policy has completed 3 full years of premium payments. The policy can also be surrendered after 3 years; the Guaranteed Surrender Value (GSV) is 30% of total basic premiums paid excluding the 1st year premium, minus survival benefits already paid.

LIC Bima Gold Plan 179 Maturity Calculator – Survival Payouts, Loyalty Additions & Extended Cover

Comprehensive Guide to LIC Bima Gold Plan 179: Maturity, Money-Back & Extended Cover

Launched by the Life Insurance Corporation of India (LIC), LIC’s Bima Gold (Table No. 179) stands as one of the most innovative anticipated endowment assurance policies in Indian life insurance history. Tailored specifically for policyholders desiring a strategic combination of regular liquidity, substantial family risk protection, and long-term capital preservation, Plan 179 introduced pioneering policy features—most notably its Extended Life Cover and a unique Maturity Balance Refund mechanism.

Whether you acquired this policy during its initial offering or are an existing policyholder reviewing upcoming survival payouts, estimating final maturity returns, or comparing quotes using our LIC Premium Calculator and LIC Maturity Benefit Calculator, this online LIC Bima Gold Plan 179 Maturity Calculator provides instant, actuarially verified breakdowns of your cashflows, loyalty additions, death benefits, policy loan limits, and surrender values.

Why LIC Bima Gold (Plan 179) Remains a Landmark Insurance Product

Traditional money-back plans (such as LIC Money Back Plan 920 and Plan 921) disburse periodic installments that are subsequently deducted from the maturity sum assured. In sharp contrast, LIC Bima Gold Plan 179 operates on an exceptional, policyholder-centric financial blueprint:

Guaranteed Periodic Survival Benefits: Receive scheduled cash payouts of 10% to 15% of your Basic Sum Assured every 4th year to fund crucial life goals like higher education, property renovation, or capital reinvestment.
Maturity Return of Balance Premiums: At the completion of the policy term, LIC refunds all basic tabular premiums paid minus survival benefits already distributed, augmented by declared LIC Loyalty Additions (LA).
Zero-Cost Extended Life Cover: Even after your maturity corpus is paid out in full, life insurance coverage remains active for an additional duration equal to half the original policy term (e.g., 8 years of free risk cover after a 16-year policy) at 50% of the Basic Sum Assured without paying any renewal premiums.
Full Undiminished Death Protection: If the policyholder passes away during the active term, LIC pays the full 100% Basic Sum Assured along with accrued loyalty bonuses—without deducting any prior survival benefits already encashed.
Built-In Auto Cover Facility: As per IRDAI consumer protection standards, if at least 2 full years of premiums have been paid, complete risk protection remains in force for 2 full years from the First Unpaid Premium (FUP) even during a premium default.

LIC Bima Gold Plan 179 Key Eligibility & Technical Parameters

The table below outlines the core regulatory, underwriting, and contractual parameters governing LIC Table 179 across its 12, 16, and 20-year terms:

Parameter	12 Years Term	16 Years Term	20 Years Term
Minimum Entry Age	14 Years (Completed)	14 Years (Completed)	14 Years (Completed)
Maximum Entry Age	57 Years (Nearest Birthday)	51 Years (Nearest Birthday)	45 Years (Nearest Birthday)
Maximum Maturity Age	69 Years	67 Years	65 Years
Max Extended Cover Age	75 Years	75 Years	75 Years
Premium Paying Term (PPT)	12 Years	16 Years	20 Years
Minimum Sum Assured	₹50,000	₹50,000	₹50,000
Maximum Sum Assured	No Upper Limit (Multiples of ₹5k)	No Upper Limit (Multiples of ₹5k)	No Upper Limit (Multiples of ₹5k)
Extended Life Cover Duration	6 Years (Years 13 to 18)	8 Years (Years 17 to 24)	10 Years (Years 21 to 30)
Extended Life Cover Amount	50% of Basic Sum Assured	50% of Basic Sum Assured	50% of Basic Sum Assured
Payment Modes & Rebates	Yearly (2% Rebate), Half-Yearly (1% Rebate), Quarterly, Monthly (SSS / ECS). Check LIC GST Calculator for applicable tax slabs.

