Bima Diamond plan

LIC Bima Diamond Plan with example

LIC Bima Diamond Policy (Table No: 841) is a non-linked ( Not dependent on share market) limited premium paying Money Back plan which means premium paying term is less than policy term, for example, if policy term 24 has been selected then premium will be paid for 15 years only. The money back will be provided at end of every 4 years and maturity at the end of policy term. This policy has unique feature of extended risk cover after policy term. As this is a close ended plan and available for sale up to 31-08-2017

Key Features

• Money Back Plan
• Extended Risk cover Benefit After Maturity
• Premiums need to be paid for less number of years than Maturity year
• Options to avail accidental benefit and term riders
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D)

Plan Parameters

Minimum Age at Entry	14 Years (Completed)
Maximum Age at Entry	50 Years for 16 Year Term
	45 Years for 20 Year Term
	40 Years for 24 Year Term Calculate Age
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term (Premium Payment Term)	16(10), 20(12), 24(16)
Basic Sum Assured	Minimum 1,00,000 and Maximum 5,00,000 (in multiple of 10,000)
Premium Payment Mode rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured (Per 1000 of Sum Assured)	0% up to 1,80,000
	2.5% for 2,00,000 to 4,80,000
	3% for 5,00,000
Loan	After 3 years
Surrender	After 3 years of full premium payment

Auto Cover in LIC’s Bima Diamond

“Auto Cover period” in a paid-up policy will be the period from the due date of first unpaid premium (FUP), which includes the grace period. “Auto Cover period” is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period.  The duration of “Auto Cover period” will be available as follows:

1. If at least three full years’ but less than five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of six months from the due date of the first unpaid premium will be available
2. If at least five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of 2 years from the due date of the first unpaid premium will be available

Survival Benefits in LIC’s Bima Diamond

If life assured survives to the specified duration during the policy term, then a fixed percentage of Basic Sum Assured is  will be payable to the life assured. The fixed percentage in various terms are mentioned below:

Survival and Maturity benefits

• For 16 year Policy: 15% of Sum Assured on completion of 4th, 8th and 12th policy years and on completion of 16th year(maturity), 55% of sum assured + Loyalty Addition.
• For 20 year Policy: 15% of Sum Assured on completion of 4th, 8th, 12th and 16th policy years and on completion of 20th year(maturity), 40% of sum assured + Loyalty Addition.
• For 24 year Policy: 12% of Sum assured on completion of 4th, 8th, 12th, 16th and 20th year and on completion of 24th year(maturity), 40% of sum assured + Loyalty Addition.

Death Claim Benefits

• In case of death during First Five Years of the policy:
• If Death happens before completion of 5 years, then sum assured will paid as death claim.
• In case of death during after 5 years of the policy:
• Death Claim will be Sum Assured + Loyalty Addition.
• In case of death after maturity (Extended cover period - Half of the Policy term):
• 50% of Basic sum assured as death claim.