LIC Bima Diamond Plan 841 Review
LIC Bima Diamond Plan is a non-linked, with-profit, limited premium payment money back life insurance policy released by LIC of India. Life Insurance Corporation of India has introduced this New Bima Diamond Plan on 1st September 2016 at Mumbai. This LIC Beema Diamond Policy was launched on the occasion of the diamond jubilee celebration of the LIC. The LIC’s Bima Diamond plan offers a combination of protection and savings. It is a close ended plan that will be available for sale from 1st September 2016 to 31st August 2017. The Unique Identification Number of this LIC Bima Diamond Money Back Plan is 512N307V01. The policyholder has to quote this UIN no. in all relevant documents that are required to buy the policy.
The premium paying term for this LIC Bima Diamond Policy is less than policy term, that means if the insured has selected 24 as the policy term, then the premium will be paid for 15 years only. The money back will be provided for the life assured at the end of every 4 years and maturity at the end of policy term. This LIC Beema Diamond Policy has a unique feature of extended risk cover after policy term. The LIC Bima Diamond Plan 841 also provides financial support for the insured family not only during the policy term but also behind the policy term during the extended cover period.
LIC Beema Diamond Policy Benefits and Features
The LIC New Bima Diamond Policy provides a broad range of benefits for the policyholder. So, check out the features and benefits of this LIC New Plan in the below sections.
LIC’s Bima Diamond Plan Benefits
- If the death of the policyholder occurs before the date of the maturity, the nominee will receive the Sum Assured on death.
- In case, if death occurs during first five years, Sum Assured on death shall be payable. Whereas if the death occurs after completion of five policy years but before the date of maturity, the sum assured on death and loyalty addition, if any, shall be payable.
- If death occurs during the extended cover period, an amount equal to 50% of Basic Sum Assured shall be payable as the death benefit to the nominee.
- 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 insured.
- In case, if the insured survives till the end of the policy term with all due premiums have been paid, the life assured will get Maturity benefit as follows.
- Maturity Benefit of LIC Bima Diamond Plan = Basic Sum Assured + Loyalty Addition.
- Sum Assured on Maturity is defined as
- 55% of Basic Sum Assured for policy term 16 years.
- 40% of Basic Sum Assured for policy terms 20 and 24 years.
- If the insured survives till the end of each of the specified durations during the policy term, with all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable.
- The fixed percentage for various policy terms is as below:
- For policy term 16 years:
15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.
- For policy term 20 years:
15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.
- For policy term 24 years:
12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th and 20th policy year.
- For policy term 16 years:
What are the Features of LIC New Bima Diamond Policy ?
This is a typical non-linked, with-profit, limited premium payment money back life insurance policy. The term non-linked means it is not ULIP or your money will not be linked to equity market movements. LIC features this New Bima Diamond plan as a unique product with so many features included. The features of LIC Beema Diamond Policy are as follows.
- This is a money back plan, i.e., at a different interval of the policy term, you will receive some money from this policy.
- Extended Risk cover Benefit After Maturity.
- On a policy of at least 5 full years on which subsequent premium is not duly paid, Auto Cover period of 2 years is available.
- The maturity amount is tax-free under 10 (10D).
- Loan facility is available for this LIC Bima Policy, after the payment of premium for at least full 3 years.
- Paid premiums under this Bima Diamond policy are exempted from income tax under 80C.
- The Policyholder can revive the policy within the 2 years of the FUP.
- The Life Assured can avail accidental benefit and term riders (optional).
- The Grace period of 30 days is available for premium payment in yearly, half yearly and quarterly mode; 15 days for the monthly premium mode.
- The insured will acquire paid up value if the premium has been paid for 3 full years.
Eligibility Conditions of LIC New Beema Diamond Plan
Before buying the New Bima Diamond Plan of LIC, the policyholder should know the eligibility conditions such as Entry Age, Sum Assured, Policy Term, etc.
|Minimum Entry Age||14 years (completed).|
|Maximum Entry Age||
|Maximum Maturity Age||
|Policy Term, i.e., Premium Payment Term||16(10), 20(12), 24(15).|
|Minimum Basic Sum Assured||Rs 1,00,000/-.|
|Maximum Basic Sum Assured||5,00,000 (in multiples of 10000).|
|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)
Lic Beema Diamond Policy Rebates
The rebates available in this LIC Bima Diamond Plan are Mode Rebate and High Basic Sum Assured Rebate. These are available on the premium if the insured opts for the higher mode and take the high-risk cover policy.