The Mathematics of LIC Bima Gold Plan 179 Calculations

To see how our calculation engine models your cashflows with actuarial precision, examine the mathematical formulas governing Survival Benefits, Maturity Settlement, Loyalty Additions, and Extended Cover.

1. Survival Benefit (Money-Back) Schedule Formula

Periodic survival cashflows are disbursed directly into the policyholder's bank account at four-year milestones according to the chosen policy duration:

For 12-Yr Term: SB₄ = SB₈ = 15% × Basic Sum Assured (Total SB = 30% of SA)

For 16-Yr Term: SB₄ = SB₈ = SB₁₂ = 15% × Basic Sum Assured (Total SB = 45% of SA)

For 20-Yr Term: SB₄ = SB₈ = SB₁₂ = SB₁₆ = 10% × Basic Sum Assured (Total SB = 40% of SA)

Compare this with newer guaranteed addition products like LIC Bima Jyoti (Plan 860) or LIC Bima Ratna (Plan 864).

2. Maturity Benefit Calculation Formula

On surviving the entire policy term, the maturity proceeds payable are calculated as the total basic tabular premiums paid minus all survival benefits already pocketed, plus accrued Loyalty Additions declared by LIC:

Maturity Corpus = (Total Basic Tabular Premiums Paid − Total Survival Benefits Received) + Loyalty Addition

Note: Total Basic Tabular Premiums Paid excludes any extra underwriting premiums, rider premiums (like Accidental Death & Disability Benefit), and statutory GST.

3. Loyalty Addition (LA) Formula

Loyalty Addition is a one-time profit-sharing bonus declared by LIC upon policy maturity or in the event of death during the final policy years. It is declared per thousand Rupees of Basic Sum Assured:

Loyalty Addition (₹) = (Basic Sum Assured ÷ 1,000) × Declared LA Rate per ₹1,000 SA

Track historical valuation bonus declarations on our dedicated LIC Bonus & FAB Calculator.

4. Extended Life Cover Formula

Following policy maturity, the insured continues to enjoy life cover for an extended term equal to half the policy duration without any further premium payments:

Extended Cover Duration = Policy Term ÷ 2

Extended Death Sum Assured = 50% × Basic Sum Assured

For standalone term protection extending up to age 80, explore our LIC Term Plan Calculator.

Case Studies: How Plan 179 Works

To illustrate the complete lifecycle of LIC Bima Gold Plan 179 across different tenures, let us evaluate three detailed real-life scenarios.

Case Study 1: 16-Year Policy Term (Mr. Rajesh, Age 30, ₹10,00,000 Sum Assured)

Mr. Rajesh purchases an LIC Bima Gold policy (Table 179) with a ₹10,00,000 (₹10 Lakhs) Basic Sum Assured for a 16-year term at age 30.

Annual Basic Tabular Premium: ~₹73,600 (less 2% mode rebate = ~₹72,128/year).
Total Basic Premium Paid over 16 Years: ₹72,128 × 16 = ₹11,54,048.
Survival Benefit Payouts:
- End of 4th Year (Age 34): 15% of ₹10L = ₹1,50,000
- End of 8th Year (Age 38): 15% of ₹10L = ₹1,50,000
- End of 12th Year (Age 42): 15% of ₹10L = ₹1,50,000
- Total Survival Benefits pocketed: ₹4,50,000 (45% of SA).
Maturity Settlement at Year 16 (Age 46):
- Net Base Balance Refund: ₹11,54,048 − ₹4,50,000 = ₹7,04,048
- Loyalty Addition (@ ₹70/1k SA): 1,000 × ₹70 = ₹70,000
- Total Maturity Proceeds Received: ₹7,04,048 + ₹70,000 = ₹7,74,048
Total Inflow Received (SB + Maturity): ₹4,50,000 + ₹7,74,048 = ₹12,24,048.
Extended Life Cover (Years 17 to 24 / Ages 46 to 54): Free death cover of ₹5,00,000 (50% of SA) continues for 8 full years with zero premium! Compare this with whole-life coverage under LIC Jeevan Anand (Plan 915).

