Overview
LIC launched the Bima Diamond Plan (Table No. 841) on September 19, 2016. It is a non-linked plan, meaning its performance is not dependent on the share market. It is a limited premium paying money-back plan where the policyholder pays premiums for a shorter duration than the policy coverage period.
It combines insurance and savings, providing financial security for the family in the event of the policyholder's unfortunate demise.
This was a close-ended plan, with enrollment closing on August 31, 2017, coinciding with LIC's Diamond Jubilee Year.
Key Benefits
LIC Bima Diamond Plan offers a range of benefits, including:
- Death Benefits
- Loan Facility
- Loyalty Additions
- Auto Cover
- Maturity Benefits
Key Features
Benefits of LIC Bima Diamond Plan
The LIC Bima Diamond Plan offers several benefits:
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Death Benefit: If the policyholder passes away during the policy term, the nominee receives the death benefit as per policy terms. This helps the family maintain financial stability and meet future expenses.
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Regular Money-Back Benefits: The plan provides guaranteed payouts at regular intervals during the policy term. These survival benefits can be used for important milestones such as education, travel, home renovation, or other financial goals.
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Extended Life Cover: One of the unique features of LIC Bima Diamond is that life insurance coverage continues for an additional period after maturity without requiring extra premium payments. This offers extended financial protection to the family.
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Loyalty Addition: Eligible policies may receive Loyalty Addition declared by LIC. This increases the overall policy value and enhances the final payout received by the policyholder or nominee.
Additional Features
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Limited Premium Payment: You pay premiums for a shorter duration than the policy term, making long-term planning more convenient.
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Policy Loan Facility: A loan can be availed against the policy after it acquires a surrender value, helping you meet urgent financial needs.
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Grace Period: A grace period of 30 days is available for yearly, half-yearly, and quarterly premium payments, while monthly premiums get a 15-day grace period.
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Surrender Benefit: If you no longer wish to continue the policy, you can surrender it after the minimum required premium payment period and receive the applicable surrender value.
How to Buy LIC Bima Diamond Plan Online via PolicyX.com
- