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.┬аLIC’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, ┬аlimited 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.┬аUnique Identification of LIC’s Bima Diamond Plan is 512N307V01
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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┬аpremium is not paid during this period.┬а┬аThe duration of┬а“Auto Cover period”┬аwill be available as follows:
- 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”┬аof six months┬аfrom the due date of the first unpaid premium┬аwill be available
- If at least five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period”┬аof 2 years from the due date of the first unpaid premium┬аwill be available
Eligibility Conditions and Restrictions in LIC’s 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┬а“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 ┬аwill be payable to the life assured. The fixed percentage in various terms are mentioned below:
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┬а“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)┬аan additional amount equal to “Accidental Benefit sum Assured” is Payable in equal monthly installments spread┬аover 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:
Other Important features and condition in LIC’s Bima Diamond
- Loan facility is available in this plan, after the payment of premium for at least full 3 years.
- Policy can be revived within the 2 years of the FUP.
- 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.
- The policy will acquire paid up value if the premium has been paid for 3 full years.
- Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
- Free look period of 15 days from the date of receipt of the policy bond.
- Backdating is allowed within the same financial year.
- Nomination and Assignment are allowed in the policy.