LIC Bima Diamond Plan

The world we live in is rather unpredictable and is constantly being ravaged by several natural and manmade disasters. When living under such threats, individuals relying only on their salaries and small savings isn’t beneficial for them at all. This is where a life insurance policy like the Bima Diamond comes into play.

Coming from LIfe Insurance Corporation of India, one of the country’s most oldest and most prestigious insurance companies in India, this Bima Diamond Life Insurance Plan is a non-linked plan which offers the combined benefit of savings as well as protection, while also providing financial coverage to the life insured’s beneficiaries in case the he/she sees an untimely death.

Eligibility Conditions for LIC Bima Diamond Life Insurance Plan:

Below is the eligibility criteria one needs to meet to apply for LIC Bima Diamond Insurance plan:

Minimum Entry Age 14 years
Maximum Entry Age 50 years for a 16-year policy term 45 years for a 20-year policy term 41 years for a 24-year policy term
Maximum Maturity Age 66 years for a 16-year policy term 65 years for 20 and 24-year policy terms

Policy Terms and Sum Assured under LIC Bima Diamond Plan:

Policy Term 16, 20, and 24 years
Premium Payment Term 10 years for a 16-year policy term 12 years for a 20-year policy term 15 years for a 24-year policy term
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly (Payments can only be made on ECS and SSS modes only)

Note: The Life Insurance Corporation Bima Diamond Plan also offers extended cover periods for its policyholders. The maximum extension available is exactly half of the actual policy term as chosen by the policyholder. The extension periods are 8, 10, and 12 years respectively for 16, 20, and 24 year policy terms. The extension period comes into effect after the elapsing of the initial policy term.

Key features of Life Insurance Corporation Bima Diamond Insurance Plan:

The Bima Diamond plan by Life Insurance Corporation comes with plenty of key features and benefits for the policyholder’s perusal. Here are some of them listed out for you:

Minimum Sum Assured Rs.1,00,000
Maximum Sum Assured Rs.5,00,000
Tax Benefit Available based on Section 80C and 80CCC of the Income Tax Act, 1961
Death Benefit Available
Survival Benefit Available
Maturity Benefit Available
Riders Available
Loan Facility Available after premium payment for the first 3 years
Grace Period 15 days for monthly payment frequency and 1 month for quarterly, half-yearly, and yearly frequencies
Free Look Period 15 days from the date of receipt of the policy
Policy Revival Available. Should be done within 2 years from the date of first unpaid premium
Nomination Available
Assignment Available
Auto-cover period 6 months from the date of First Unpaid Premium (FUP) if premiums are paid for three full years 2 years from the date of First Unpaid Premium (FUP) if premiums are paid for five full years

Benefits available under Life Insurance Corporation Bima Diamond Plan:

The Bima Diamond life insurance plan comes with plenty of benefits. Here’s all the benefits explained for you.

  • Death Benefit:

Death benefit is the benefit paid to the beneficiaries in case the policyholder dies during the policy tenure.

  • If death occurs within the first five policy years the actual Sum Assured on Death will be paid to the nominee.
  • If death occurs before maturity date but after five policy years, Sum Assured on Death along with any applicable Loyalty Addition will be paid to the nominee. In this case, the payable death benefit will not exceed more than 105% of all the premiums paid as of the death date of the person assured. Also, the premium, as specified above, will not include any additional amount charged during the underwriting process, rider premiums, or the applicable taxes.
  • If death occurs during extended period of the policy, a total amount equal to about 50% of the Basic Sum Assured will be paid.
  • Maturity Benefit:

The Bima Diamond policy offers a maturity benefit if the person assured survives till the maturity date of the policy. Upon maturity, the person assured will receive the Sum Assured on Maturity along with any applicable Loyalty Additions.

In this policy’s case, the Sum Assured on Maturity is 55% of the Basic Sum Assured in the policy for a 16-year policy term, and 40% of the Basic Sum Assured for 20 and 24-year policy terms.

  • Survival Benefit:

The Bima Diamond also offers a survival benefit if the person assured survives for certain duration as specified in the policy document. In such a case, a fixed percentage of the Basic Sum Assured will be paid. Below is a table that lists out the survival benefit payment schedule for different timelines.

