A Review of LIC Bima Diamond – The New Money Back Plan from LIC

Life Insurance Corporation of India completes its 60th anniversary in 2016 and to celebrate the "Diamond Jubilee Year", the company has launched a brand new life insurance product- Bima Diamond Plan. This is a non-linked, traditional money-back policy available for purchase only from 19th September 2016 to 31st August 2017.  This plan allows the policyholder to receive guaranteed payouts, on the completion of every 4 years.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

This plan comes with the triple benefits of enhanced protection, money back, and auto cover features. The plan is best suited for those who are looking for a short-term investment that provides guaranteed returns in periodic installments.

Here, let’s give you a detailed description of LIC’s Bima Diamond Plan.

Key Features of LIC Bima Diamond

Enhanced Protection- The 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.

Premium Paying Term- The policyholder has an option of three premium paying terms to choose from.

  • Option 1: If the policy tenure is 16 years and the term of premium payment is 10 years, 

  • Option 2: If the policy tenure is 20 years, then the insured person will have to choose a premium paying term of 12 years.

  • Option 3: In the case of 24 years of the policy term, the premium paying term of the policy will be of 15 years.

Sum Assured- The minimum basic sum assured provided by the policy is Rs.1,00,000 and the maximum basic sum assured offered by the policy is Rs.5,00,000.    

Entry Age- The minimum entry age of the policy is 14 years. 

Benefits offered by LIC Bima Damond

Besides these features, a plethora of benefits is also offered by the plan. The benefits of the LIC Bima Damond plan are as follows:

Death Benefit- In case of demise of the life insured during the first 5 years of the policy, a sum assured amount as a death benefit is payable to the beneficiary of the policy. 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.

Either 10 times of the annualized premium or absolute amount assured to be paid on death or the sum assured on maturity whichever is higher is defined as the sum assured amount as a death benefit.

In case if the policyholder dies during the extended cover period, an amount equal to 50% of the basic sum assured is payable to the beneficiary of the policy.

Survival Benefit- If the insured person survives till the end of each specific time, during the tenure of the policy, and pays the entire premium, a fixed percentage of the basic sum assured is paid out for various policy terms.

  • 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- If the insured person survives till the end of the policy tenure and has duly paid all the premiums 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 the 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 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

Besides these, 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.


For the better understanding of our readers, we have highlighted the eligibility criteria in a tabular format:

  Minimum Maximum
Sum Assured Rs1,00,000 Rs5,00,000
Tenure of Policy 16, 20 and 24
Tenure of Premium Payment 10 (for 16), 12(for 20) and 15(for 24)
Entry Age 14 50
Age of Maturity - 66 (for Policy Term=16) 65 (for Policy Term=20) 65 (for policy Term=24)
Payment frequency Yearly, half-yearly, quarterly, and monthly

This plan is beneficial for those who want a short-term investment along with a money-back facility. However, according to your own needs and affordability, you can compare different life insurance plans online and choose the one that suits you best.

*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

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL