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LIC BIMA DIAMOND MONEY BACK PLAN 841

LIC Launching the “Bima Diamond plan” on the occasion of the 60th year/Diamond Jubilee celebrations of LIC, Sept 1, 2016, LIC Bima Diamond 4 year money back plan is a Non-linked, with loyalty addition,limited premium payment plan. This plan is provides money back at an interval of every 4th year. LIC’s Bima Diamond provided extended life cover up to the half of the policy term after the completion of the policy term. This policy is available for sale up to 31 August 2017 only.

LIC BIMA Diamond Plan Features

It’s thrice as nice, With Triple Advantage

  • Money Back –16,20,or 24 years term money back plan with tax free returns every 4 Years.
  • Extended Life Cover after completion of the term 50% of the Sum Assured for 8.10,or 12 years respective of the term.
  • 2 years auto cover after payment of 5 years premium.
  • On maturity,Sum Assured less the survival benefit + Loyalty Addition (as applicable) will be paid.
  • Optional Add-ons Accidental Death and Disability Benefit and Term riders are available.
  • Income Tax benefit under section 80-C of income Tax Act, 1961
  • Maturity amount is tax free under Section 10(10)(d).

BIMA DIAMOND plan Eligibilities

Minimum age at Entry – 14 years (Completed).

Maximum age at Entry

Term of the Policy Maximum age at Entry
16 Max. age is 50 yrs.
20 Max. age is 45 yrs.
24 Max. age is 41 yrs.
Policy Term 16, 20, 24 yrs..
Premium Payment Term 10, 12, 15 yrs.
Min. Sum Assured Rs.100,000.
Max. Sum Assured Rs.500,000.
Premium payment mode SSS, ECS, Quarterly, Half Yearly and Yearly.
Max. Accident Death Benefit 5 LACS.

Benefits of LIC Bima Diamond money back plan

Death 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 + Loyalty addition (if any) will be paid 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 life assured.

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.

Survival Benefits in LIC Bima Diamond money back plan

If policy holder 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:

LIC BIMA DIAMOND SURVIVAL BENEFITS POLICY YEAR AND MONEY BACK(as % of basic sum assured)
POLICY TERM 4TH YEAR 8TH YEAR 12TH YEAR 16TH YEAR 20TH YEAR
16 15% 15% 15% NA NA
20 15% 15% 15% 15% NA
24 12% 12% 12% 12% 12%

Disability Benefit Rider

In LIC Bima Diamond plan 841 If policy holder permanent disable arising due to accident. Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums under this policy, shall be waived. An amount will paid within 6th month from the date of accident.

Maturity Benefits

If the Policy holder 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” under LIC Bima Diamond Plan is 55% of Basic Sum Assured in case if policy term is 16 years and 40% of Basic Sum Assured under Policy tenures of 20 and 24 years.

Income Tax Benefit

Income Tax Benefits available under Section 80-C & Maturity Benefit under section 10(10)D.

Benefit Example for LIC BIMA DIAMOND Money Back Policy

An example of KAPIL who is purchasing this Plan with following details.

Sum Assured: Rs.5,00,000
Policy Term: 24 Years

Premium Payment term: 15 Years
Policy Purchase Year: 2016
Age: 30 Years
Yearly Premium: Rs. 30536

Maturity Details

If policy holder KAPIL survives the policy term 20 years then Maturity will be as under.

Maturity Year Maturity Age Maturity Amount(approx)
2040 54 425000 excluding money back

If he survives,

At end of 4th year he get 60,000 /-

At end of 8th year he get 60,000 /-

At end of 12th year he get 60,000 /-

At end of 16th year he get 60,000 /-

At end of 20th year he get 60,000 /-

At Maturity age i.e., he get 2,00,000 +Loyalty Addition(if applicable).

Year-wise Death Claim given as under

YEAR AGE RISK NORMAL RISK ACCD PREMIUM TAX SAVED NET PREM AMOUNT RECEIVED
2016 30 500000 1000000 30536 8830 21706 0
2017 31 500000 1000000 29984 8830 21154 0
2018 32 500000 1000000 29984 8830 21154 0
2019 33 500000 1000000 29984 8830 21154 0
2020 34 500000 1000000 29984 8830 21154 60000
2021 35 725000 1225000 29984 8830 21154 0
2022 36 725000 1225000 29984 8830 21154 0
2023 37 725000 1225000 29984 8830 21154 0
2024 38 725000 1225000 29984 8830 21154 60000
2025 39 725000 1225000 29984 8830 21154 0
2026 40 725000 1225000 29984 8830 21154 0
2027 41 725000 1225000 29984 8830 21154 0
2028 42 725000 1225000 29984 8830 21154 60000
2029 43 725000 1225000 29984 8830 21154 0
2030 44 725000 1225000 29984 8830 21154 0
2031 45 725000 1225000 0 0 0 0
2032 46 725000 1225000 0 0 0 60000
2033 47 725000 1225000 0 0 0 0
2034 48 725000 1225000 0 0 0 0
2035 49 725000 1225000 0 0 0 0
2036 50 725000 1225000 0 0 0 60000
2037 51 725000 1225000 0 0 0 0
2038 52 725000 1225000 0 0 0 0
2039 53 725000 1225000 0 0 0 0
2040 54 250000 250000 0 0 0 425000
2041 55 250000 250000 0 0 0 0
2042 56 250000 250000 0 0 0 0
2043 57 250000 250000 0 0 0 0
2044 58 250000 250000 0 0 0 0
2045 59 250000 250000 0 0 0 0
2046 60 250000 250000 0 0 0 0
2047 61 250000 250000 0 0 0 0
2048 62 250000 250000 0 0 0 0
2049 63 250000 250000 0 0 0 0
2050 64 250000 250000 0 0 0 0
2051 65 250000 250000 0 0 0 0

Additional Information about LIC BIMA DIAMOND Money Back Policy

Risk Coverage: –End of Term of the Policy.

Date of Commencement of Risk: Risk commencement starts when taking the policy(day one).

Locking period: – 3 years.

Loan Facility: – Available.

Income Tax Reduction: Available under Section 80-C and Section 10 (10D) for Maturity returns.

Loan: Available.

Riders available: Yes.

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause: if the policy holder commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

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