Case Study 2: 20-Year Policy Term (Mrs. Sunita, Age 28, ₹5,00,000 Sum Assured)

Mrs. Sunita opts for a 20-year tenure on a ₹5,00,000 Basic Sum Assured to accumulate a dedicated retirement corpus alongside periodic cashflows.

Annual Basic Tabular Premium: ~₹27,500/year (after mode & SA rebates).
Total Basic Premium Paid (20 Years): ₹27,500 × 20 = ₹5,50,000.
Survival Benefits (10% every 4 years):
- End of 4th, 8th, 12th, and 16th years: ₹50,000 each = ₹2,00,000 total.
Maturity at Year 20 (Age 48):
- Base Refund: ₹5,50,000 − ₹2,00,000 = ₹3,50,000
- Loyalty Addition (@ ₹80/1k SA): 500 × ₹80 = ₹40,000
- Total Maturity Payout: ₹3,90,000
Total Cashflow: ₹2,00,000 + ₹3,90,000 = ₹5,90,000.
Extended Life Cover (Ages 48 to 58): ₹2,50,000 free life cover for 10 post-maturity years. For guaranteed lifelong annuity options, check our LIC Pension Plan Calculator and LIC Jeevan Umang (Plan 945).

Case Study 3: 12-Year Short Tenure (Mr. Amit, Age 40, ₹5,00,000 Sum Assured)

Mr. Amit chooses the shortest 12-year term on a ₹5,00,000 Sum Assured for quick milestone returns and medium-term life security.

Annual Basic Tabular Premium: ~₹46,100/year.
Survival Benefits (15% at 4th & 8th Year): ₹75,000 at Year 4 + ₹75,000 at Year 8 = ₹1,50,000 total.
Maturity at Year 12 (Age 52): Net Base Refund (₹5,53,200 − ₹1,50,000 = ₹4,03,200) + Loyalty Addition (@ ₹60/1k SA = ₹30,000) = ₹4,33,200.
Extended Life Cover (Years 13 to 18): Free life cover of ₹2,50,000 active until age 58. For modern short-term guaranteed return alternatives, see LIC Nav Jeevan Shree (Plan 912) and LIC Jeevan Utsav (Plan 871).

Comparison: LIC Bima Gold (Plan 179) vs. Regular Money Back vs. Endowment

Understanding how Plan 179 differs from traditional endowment and money-back structures helps policyholders make informed financial choices:

Feature	LIC Bima Gold (Plan 179)	LIC Money Back (Plan 920/921)	LIC New Endowment (Plan 914)	LIC Jeevan Labh (Plan 936)
Plan Classification	Anticipated Endowment + Free Extended Cover	With-Profits Anticipated Endowment	With-Profits Regular Endowment	Limited Premium Endowment
Periodic Survival Benefits	Yes (10%–15% every 4 years)	Yes (15%–20% every 5 years)	No (Lump sum at maturity)	No (Lump sum at maturity)
Maturity Formula	(Total Basic Premiums − SBs) + Loyalty Addition	Remaining Sum Assured (40%) + Simple Bonuses + FAB	100% Basic Sum Assured + Simple Bonuses + FAB	100% Basic Sum Assured + Simple Bonuses + FAB
Post-Maturity Cover	Yes (50% SA for half the term free)	None (Terminates on maturity)	None (Terminates on maturity)	None (Terminates on maturity)
Bonus Structure	Loyalty Addition (LA) at maturity	Annual Reversionary Bonus + FAB	Annual Reversionary Bonus + FAB	High Reversionary Bonus + FAB
Death Benefit in Active Term	100% SA + LA (No SB deduction)	100% SA + Bonuses (No SB deduction)	100% SA + Bonuses + FAB	100% SA + Bonuses + FAB
Auto-Cover Grace	2 Years after 2 full years paid	Standard 30-day grace period	Standard 30-day grace period	Standard 30-day grace period

