HomePersonal FinanceLife InsuranceLIC Bima Diamond Plan - Money Back Policy

LIC Bima Diamond Plan – Money Back Policy

bima diamond

LIC Bima Diamond is money back policy launched by LIC. 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.

Also Read – LIC Jeevan Shiromani – Moneyback Plan | Features Reviews 

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.

Also Read – How to Link Aadhaar with LIC Policies Online?

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

Few Important points about LIC Bima Diamond.

  • This plan assures a regular income to provide protection against loss of steady income as an individual grows older. For instance, with this plan one could plan his/her child’s higher education.
  • You would be paying premiums for a considerably shorter duration of years than the policy coverage. For instance, you would be paying premiums only for 12 years for a policy term of 20 years.
  • You remain being covered by the Auto Cover feature of this policy even if you miss paying a few premiums.
  • Surrender the policy anytime after 3 years.
  • Eligibility for a loan in this policy after the first 3 consecutive years.
Shitanshu Kapadia
Shitanshu Kapadiahttp://moneyexcel.com/
Hi, I am Shitanshu Kapadia founder of moneyexcel.com. I have written 1880+ articles on this blog. I am PGDBA(marketing), engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. The purpose of this blog is to spread financial awareness and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.
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