I bought LIC Bima Diamond in March 2017. It was LIC’s exclusive plan that offered a combination of life protection and savings. My son and I both bought this plan together. It is a great plan through which I am sure that my family can lead a stress-free life after I am gone. By Mr. Devprayag
Read moreTo celebrate the "Diamond Jubilee Year", the LIC of India launched a brand new life insurance product- Bima Diamond Plan. The plan was available for purchase only from 19th September 2016 to 31st August 2017.
LIC Bima Diamond is a Money Back life insurance policy that offers a combination of protection and savings. This plan comes with the triple benefits of enhanced protection, money-back, and auto cover features. The plan best suits those individuals who are looking for a short-term investment that provides guaranteed returns in periodic installments.
LIC Bima Diamond is a withdrawn plan which means the plan is no longer available for sale. However, those individuals who have bought it earlier will enjoy its benefits.
Enhanced Protection: The life insurance plan offers an extended cover period for half of the policy tenure after the completion of the policy tenure.
Money-Back: A certain amount of sum is paid out as the survival benefits on the completion of every 4th policy year.
Auto Cover Feature: If a premium is not duly paid for 5 full policy years, an auto cover period of 2 years is available.
Below mentioned are the benefits offered by LIC Bima Diamond:
Death Benefit
If the policyholder dies during the first 5 years of the policy, a sum assured amount as a death benefit is payable to the nominee.
If the death occurs after the completion of 5 policy years, but before the completion of policy tenure or before the maturity date of the policy, then the sum assured amount along with the loyalty addition is payable to the nominee of the policy.
Survival Benefit
If the policyholder survives till the end of the specific time period and pays all due premiums, then a fixed percentage of the basic sum assured is paid out which is known as survival benefits. The fixed percentage for various policy terms is as below:
Policy tenure | % of survival benefit |
For the policy tenure of 16 years | 15 % of the basic sum assured is paid at the end of the 4th, 8th, and 12th policy year. |
For the policy tenure of 20 years | 15 % of the basic sum assured at the end of the 4th, 8th, 12th, and 16th policy year. |
For the policy tenure of 24 years | 12% of the basic sum-assured after the 4th, 8th, 12th, 16th, and 20th policy year. |
Maturity Benefit
In case the policyholder survives till the end of the policy tenure, then a sum assured on maturity along with the loyalty addition is payable to the policyholder. The sum assured on maturity is 55% of the basic sum assured for a policy tenure of 16 years and 40% of the basic sum assured for a policy tenure of 20 and 24 years.
Loyalty Addition
The policy provides profit in form of loyalty addition if the insured person has duly paid all the premiums till the date of demise or maturity. Loyalty addition is either paid on the demise of the policyholder after the completion of the 5th policy year or on the maturity of the policy.
Rider Benefits
The plan also proves optional rider benefits, which are as follows:
LIC Accidental Death Benefit and Disability Rider
LIC New Term Insurance Rider
Tax Benefits
One can also avail of income tax benefits on the premium paid and the maturity benefits received under sections 80C and 10(10D) of the Income Tax Act.
LIC Bima Diamond was launched by the LIC to celebrate the 60-year anniversary of the company. The plan was available only for a year, and those who have bought this plan can enjoy the benefits of life protection and savings.
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
20 Nov 2024
3 min read
LIC Yuva Term Plan Calculator is an online tool designed to15 Oct 2024
2 min read
The LIC Index Plus plan is a ULIP offered by the Life Insurance15 Oct 2024
3 min read
The LIC Index Plus combines the benefits of insurance and10 Oct 2024
2 min read
The LIC Index Plus Premium and Maturity Calculator is a valuable07 Oct 2024
3 min read
Surrendering the LIC policy is an important aspect of LIC3 min read
The LIC Online Payment by Policybazaar enables policyholders to pay their insurance premiums online at their3 min read
The surrender value of an LIC policy is the amount given to the policyholder if they cancel their policy before4 min read
The LIC maturity value is the amount payable to the policyholders at the end of their policy term. To calculateInsurance
Calculators
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.