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
    "Good and believable company to take the policy"
    0.5 4.5/5 "Excellent!"
    LIC is a good and very old company so that we believe on the policy holders and all my family members are using LIC so i have taken the life insurance policy with them. Terms and conditions are good in money back policy so i purchased it. I have been paying the premium amount of Rs. 13000 per year. I make my premium by cheque through the agent.
    Was this review helpful? 0
    , asansol
    Reviewed on Oct 20, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken through LIC agent.This was a Money Back policy and it was taken on the year of 2005 ,I am paying the premium on quarterly basis,I am paying the premium through branch ,I have got all the required details about the policy very clearly and there was no difficulties faced so far ,I have got the policy documents on time .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
    Was this review helpful? 0
    , jalandhar
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
    Was this review helpful? 0
    , mainpuri
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent.This is a Money back policy and this tenure is for 25 years,I am paying the premium on monthly basis.I am paying Rs.2168 and paying the premium through online only .I have got the policy documents on time .I am really satisfied with the service so far.
    Was this review helpful? 0
    , tirupur
    Reviewed on Oct 14, 2019
  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    There is no reason for choosing the life insurance policy from LIC. I hold a money back policy because every 5 years, i get the full money back to my account. I have been paying the premium amount of Rs. 1500 every month. I have no idea about the sum assured amount and the policy has a term of 15 years.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 14, 2019
  • LIC Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    My life was insured in Life Insurance Corporation of India. My family members was having a policy with LIC so i'm continuing with the same company. This is a 16 years term policy. This is a money back policy. I have paying the premium amount of Rs. 3600 for every half yearly. I make the premium through online.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I pay the premium amount of Rs. 36000 on a yearly basis for my life insurance policy. Chosen my life cover policy from LIC because its like a savings plan. I took the money back policy. Total term period of the policy is 5 years and It has a coverage of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have availed for Life Insurance policy directly through Online .This was a Money Back policy and the premium is paid through the agent ,The premium amount is Rs.2000 and i have got all the update about the policy through the agent . There was no drawbacks faced so far .I have got my policy documents on time .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent directly .This was a policy which is for the tenure of 25 years and this was a Money Back policy .I am making the premium payment through the agent directly.I have got all the details about the policy through the agent very clearly.
    Was this review helpful? 0
    , burdwan
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I am holding the money back policy from Life Insurance Corporation of India. For the best company, hence i have chosen the same. Its a Government based company and they will send so much reminder hence the policy won't get lapsed. I have been paying the premium amount of Rs. 3200 on a quarterly basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policies for future savings. Its a money back policy, every 5years once am receiving the benefits from LIC. The total tenure is 25 years and got the insurance paper on time. The payment mode is online and the premium was around 8K per quarterly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 30, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken 2 to 3 policies with LIC, its very good. They are giving good response time to time. I have endowment policy, money back policy and don't remember the one more policy. I am paying premium of monthly 1000 rupees through ECS since it was started very long 20 years ago. The benefits are very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
  • LIC Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    Purchased the money back policy from LIC. I bought the policy in the year of 2011 because that time it was a best policy. My agent has compelled me to taken the policy. I have been paying the premium amount of Rs. 610 every month. Total term period of the policy 20 years since its a moneyback policy, i get the money of Rs. 20000 every 5 years,
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 22, 2019
  • LIC Life Insurance
    "They were trustful"
    0.5 5.0/5 "Blown Away!"
    I have 2insurances with LIC and am satisfied with the benefits what they are offering. The services are very transparent. I have taken a money back policy and other one is long term called Jeevan Anand of 15 years. I don't have any difficulty with the payment option. Am getting bonus every 4years once from money back plan.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Claims are better in LIC. Earlier i had a money back policy and its money savings and tax benefits policy. I have chosen the monthly payment mode. When my policy got over but from ECS my money is automatically deducted to LIC account, they themselvves resolves this issue even though i have not given any request to stop the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 16 years and it is a money back policy. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to pay by my credit card. It covers my whole family.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Aug 30, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have bought the policies and did all the transaction through agent who is available for us always. My father purchased the policy in my childhood. The agent convinced in taking the policy from LIC. We have a annuity, endowment and term, money back policy. I have no idea about the premium amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 26, 2019
  • LIC Life Insurance
    "We can rely on LIC"
    0.5 5.0/5 "Blown Away!"
    Its because of the Government company and my father is working as a LIC agent hence i bought the policy from LIC. I have chosen the money back policy and i got the money back to my account 1 times. All my policies are around 3 to 4 years except one policy. I make the premium through online and ECS.
    Was this review helpful? 0
    , lucknow
    Reviewed on Aug 19, 2019
  • LIC Life Insurance
    "Need to decrease charges"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 25 years and it is money back policy. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online or cheque to agent.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
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