Tax Benefits Under Section 80C and Section 10(10D)

All premium payments and policy payouts under LIC Bima Gold Plan 179 are governed by the statutory provisions of the Income Tax Act, 1961:

Tax Deduction on Premiums (Section 80C): Annual premiums paid towards Plan 179 qualify for deductions up to the statutory limit of ₹1,50,000 per financial year under Section 80C, provided the annual premium does not exceed 10% (or 20% for policies issued prior to April 1, 2012) of the Basic Sum Assured.
100% Tax-Free Maturity & Survival Payouts (Section 10(10D)): All periodic money-back payouts received at 4-year milestones, as well as the net maturity balance refund and Loyalty Additions, are entirely exempt from income tax in the hands of the policyholder.
Tax-Free Death Claim Payouts: Any death claim disbursed to the nominee—whether during the active policy term or during the extended life cover period—is 100% tax-free under Section 10(10D) without any monetary limitation.

💡 Electronic Clearance Mandate: Ensure your bank details are updated with your servicing LIC branch in accordance with Reserve Bank of India (RBI) electronic clearance guidelines to receive survival and maturity payouts directly via NEFT/RTGS.

Loan Facility, Surrender Value & Paid-Up Rules

1. Availing a Policy Loan

Policyholders can avail loans against their LIC Bima Gold policy once it has completed at least 3 full years with all premiums paid.

Loan Limit: Up to 90% of the policy's surrender value for in-force policies, and up to 80% for fully paid-up policies.
Interest Rate: Governed by LIC's prevailing semi-annual interest rate declarations (typically 9.0% to 9.5% p.a. compounding half-yearly).
Repayment: The loan principal can be repaid at any time during the policy tenure, or it will be adjusted automatically against future survival benefits or final maturity proceeds. Check our LIC Policy Loan Calculator for exact EMI and repayment simulations.

2. Guaranteed and Special Surrender Value (GSV & SSV)

Surrendering a policy before maturity leads to financial loss, but if you must exit, Plan 179 provides:

Guaranteed Surrender Value (GSV): Payable after 3 completed policy years. It equals 30% of total basic premiums paid (excluding the first year's premium and rider charges), minus survival benefits already encashed.
Special Surrender Value (SSV): Calculated using actuarial factors based on paid-up value and duration elapsed, which is generally higher than GSV. Evaluate your exact position using our LIC Surrender Value Calculator.

3. Paid-Up Value Calculation

If a policyholder stops paying premiums after at least 3 years, the policy acquires a Paid-Up status. The Paid-Up Sum Assured is reduced proportionately:

Paid-Up Sum Assured = (Number of Premiums Paid ÷ Total Premiums Payable) × Basic Sum Assured

Under a paid-up policy, future survival benefits cease to be paid at scheduled intervals. Instead, the proportionate paid-up amount is disbursed at the end of the policy term, and the Extended Cover facility ceases to apply.

How to Claim Maturity & Survival Benefits from LIC

Settling your LIC Bima Gold Plan 179 proceeds is a simple procedure. Follow this checklist to ensure smooth disbursement:

Survival Benefit Claim: In most cases, LIC automatically triggers survival benefits if your NEFT mandate is registered. Check your status on the LIC Customer Portal. If not registered, submit Form No. 5180 (Discharge Form) along with a cancelled cheque and self-attested ID proof to your servicing branch 1 month prior to the payout date.
Maturity Claim Settlement: Approximately 2 to 3 months prior to maturity, LIC dispatches a Maturity Claim Intimation (Form No. 3825). Submit the signed discharge form, original policy bond, NEFT mandate with bank passbook copy, and PAN/Aadhaar copies.
Death Claim during Active Term: Nominee submits Form No. 3783, original policy bond, death certificate issued by municipal authorities, and bank details.
Death Claim during Extended Cover Period: If death occurs during the post-maturity extended period, the nominee simply presents the certified copy of the death certificate, proof of title, and maturity discharge records to claim the 50% Extended Sum Assured.

