"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • LIC Bima Diamond Plan

     4.5 / 5.0   by 958 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    LIC Bima Diamond Insurance Plan Reviews

  • Page 1 of 48 1 2 3 4 5
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 20 years and it is a money back policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months by cheque and i am convenient with the payment options. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've 5 life insurance policies with the LIC, four of them is the Money Back policy for which I am paying a premium of 700 Per month, the premium gets auto debited from the salary account. I never had any issues with their services so far. Considering the low premium I am paying the policy is a good one.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 10 years and it is a money back policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in a year by cash and i am convenient with the payment optioned. I get a money back after every 4 years and the tenure period is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 09, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      This LIC policy is an money back policy. I have a two LIC money back policy. I used to make the payment half yearly. I don't remember about the exact premium amount. I used to get a money back in every 5 years. I used to make the payment through online net banking.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 06, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 12 years and it is a money back policy. I get money back after every 4 years for this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. I am satisfied with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 12 years and it is a money back policy. I get money back after every 4 years for this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. I am satisfied with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have taken this money back policy from LIC. I have taken this policy recently before 6 months. I used to pay the premium of around 5000 every quarter. I have to pay this for 3 years. I'm not aware of the plans and benefits of the policy since my father only taking care of it. My mother's name mentioned as a nominee.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 26, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 4-5 years and it is a money back policy. I get a money back after every 5 years. I pay my premium once in 6 months and i am convenient with the payments options. I am happy with the returns of this policy and the maturity period is after 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 26, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance Money back policy , as i pay the amount quarterly which gets auto debited from my account . Am satisfied with the sum assured amount, which has good returns . And they promised that once the policy gets over after the tenure period of 9 years the amount will be deposited automatically to my account in just 24 hours.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 08, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a Money Back policy with the LIC. I pay a premium of 7000 Per year. I need to pay the premium for the first 15 years and the after 15 years I don't have to pay the premium for the remaining 5 years. After 20 years they will be paying a lump sum payout to me. Overall I never had any issues with the services of LIC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 05, 2018
    • LIC Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      have taken a life insurance policy LIC. The policy is for the period of 16 years, the premium amount that I pay is Rs. 1,000 for 3 months, since it's a money back policy I received Rs. 11,000 once and yet to receive it again twice. The final settlement will be done in the end, as they said I would receive Rs. 90,000 as sum assured.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 05, 2018
    • LIC Life Insurance
      "Very Good Policy"
      0.5 5.0/5 "Blown Away!"
      LIC is giving agent service. I'm using this policy by agent service to collect the money and insurance details. Their services is nice. It is a money back policy. They used to return the money every 4 years. It is year 20 years policy. I used to pay the premium yearly. The amount is Rs. 7825. In that i used to receive a sum assured of Rs. 20000.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 05, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I took this Money back policy from Lic insurance company mainly because of the good returns, its long tenure process of 20 years , the Am making the payments monthly which it get auto debited . The best about the policy is claim rate is high compared to other policy available in the market. Their customer service and customer response is good .
      Was this review helpful? 0
      , yamuna nagar
      Reviewed on Jun 04, 2018
    • LIC Life Insurance
      "Money back with LIC"
      0.5 5.0/5 "Blown Away!"
      From Life insurance corporation of India i have taken a insurance and the premium amount was around 5000 which i have to pay on every quarterly basis. The total maturity period is for 20 years and after the 5 years i used to get some amount as this is a money back policy.
      Was this review helpful? 0
      , kochi
      Reviewed on May 25, 2018
    • LIC Life Insurance
      "Good money back plan"
      0.5 5.0/5 "Blown Away!"
      I got the money back life insurance policy from LIC around 2yteras ago. The money back policy has the benefit of money in returns , I will be getting the money in returns in every 3 years once.This policy has the tenure of 11years. I pay the premium amount of Rs,24,000 every year once.
      Was this review helpful? 0
      , nasik
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Average Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC money back policy for the past 10 years. I pay a premium of2500 every 6 Months for a coverage of 1 Lakh. The tenure is 20 years. They also offers cash back of 10000 every five years. Overall I never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Average Service"
      0.5 4.0/5 "Great!"
      I also have a money back policy with the LIC, the policy is good and it offers money back at certain intervals as the name indicates. Sometime I make payments online and sometimes via the agent. I never had any issues with their services.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 17, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      LIC money back policy is good when you're looking for cash during the policy tenure. You can always get loans from your LIC money back policy. I make payments online and offline and never had any issues with their services. Their payment option are really updated these days.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • LIC Life Insurance
      "Money back with LIC"
      0.5 4.0/5 "Great!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a life insurance policy. Its a money back policy and the yearly premium is 35000 for the maturity period of 25 years. After completing the first 5 years i will start getting the money back. Later after 25 years i will get the sum assured+the interest.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "Good Policy from LIC"
      0.5 4.0/5 "Great!"
      I have been paying Rs. 9981 for yearly once. I used to get a policy of money back. There is a tenure of 15 years. Sum Assured amount Rs. 2 lakhs. Apart from the money back policy, They will give 20000 once in a 5 year till my survival. They will pay the sum assured amount to my nominee after my death.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 11, 2018
    Common Loader Icon
    Page 1 of 48 1 2 3 4 5
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.