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LIC Bima Diamond Plan

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Plan Benefits

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Policy Coverage

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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 46 1 2 3 4 5
  • LIC Life Insurance
    "Not satisfied"
    0.5 3.0/5 "Satisfactory"
    I am having LIC policies and am using the service for more than 10 years. I only visit the branch and never contact the customer care center. I think its a money back policy and need to pay only once. I have paid the premium of 45K for 3 years through cheque. The benefits are below average.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life is insured with LIC from last 12 years and it is a money back policy. I get money back after every 5 years in this policy. I pay my premium once in 6 months and i am convenient with the payment options. Tenure period for this policy is after 30 years.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with LIC from last 8 years and it is a money back policy. I get money back after every 5 years and this policy is for 20 years. I pay my premium on annual basis through online and i get good returns after maturity period.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took this Life insurance Money back policy from Lic insurance company mainly because of the good returns, its long tenure period of 20 years , the payment can be done through only payments Quarterly . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased my money back policy long bank and twice i have received the cash in my account without giving any request and I'm quite happy about the received sum assured amount. I pay the premium amount of Rs. 600 every month. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I had money back policy, it was for Rs. 5 lakhs its has term of 20 years. I paid it around six years, then I didn't continue , I changed the mobile number and I shifted to some other location. Hence it got discontinued, I had paid half yearly payment hence once I got the bonus amount of Rs. 50,000.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good for future investment"
    0.5 4.0/5 "Great!"
    I don't have any query with Money back policy from LIC, they has all the option through online hence I can visit any branch for LIC queries. I get the bulk amount after 20 years , its good for my daughter marriage or education. therefore I make Rs.30,000 per annum.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I felt the payment option has some difficulties in LIC, they taking lot of time for the payment update, I have policy money back policy it has tenure period around 15 years, the premium amount is Rs. 1500 on quarterly basis, after 5 years they give some bonus interest.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have taken this policy for good returns where i can claim every 5 years.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Nice policy"
    0.5 5.0/5 "Blown Away!"
    My money back policy was purchased with Life Insurance Corporation of India. 10 years back, i have taken this policy. I pay the premium amount of Rs. 656 by every month. My premium has been deducted from my salary. This is policy expires on 2035. This is tax benefit policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Life insurance corporation of India since from 2010, i have taken multiple policy from this institution , this policy name is money back policy, like in certain period of time i will be getting my money back, and the premium amount they have charged me was nominal,they charged me on quarterly basis, and the agent had clearly explain me about the policy and benefit coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • LIC Life Insurance
    "Good policy to use"
    0.5 5.0/5 "Blown Away!"
    My money back policy was taken in 2012. They have stopped the money back policy now. I have been paying the premium amount of Rs. 1600 in every quarter. Twice i have received the money back to my account. The amount which i have received is a satisfied one. This is a tax benefit policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 29, 2018
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it from past 20 years as i am using the MONEY BACK policy with this policy. The maturity period for this policy is for 20 years. It has the good benefits with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 21, 2018
  • LIC Life Insurance
    "Good trust in LIC"
    0.5 4.0/5 "Great!"
    I bought the policy in 2004 since I'm an agent hence i have taken my money back policy with LIC. Tenure period of the policy 30 years and i will make the payment on branch which is nearby my place. They are good in returns hence i have selected the insurance in Life Insurance Corporation of India.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with LIC since 1995 and i hold a money back policy. The maturity period for this insurance policy is 15-20 years. I get a money back of Rs 20000 every 5 years. I make payments through ecs and i am convenient with the payment options.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Dec 20, 2018
  • LIC Life Insurance
    "Good bonus before maturity"
    0.5 5.0/5 "Blown Away!"
    In money back policy they give the bonus interest around certain period and also I will get some benefits after the maturity period it has the term of 21 years. LIC policies gives the tax benefits and financial security for natural death and accidental death.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Dec 18, 2018
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