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LIC BIMA DIAMOND 841

LIC Bima Diamond Table no 841

LIC Bima Diamond

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)

Survival and Maturity benefits

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:
If the Life Assured survives till the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any will be payable to the Life Assured.
Where “Sum Assured on Maturity” in LIC Bima Diamond is

  • 55% of Basic Sum Assured in policy term 16 years
  • 40% of Basic Sum Assured in Policy terms 20 and 24 years.


Death Claim Benefits

In case of the death of Life Assured before the date of Maturity

During the first 5 policy years “Sum Assured on Death” will be paid to the nominee.

After completion of 5 policy years but before the date of maturity: “Sum Assured on Death” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.

The death benefit will not be less than the 105% of all the premium paid in the policy as at the date of death of the life assured. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium, if any.)

In case of the death of Life Assured during the extended cover period

An amount equal to 50% of Basic sum assured will be paid to the nominee.

Optional Rider

Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.

LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V01)

If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident, provided the rider is inforce at the time of the accident. In the case of the accidental permanent disability (within 180 days from the date of accident) an additional amount equal to “Accidental Benefit sum Assured” is Payable in equal monthly installments spread over 10 years. The future premium will be waived for the accidental benefit rider and premiums for the portion of Basic sum assured will be waived. This rider can be taken at the inception of the policy or before the premium term is over.

LIC’s New Term Assurance Rider UIN (512B210V01)

If this benefit is opted for, an additional amount equal to “Term Assurance Rider sum Assured” is Payable on death to nominee, provided the rider is inforce at the time of the death of the Life Assured. This rider can be taken at the inception of the policy.

Important features and condition in LIC’s Bima Diamond

  •     Loan facility is available in this plan, after the payment of premium for at least full 3 years.
  •     Policy can be revived within the 2 years of the FUP.
  •     Grace period in the policy is available; one calendar month, not less than 30 days in yearly, half yearly and quarterly mode and 15 days in monthly mode.
  •     The policy will acquire paid up value if the premium has been paid for 3 full years.
  •     Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
  •     Free look period of 15 days from the date of receipt of the policy bond.
  •     Backdating is allowed within the same financial year.
  •     Nomination and Assignment are allowed in the policy.