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Features of LIC Bima Diamond :

• It is a money back plan with an extended life cover even after the policy maturity. Additional 8 years of life cover would be provided in a 16 years policy and additional 10 and 12 years of coverage would be provided in a 20 years and 24 years policy respectively.
• Money back will be provided once in every 4 years.
• Accidental Death Benefit is available with this policy on some additional cost.
• An optional Term Assurance Rider can be availed with some extra cost, which will provide additional amount of life cover as opted.

LIC Bima Diamond Eligibility Conditions :

Minimum

Maximum

Sum Assured (in Rs.) 1,00,000 5,00,000
Policy Term (in years) 16 , 20 , 24
Premium Payment Term(in years) 10 , 12, 15
Entry Age of Life Insured 14 50
Age at Maturity - 65
Payment modes Yearly, Half-yearly, Quarterly, Monthly

Benefits of LIC Bima Diamond :
Maturity Return : 55 % of Sum Assured with Loyalty Addition would be provided for 16 years policy.
40 % of Sum Assured with Loyalty Addition would be provided for 20 and 24 years policy.

Death Benefit – On the death of the life insured before policy maturity, Sum Assured on Death ( 105% of SA or 10 times Annual Premium whichever is higher) with Loyalty Addition (if any) will be paid.
On death after policy maturity and before the end of the life cover period, 50 % of Sum Assured would be paid.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available after payment of 3 full year premium.
Housing Loan Surity - Available

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Double Accident Benefit

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LIC Bima Diamond

LIC Bima Diamond is a money back plan which provides money back returns once in every 4 years. It is a protection with savings plan where life cover will be provided to the policy holder even after the completion of the policy term. This policy has been introduced for the Diamond Jubilee year of LIC and so will be available for purchase only till 31st August 2017.

Policy Term can be choosen from 16 years / 20 years / 24 years. The premium payment term would be 10 years / 12 years / 15 years respectively.
Money back of 15 % of the Sum Assured would be provided on the 4th, 8th and 12th year and 55% of the sum assured with Loyalty addition would be provided on the 16th year for a policy with term of 16 years.
Money back of 15 % of the Sum Assured would be provided on the 4th, 8th, 12th and 16th year and 40% of the sum assured with loyalty addition would be provided on the 20th year for a policy with term 20 years.
Money back of 12 % of the Sum Assured would be provided on the 4th, 8th, 12th and 16th and 20th year and 40% of the sum assured with loyalty addition would be provided for a policy with term 24 years.

An Accidental Death Benefit rider is available with payment of an additional premium. This is an optional rider, which if opted, twice the sum assured will be paid to the nominee in case of any accidental death.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.75% for the 1st year premium and 1.875% from 2nd year onwards.