Reviewed by BimaCalculator Actuarial & Research Team

Our content and calculation engines are developed by certified financial planners, insurance domain analysts, and actuarial researchers with over 15 years of combined experience in Indian life insurance, LIC underwriting rules, and tax compliance regulations. Explore all our resources on the LIC Calculators Hub.

Frequently Asked Questions (FAQs)

How is the maturity benefit calculated in LIC Bima Gold Plan 179?

In LIC Bima Gold (Plan 179), the maturity benefit is calculated as: (Total Basic Premiums Paid during the policy term minus Total Survival Benefits already received) + Loyalty Addition declared by LIC at maturity. Unlike regular money-back plans where only a portion of the sum assured is returned, Plan 179 refunds your total basic premiums paid less money-back payouts, plus accumulated loyalty additions. Track bonus rates with our LIC Bonus Calculator.

What is the Extended Life Cover in LIC Bima Gold 179?

Extended Life Cover is a distinctive feature of Plan 179 where life insurance protection continues after maturity for a duration equal to half the original policy term (6 years for a 12-year term, 8 years for a 16-year term, and 10 years for a 20-year term). During this extended window, 50% of the Basic Sum Assured is payable on death without paying any future premiums. For standalone pure protection, check the LIC Term Plan Calculator.

What are the Survival Benefit percentages for each policy term?

• 12-Year Term: 15% of Sum Assured at the end of the 4th and 8th policy years (Total 30%).
• 16-Year Term: 15% of Sum Assured at the end of the 4th, 8th, and 12th policy years (Total 45%).
• 20-Year Term: 10% of Sum Assured at the end of the 4th, 8th, 12th, and 16th policy years (Total 40%).
Compare this with 5-year payout schedules on the LIC Money Back Calculator.

Are survival benefits deducted if the policyholder dies during the active term?

No. In the event of the policyholder's demise during the active policy term, LIC pays the full 100% Basic Sum Assured plus accrued Loyalty Additions to the nominee. Any survival benefits already paid to the insured during their lifetime are never deducted from the death claim.

What is the Auto Cover facility in LIC Bima Gold Plan 179?

If at least 2 full years of premiums have been duly paid and subsequent premiums are missed, full life cover continues automatically for 2 years from the date of the First Unpaid Premium (FUP). If death occurs within this 2-year auto-cover window, the full death benefit is paid after deducting unpaid premiums.

Are LIC Bima Gold maturity and survival payouts tax-exempt?

Yes. All payouts—including survival benefits, maturity balance refunds, loyalty additions, and death claim proceeds—are 100% exempt from income tax under Section 10(10D) of the Income Tax Act, 1961.

Can I take a loan on my LIC Bima Gold policy?

Yes. Policy loans up to 90% of the surrender value can be availed once the policy completes 3 full years of premium payments. The loan can be serviced through interest payments or settled against maturity proceeds. Estimate your eligible loan amount using our LIC Policy Loan Calculator.

Can I revive a lapsed LIC Bima Gold policy?

Yes. A lapsed policy can be revived within a consecutive period of 5 years from the due date of the First Unpaid Premium (FUP) by paying all arrears of premium with interest and submitting proof of continued good health (Declaration of Good Health or medical report). Check our complete suite on the LIC Calculators Directory.

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Regulatory & Estimation Disclaimer: Figures, cashflow projections, Loyalty Additions, and maturity values presented by this online calculation tool are for informational and illustrative purposes based on LIC actuarial tables for Plan 179. Final Loyalty Additions and claim payouts depend on LIC's annual financial valuation surplus declarations. BimaCalculator.com is an independent informational portal and is not officially affiliated with the Life Insurance Corporation of India.