|Yearly||2% tabular premium|
|Half-Yearly||1% tabular premium|
|Monthly & Quarterly||NIL|
High Basic Sum Assured Rebate:
|Basic Sum Assured (BSA)||Rebate per Rs. 1000 BSA|
|1,00,000 to 1,80,000||NIL|
|2,00,000 to 4,80,000||2.50|
New Bima Diamond Plan Riders
There are two optional riders available for this New Plan of LIC, i.e., LIC Accidental Death & Disability Benefit Rider and LIC New Term Assurance Rider. So, the policyholder can avail the following rider benefits with this LIC Bima Diamond Plan by payment of additional premium. The rider sum assured can’t exceed the basic sum assured. Also, the benefits under the optional rider will be available during the policy term only.
a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
If the insured has opted this benefit, an extra amount equal to “Accidental Benefit sum Assured” will be payable on death due to the accident, provided that the rider is in force at the time of the accident. In the case of the accidental permanent disability within 180 days from the date of the accident, an additional amount equal to “Accidental Benefit Sum Assured” will be payable in equal monthly installments spread over 10 years. The policyholder should take this rider at the inception of the policy or before the premium term is over.
b) LIC’s New Term Assurance Rider (UIN: 512B210V01)
The New term assurance rider can be taken at the inception of the policy. If the Life Assured has opted this rider, then an additional amount equal to “Term Assurance Rider sum Assured” will be payable on death to the nominee, provided the rider is in force at the time of the death of the insured.
LIC Bima Diamond Premium Calculator
LIC Bima Diamond Premium Calculator helps you to calculate the premium and maturity amount for the new Bima Diamond Policy 841. Before buying the Beema Diamond Plan, you have to check the premium rates for your desired sum assured using this Lic Premium Calculator or Lic Bima Diamond Maturity Calculator. To calculate the premium amount, the policyholder should enter the following details.
- Mobile Number.
- E-Mail Id.
- Policy Term.
- Premium Payment term.
- Sum Assured.
LIC Bima Diamond Premium Chart
The LIC Bima Diamond Premium Chart is used to estimate the benefits offered by the New Money Back plan. Here we have given an example to understand easily about the LIC Bima Diamond Plan 841. So, once refer this New Bima Diamond Premium chart before buying to get a clear idea about the plan. The premium rates for the policyholder of 14 to 50 years of age with Sum Assured of Rs. 3,00,000 is shown in the table below. The premium amount should be included with service tax of 3.75% for the first year.
How to Buy LIC Bima Diamond Money Back Plan ?
The Buying procedure of LIC Bima Diamond plan is very simple if you have all the information regarding documents with you. The insured can buy the LIC New Money Back Plan 841 either in online or offline mode by visiting the official website of LIC India or approaching the LIC agents. In online mode, you can pay the premium amount through Net Banking or Credit Card or Debit Card. Whereas in offline mode, you should visit the LIC branch office and pay the premium using Cash or Demand Draft.
The required documents to buy the LIC Bima Diamond Plan is listed below.
- Application form/ Proposal form.
- Address proof.
- Age proof.
- Medical reports (if required).
Claim Process of LIC Bima Diamond Policy
While lodging the claim in case of death of the Life Assured or after the policy term, following documents are needed for claim procedure of LIC Bhima Diamond Policy.
- Original policy document.
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Medical treatment before the death.
- Death certificate.
- Proof of accident/ Disability.
Additional Information about LIC New Beema Diamond Plan 841
Sample Premium Rates: Following are some of the sample tabular annual premium rates (in Rs.) (exclusive of service tax) per Rs. 1000/- Basic Sum Assured.
|Age / Policy term (PPT)||16(10)||20(12)||24(15)|
Auto Cover Period: It is the period during which full risk cover is available for the insured even if the regular premium is not paid during this period.
Paid-up Value: If you don’t revive the policy up to 2 years of non-payment, the LIC never gives you full basic sum assured and future bonus. Rather you would get only the paid up value of the policy on maturity. Based on the premiums paid, the calculation of paid-up value is done.
Surrender Value: The policy can be surrendered at any time during the policy term for payment of at least three full years premiums.
Loan: Loan can be availed for this LIC Bima Diamond plan during the policy term provided the policy has acquired a surrender value. Hence, the maximum loan amount shall be as
- For inforce policies – up to 90% of surrender value.
- For paid-up policies – up to 80% of surrender value.
Grace Period: For the monthly payment mode, the grace period is 15 days whereas, for the other payment modes, the grace period is 30 days.
This LIC Bima Diamond policy shall be invalid
i) If the insured commits suicide at any time within 1 year from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.
ii) If the policyholder commits suicide within 12 months from the date of renewal, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, will be payable. The Corporation shall not entertain any other claim. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.