I recently had a discussion about lie/lay/lie. So, let me revise this a bit, ah.
Lie/Lay/Lie - There are two meanings of "lie": 1) "to rest," and 2) "to be dishonest." "Lay" means "to put something down."
To make this easier, compare "lie" (#1) with "sit." It refers to a person (e.g, "
I think
I'll go lie down," "Why don't
you go lie down?"). Likewise, a person "sits," not "sets," down.
Now, compare "lay" with "set," which will be followed by an object (e.g, "please, lay that book on the table," and "please, set that book on the table"). Note that "myself," "yourself," etc., are considered objects (bodies).
What might confuse you, though, is that the past tense of "lie" is "lay." For example, "I lay down for a nap, earlier this afternoon." The participle is "have/has/had lain."
The past tense of "lay" is "laid" (e.g, "he laid the book on the table a minute ago"). The participle is also "have/has/had laid."
---
While your sentence
is grammatically correct, I agree with
Grammar Geek; "I am going to lie down on the bed" (or something to that effect) would probably sound much better.