LIC’s New Plan Bima Diamond (Plan No. 841)

lic-bima-diamond

This year from 01/09/2016 Life Insurance Corporation of India (LIC) is celebrating it’s Diamond Jubilee year. On this occasion, LIC has also launched it’s new Close ended Life Insurance plan “Bima Diamond” Table No. 841. LIC’s Bima Diamond Plan launched by Hon’ble Finance Minister Shri Arun Jaitley on 1st September 2016 at Mumbai.

LIC’s Bima Diamond is a Non-linked, with profits,  limited premium payment money back plan. It provided 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. Unique Identification of LIC’s Bima Diamond Plan is 512N307V01

हिन्दी में पढें: एलआईसी की नयी योजना बीमा डायमंंड (प्लान न. 841)

Auto Cover in LIC’s Bima Diamond

“Auto Cover period” in a paid-up policy will be the period from the due date of first unpaid premium (FUP), which includes the grace period. “Auto Cover period” is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period.  The duration of “Auto Cover period” will be available as follows:

  1. If at least three full years’ but less than five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of six months from the due date of the first unpaid premium will be available
  2. If at least five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of 2 years from the due date of the first unpaid premium will be available

Eligibility Conditions and Restrictions in LIC’s Bima Diamond

eligibility-conditions-of-lic-bima-diamond

Benefits in LIC’s Bima Diamond

Benefits which are payable in inforce LIC’s Bima Diamond Policy are

Death Benefits in LIC’s Bima Diamond

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” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.

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. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium, if any.)

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’s Bima Diamond

If life assured 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:

survival-benefits-payable-in-lic-bima-diamond

Maturity Benefits in LIC’s Bima Diamond

If the Life Assured 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” in LIC Bima Diamond is

55% of Basic Sum Assured in policy term 16 years

40% of Basic Sum Assured in Policy terms 20 and 24 years.

Optional Benefits in LIC’s Bima Diamond

Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.

LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V01)

If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident, provided the rider is inforce at the time of the accident. In the case of the accidental permanent disability (within 180 days from the date of accident) an additional amount equal to “Accidental Benefit sum Assured” is Payable in equal monthly installments spread over 10 years. The future premium will be waived for the accidental benefit rider and premiums for the portion of Basic sum assured will be waived. This rider can be taken at the inception of the policy or before the premium term is over.

LIC’s New Term Assurance Rider UIN (512B210V01)

If this benefit is opted for, an additional amount equal to “Term Assurance Rider sum Assured” is Payable on death to nominee, provided the rider is inforce at the time of the death of the Life Assured. This rider can be taken at the inception of the policy.

Rebates in LIC’s Bima Diamond

Following rebates to proposer is available on the premium if he/she opts for the higher mode and take the high-risk cover policy. Rebales available in LIC’s Bima Diamond are as follows:

mode-rebate-in-lic-bima-diamond

high-sum-assured-rebate-in-lic-bima-diamond

Other Important features and condition in LIC’s Bima Diamond

  1. Loan facility is available in this plan, after the payment of premium for at least full 3 years.
  2. Policy can be revived within the 2 years of the FUP.
  3. Grace period in the policy is available; one calendar month, not less than 30 days in yearly, half yearly and quarterly mode and 15 days in monthly mode.
  4. The policy will acquire paid up value if the premium has been paid for 3 full years.
  5. Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
  6. Free look period of 15 days from the date of receipt of the policy bond.
  7. Backdating is allowed within the same financial year.
  8. Nomination and Assignment are allowed in the policy.

Premium Rates in the LIC’s Bima-Diamond Policy

46 Comments on "LIC’s New Plan Bima Diamond (Plan No. 841)"

  1. Great.

  2. I am 69 years old. Am I eligible for this plan ?

  3. WHY THE PREMIUM TERM OPTION NOT MENTIONED IN HIGHLIGHT. HIGHLIGHT THREE ITEMS ONLY

  4. very good plan

  5. till now premium chart not published

  6. PLS PRINT PREM.CHART OF BIMA DIAMOND.

  7. PLS PRINT PREM.CHART OF BIMA DIAMOND.

  8. seetharamdara@gmail.com' SEETHARAMA RAO DARA | September 16, 2016 at 9:59 pm | Reply

    NEW LIC BIMA DIAMOND 841 VERY GOOD POLICY

  9. sir thank u.auperb plan.like old174/179.

  10. As per lic act sum assured and bonus are guaranteed. What about loyalty addition. kindly reply.

  11. if one person take 1 lakh policy”841-16(10)” how much RS. he will got in 16th year

  12. nice plan

  13. Lics New plan Bima diamond (841) no doubt it is a good money back plan. Premium chart chart is not given so far, what is the use of it?. No premium chart how the agents sell this Bima diamond plan. All the big brass of LIC don’t know this simple thing?. Added to that it is closing ended plan. At least better late than before like that our LIC will shortly announce the premium chart?.

