LIC Bima Diamond plan is that the new money back life insurance policy from LIC of India. it’s a non-linked, traditional money back insurance policy. This plan is launched on the occasion of the jubilee of the LIC. The LIC has completed 60 years in 2016.

With the launch of the LIC Bima Diamond policy, the LIC has additionally declared special just one occasion diamond jubilee Bonus. This bonus is in addition to simple reversionary bonus, Final additional bonus and Loyalty additions. The diamond jubilee bonus would be from Rs 5 to Rs 60 per thousand. the actual bonus amount depends upon the policy.

The LIC Bima Diamond plan is that the fourth life insurance plan of LIC in 2016. within the beginning of the year, the LIC has launched the LIC Jeevan Labh, LIC Jeevan Shikhar and LIC Jeevan Pragati.

LIC Bima Diamond Plan Features & Benefits

LIC Bima Diamond Plan Features

Minimum sum Assured :- The minimum sum assured for the LIC Bima Diamond Plans ought to be Rs 1 lac.

Maximum sum Assured :- The LIC Bima diamond plan doesn’t offer you much flexibility of sum assured. you’ll have sum assured of over Rs 5 lacs.

Premium Paying Terms :- The premium paying term of this policy is less the policy tenure. For the policy of 16 years the premium paying term is 10 years. For the policy of 10 years the premium paying period is 12 years. you’ve got to pay premium for 15 years for the policy of 24 years.

Minimum Age at Entry :- The LIC Bima diamond could be a traditional moneyback plan. Hence, it’s additionally presented for the kids. you’ll take this policy for your son or daughter who are below the age of 18. The minimum age for this policy is 14 years.

Extended protection :- The LIC bima diamond plan offers you the benefit of extended protection. It means that you’d keep getting life cover even when the policy tenure ends. This extended cover would the 1/2 the policy tenure. Suppose, you choose a 16-year tenure policy. in this case your life cover would be for 24 years ( 16+8 years).

Money-Back :- you’ll get some of your money back when each 4 years. Most of the LIC policies had money back feature when 5 years. during a 16-years policy, you’d get money back 4 times.

Automatic Life cover :- you’d get life cover even when not paying the premium. this is termed because the auto cover. The LIC Bima Diamond plan offers auto cover for 2 years. This benefit is available only if you have got paid continuous premium for a minimum of 5 years.

LIC Bima Diamond Plus Plan Benefits

This plan offers you regular return. thus it may be used for the kid education.

You pay for less period whereas life cover is available for long periods. If you pay premium for 12 years the life cowl would be until 24 years.

It offers necessary life cover to those as well who has missed the premium payment. therefore a temporary adversity wouldn’t leave you unprotected.

LIC Bima Diamond Policy Premium & Return on maturity

It would be the purpose of comparison? what’s the LIC Bima diamond plan is charging for the additional benefits. The plan has focused on the protection however what would be the return. Because, money-back plan is also compared for the return.

SnapShot of LIC Bima Diamond Insurance Policy

  1. Money Back every 4th year
  2. Extended cover period for half of the policy term after end of policy term
  3. Auto cover for 2 years if at least 5 full year premium is already paid by the life assured.
  4. Minimum Sum assured-  Rs. 100000
  5. Maximum Sum Assured-  Rs. 500000
  6. Policy term-  16-10, 20-12 and 24-15
  7. Minimum entry age-  14 yrs (Completed)

I am not in position to give you much detail about this plan as LIC has not launched the official prospectus of this plan. Please wait for the details and illustration.