LIC’s Bima Diamond Plan (841) is a non-linked, with-profits, limited premium payment money back type plan which offers a combination of protection and saving.This plan provides financial support for the family not only during the policy term but also beyond the policy term during the Extended Cover Period (equal to half of the policy term and beginning from the date of maturity).• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: Rs. 5,00,000/-
• Policy Term: 16 Year OR 20 Year OR 24 Year
• Premium Paying Term: For Term 16 Year PPT 10 year
For Term 20 Year PPT 12 Year
For Term 24 Year PPT 15 year
• Minimum Entry Age: 14 years (completed)
• Maximum Entry Age:For Term 16Year – 50 Year (Nearest Birthday)
For Term 20 Year – 45 Year (Nearest Birthday)
,For Term 24 Year – 41 Year (Nearest Birthday)
•Extended Cover after Completion of Policy term. Extended Cover Period equal to half of the policy term.
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
LIC’s Bima Diamond Benefit Details
• On Death:
• On death during first five policy years: Sum-Assured on death
• On death after five policy years: Sum-Assured on death + Loyalty addition if any.
where Sum-Assured on death is Basic Sum-Assured,OR 10 times of Annualized Premium, OR 105%of all Premiums paid as on death, WHICHEVER IS HIGHER.
• On Survival : On survival Sum assured on Maturity + Loyalty addition if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.
• Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
• Proposal Form : 300/340/360 shall be used under this plan.