    • Premium rates are available, please see the link at the bottom of the post. You can also download LICmobile app or some third party apps for your Android mobile some have updated for the this plan.

  14. very very good plan

  15. ksrvvsatyanarayana@gmail.com' ksrvvsatyanarayana | September 19, 2016 at 10:45 pm | Reply

    I am 55 years old. Am I eligible for this plan ?

  16. ksrvvsatyanarayana@gmail.com' ksrvvsatyanarayana | September 19, 2016 at 10:55 pm | Reply

    iam55yearsage best plan foryou

  17. acajay.chakraborty42@gmail.com' AJAY KUMAR CHAKRABORTY | September 20, 2016 at 9:45 am | Reply

    VERY VERY LUCRATIVE AND PROFITABLE PLAN INTRODUCED BY LIC . THIS IS AS PER THE NEED OF PUBLIC DESIRE PLAN AND MAY BE SUCCESSFUL IN THE MARKET SINCE THE PUBLIC DO NOT WANT TO KEEP THE HOLDING OF MONEY FOR LONG DURATION. AJAY CHAKRABORTY LIC AGENT 11593 41J, KOLKATA.

  18. krishnaprasadmeka@gmail.com' M.V.Krishna Prasad | September 20, 2016 at 3:23 pm | Reply

    Indha (This) Policy Super policy, Indha Policy Best Policy, Indha Policy Top Policy, Indha policy Value for Money Policy !

  19. I am a house wife aged 58. Am I eligible in this plan?

  20. ramgopal.licindia@gmail.com' Ram Gopal Saha C M'S club Member Dinhata Branch . | September 22, 2016 at 9:48 am | Reply

    Short term LIC latest money back plan.

  21. Very good plan for midle class families

  22. Mu.kalyani@licindia.com' Poonam Pardasani | September 22, 2016 at 9:56 pm | Reply

    Can any one take two or three policies of bima diamond of sum assured five lacs

  23. Can anyone buy more than one policy of 5lacs of bima diamond

  24. ravi9138p@gmail.com' Ravindra kumar pandit | September 24, 2016 at 8:20 am | Reply

    very good plan for year money plan

  25. Hi
    I have a question:

    I wish to buy a Term Plan for myself. As per the current news, GST is supposed to be rolled out from April, 2017.

    I have already completed Section-80C investments for Income Tax Purpose for this year, so want to go for new Term Plan in next year April so that I can claim its rebate under 80C.

    My question is what will be the implication on Total Premium outgo in terms of Service Tax/ GST if I purchase now or in April, 2017. If I purchase now, will GST still affect my Premium outgo next year onwards if it gets rolled out in April, 2017.

    Please suggest what will be the better time to purchase new plan.

    • Tax on insurance premium always changes with the change in the rate of service tax. So, if you buy now or later your premium will change according to the new rules of service tax. By the way, if you are planning to buy a term plan then buy it immediately because premium you pay next year will always be more compare to premium you pay now because premium is less in lower age and more in higher age and secondly risk cover on your life will start immediately.

  26. PREMIUM CHART NOT AVIABLE

  27. I am getting premium chart.

  28. joy03661papu@yahoo.co.in' joydeep choudhury | October 6, 2016 at 12:46 am | Reply

    Dear Pawan Sir,
    I had taken a policy in year 2003, Plan term was 75/20. The policy will mature in 2023. Will the Dimond Jubilee Reversionary bonus declared by LIC recently added to my Vested Bonus…….? Please guide me in this regard.

  29. PLAN IS TOTALLY WORTHLESS BECAUSE PERSON IS PAYING (9057 RS. PREMIUM * 10 YEARS)=90000 APPROX. LIC GIVES RETURN ONLY 114000 RS. IF YOU INVEST SAME AMOUNT IN MUTUAL FUNDS THAN YOU CAN GET HANDSOME RETURN. THEREFORE DON’T GO WITH THIS LIC.

  30. respected sir,
    iam tk manikanta working as engineer i want lic policy my age 24 which is the best policy please can u suggest me

  31. My age is 37 yrs which plan suitable for savings , investment & protetion , suggest me

  32. LIC have many plans Jeevan Ananad, Jeevan Labh and Bima Diamond Plan thease plans are very much suitable for savings, Investment, and Protection. This is depend on you which policy you like to take.

    Please contact to get LIC policies in MUMBAI Ghatkopar region.

    Dharmendra Bharti
    LIC of India and Income tax return
    Mobile:9004627603/9702320582

  33. sir bimadiamond superb plan. i have sold nearly 5.on launching day 1st in sat office.just for information.cliant have lote of awaireness.by j.arulmozhi

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