LIC Bima Diamond Plan – Money Back Policy

bima diamond

LIC Bima Diamond is a new money back policy launched by LIC recently. The name of policy is kept as a Bima Diamond because it is launched as a part of LIC’s diamond jubilee year celebration (60th Birthday). LIC’s Bima Diamond is non-linked, traditional money back policy. Let’s take a look at policy features and other details.

LIC Bima Diamond Plan Key Features & Benefits

LIC Bima Diamond is marketed with quote “It’s thrice as nice” as it provides three main advantages to the customer.

Money Back– Money back every 4 Years, during the policy term

Auto Cover – Auto Life cover is provided for 2 years even if the premium is not paid. This benefit will be extended only if 5 policy years are completed.

Extended Life Cover – Extended cover period for half of the policy term after end of policy term

Minimum Sum Assured – 1 Lac

Maximum Sum Assured – 5 Lac

Minimum Entry Age – 14 years

Option 1 –

Policy term -16 Years

Premium Paying Term – 10 Years

Example – If you take LIC Bima Diamond with 1 Lac sum assured with option 1 you need to pay a premium up to 10 years. Life risk coverage of 1 Lac shall be extended for 24 years (16 years policy term + 8 years extended coverage).You will get money back after every 4 years. (4 Times)

Option 2 –

Policy term -20 Years

Premium Paying Term – 12 Years

Example – If you take LIC Bima Diamond policy with 1 Lac sum assured with option 2 you need to pay a premium up to 12 years. Your life cover shall be for 30 years (20 Years policy term + 10 years extended coverage). You will get money back for 5 times.

Option 3 –

Policy term -24 Years

Premium Paying Term – 15 Years

Example – If you take LIC Bima Diamond policy with 1 Lac sum assured with option 3 you need to pay a premium up to 15 years. Your life cover shall be for 36 years (24 Years policy term + 12 years extended coverage). You will get money back for 6 times.

Bima Diamond

LIC’s Bima Diamond Policy premium detail and other plan details are not yet available. I will update this post once these details are available.

Article by Raviraj

Hi, I am Raviraj. I am passionate about money matters and finance. I have 10 years of rich experience in the field of financial planning, Investments & Insurance. I have written 850+ article on this blog. If you like my efforts kindly subscribe to this blog and also let your friends know about this website by sharing.

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Leave a Reply

Your email address will not be published. Required fields are marked *