Policy Term 4th year 8th year 12th year 16th year 20th year
16-year term 15% 15% 15%
20-year term 15% 15% 15% 15%
24-year term 12% 12% 12% 12% 12%
  • Riders available for Bima Diamond policy:

    The Bima Diamond policy by Life Insurance Corporation of India comes with two rider options for the policyholder. They are:

    1. LIC Accidental Death and Disability Benefit Rider: If a policyholder opts for this rider, they will be paid an additional amount that is equal to the Accidental Benefit Sum Assured to the nominees when the person assured dies due to an accident. If the person assured suffers an accidental permanent disability within 180 days from the occurrence of the accident, an amount equal to Accidental Benefit Sum Assured will be payable in regular monthly installments over a period of 10 years. Also, if an accident occurs any payable future premiums will be waived the accidental benefit rider while premiums for the basic sum assured will also be waived. This rider can either be taken during the inception of the policy or before the premium payment term is over.
    2. LIC New Term Assurance Rider: If a policyholder opts for this rider, the nominees will be paid an additional amount about the same as the Term Assurance Rider Sum Assured when the person assured succumbs to death. The sum assured is only payable if it is functional at the time of the person assured’s death. This policy, again, can be included to the main policy at the time of inception.
  • Free Look Period:

    The LIC Bima Diamond plan comes with a free look period of 15 days, which a policyholder can use to figure out if they are satisfied with the terms and conditions they have been offered. In case, they don’t like the plan, they can cancel the policy by stating the reason for cancellation. Once the company receives the request, it will cancel the plan and return any premium paid.

    Before returning the premium, however, the company will deduct a proportionate risk premium for the duration of the cover along with costs for stamp duty, medical examination, and the like.

  • Policy Surrender:

    This policy can be surrendered by the policyholder at given point of time. The only prerequisite to this is that premiums must be paid for at least three consecutive years. Once the policy is surrendered, the company will pay an amount that is equal to the guaranteed surrender value or the special surrender value, whichever is higher.

  • Policy Loan:

    Bima Diamond policyholders are also offered a policy loan facility wherein they can avail a loan by using the sum assured as collateral. The loan is only available if premiums are paid off the first three years of the policy term. Also, the maximum loan available will not exceed the surrender value mentioned under the policy. For inforce policies, the maximum loan available is up to 90% of the surrender value, while the loan amount for paid-up policies can go up to 80% of the surrender value.

  • Auto-cover Period:

    The Bima Diamond policy also offers cover for a certain duration even if premiums aren’t paid. Here are the coverage details:

    • An auto-cover period of 6 months is provided from the date of First Unpaid Premium (FUP), provided that full premiums have been paid for a minimum of three consecutive years and less than five years.
    • An auto-cover period of 2 years is provided from the date of First Unpaid Premium (FUP), provided that full premiums have been paid for a minimum period of five consecutive years.
  • Grace Period:

    A grace period of one month (30 days) is provided for payment of premiums pertaining to quarterly, half-yearly, and yearly modes, while the same remains at 15 for monthly payment mode. The policy lapses in case no premium is paid within the expiry of the grace period.

  • Revival Policy:

    If the policy lapses due to non-payment of the premium within the grace period, the policy can still be revived under one condition. The condition is a revival request should be sent to the insurance company within 2 consecutive years of first unpaid premium. Also, the company reserves the right to reinstate the original terms, modify the conditions, or outright reject the application for revival.

  • Exclusions under LIC Bima Diamond Insurance Policy:

    The policy will void in the following two cases:

    • If the person assured, irrespective of whether he/she is sane or insane, commits suicide within the first 12 months of the inception of the policy, no claim from the nominees will be entertained. In such a case, the company is only liable to pay a maximum of 80% of the premiums paid. This is exclusive of any extra amount charged due to underwriting charges or rider premiums.
    • If the person assured, irrespective of whether he/she sane or insane, commits suicide within 12 months of policy revival, an amount that is higher of 80% of the premiums paid or the surrender value is payable. This again doesn’t take into account any extra amount charged by the underwriter for any reasons.
  • Rebates in LIC Bima Diamond Insurance Policy:

    The Bima Diamond policy offers rebates for those who opt for higher mode and high-risk cover policy.

Rebate on mode:

Mode Rebate Percentage
Monthly and quarterly mode Nil
Half-yearly mode 1% tabular premium
Yearly mode 2% tabular premium

Rebate on higher sum assured:

Basic Sum Assured Rebate per Rs.1000 Basic S
Rs.1,00,000 to Rs.1,80,000 Nil
Rs.2,00,000 to Rs.4,80,000 2.50
Rs.5,00,000 3.00

How to apply for a claim under LIC Bima Diamond Plan?

Applying for a BIMA Diamond plan claim is rather simple. To begin with, the claimant needs to submit the following documents to the insurance company. These documents include:

  • Original policy document
  • Claim forms
  • NEFT details for quick money transfer to the bank account
  • Proof of death of the person insured/proof of title
  • Medical documents for any treatment taken by the person assured before death

In the case of accidental death, following documents need to be submitted by the claimant:

  • Certified FIR copy
  • Certified police report
  • Postmortem report which lists the cause of death
  • Newspaper cuttings, if the accident is reported
  • Copy of the person insured’s driving license if he/she was driving at the time of accident
  • Sub-divisional magistrate’s final verdict on the cause of death
  • If no police report is filed, statements of eyewitnesses or hospital reports
  • Hospital treatment report

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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LIC Bima Diamond Insurance Plan Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Secured policy"
    0.5 4.5/5 "Excellent!"
    I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
    Was this review helpful? 1
    , rajahmundry
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Trustable policy"
    0.5 5.0/5 "Blown Away!"
    LIC is a evergreen and trust able company without any problem anyone can take the policy by closing their eyes. Therefore, I have chosen the money back policy by considering the future benefits. I pay the premium amount of Rs. 2000 on a monthly basis. This policy has a term period of 15 years. I pay the premium through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 16, 2020
  • LIC Life Insurance
    "Good service "
    0.5 3.0/5 "Satisfactory"
    I am using LIC Money back policy more than five years and i am paying premium of Rs. 9,000. After maturity i will be getting good returns and their service was good. This insurance policy covers any risk or any uncertainty demise. Overall am satisfied.
    Was this review helpful? 0
    , medak
    Reviewed on Mar 14, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 3.0/5 "Satisfactory"
    From LIC, i have taken a Money back policy and i am paying premium once in 6 months. I have opted for the tenure period of 15 years and i have completed the policy and got maturity amount also. I paid the premium through agent and he clearly informed benefits of this policy.
    Was this review helpful? 0
    , medak
    Reviewed on Mar 14, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I taken a money back policy from Life Insurance Corporation of India. Its because of the tax benefits, I have purchased this policy. Every 5 years i will get the return to my hand. I am paying the premium amount of Rs. 4,000 per quarter. I pay the premium through net banking by using my credit card. This is a long term policy which as a term of 21 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through lic agent.This was a money back policy of jeevan bhima and the agent shared all the relevant information about the policy.I am paying the premium through online and the policy tenure is for 15 years and the premium is paid on quarterly basis .Once the tenure is completed will get money and this policy is taken for family benefits .
    Was this review helpful? 0
    , pune
    Reviewed on Mar 10, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    Since LIC is a government company they have provided good benefits for the policy holder, hence I chosen money back policy. I taken this policy on 20 years back. The tenure period of 25 years. The premium amount need to pay of 600 rupees on quarterly basis. It covers up to myself. The coverage amount of 2L and 5 years once I get some bonus amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 08, 2020
  • LIC Life Insurance
    "Fair policy"
    0.5 3.5/5 "Pretty good"
    Chosen the money back policy from LIC because of the tax filling purpose. I make the premium through cheque with the agent who will come to my home for collecting the money. They have provided me a sum assured amount of Rs. 3 lakhs and a premium amount of Rs. 24K which i'm paying on annual basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 03, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken jeevan anand policy which is a money back policy taken through Lic agent .This is for the tenure of 22 years and the premium is paid through yearly basis .I am paying the premium amount of Rs.13000 and paying through lic office .The agent shared all the details about the policy very clearly .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 03, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy which was a Jeevan saral policy, it is a money back policy for the tenure of 22 years. This policy is still active and the premium is paid on monthly basis through cash.The policy documents are got on time and he premium amount is Rs.2000 and this was availed for family benefits .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 03, 2020
  • LIC Life Insurance
    "Good service"
    0.5 3.5/5 "Pretty good"
    I have taken life insurance policy through LIC agent. This was a money back policy. The policy tenure is 15 years and will be receiving the amount after 2months .This premium was paid on half yearly basis through lic office directly .I have not faced any issues so far .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 02, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Chosen my life insurance policy from LIC because it is a very good company and its a back bone of India. I was having a money back policy because the policy returns for every 5 years will be useful for us. Already the policy got matured. I have paid the premium amount of Rs. 1800 for half yearly.
    Was this review helpful? 1
    , allahabad
    Reviewed on Mar 02, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance Policy from LIC. Its a money back policy which is very useful for my family. The policy tenure is for 20 years and i have completed 4 year already. I will be getting the policy benefits after 20 years with some returns.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 29, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a money back policy and the agent shared the whole process of this policy .This policy is useful for my family and there was no drawbacks faced so far .The policy tenure is for 20 years and premium is paid on half yearly basis .
    Was this review helpful? 1
    , kolkata
    Reviewed on Feb 28, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC .This was a money back policy for the tenure of 20 years and the coverage value for Rs. 3L after maturity i will be getting Rs.6L returns. I am paying premium on annual basis Rs. 18500 through online .
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 24, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through LIC agent . This is a money back policy for the tenure period of 15 years. I was paying the premium through online on before but later the premium is paid through agent. Everything was good to me so far. I have closed this policy successfully and the policy details was clearly shared by the agent .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 22, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through LIC agent which was a money back policy for the tenure period of 10 years. I am paying the premium through yearly basis. I will be getting maturity amount but not sure about the value. Customer service was fine.
    Was this review helpful? 0
    , dindigul
    Reviewed on Feb 20, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policy directly through lic agent .This was a Money back policy and the premium is paid on quarterly basis and the premium amount was Rs.3550.This was paid directly through agent. The process was very good and policy tenure was 15 years only. The policy features and benefits are pretty good .
    Was this review helpful? 0
    , thrissur
    Reviewed on Feb 19, 2020
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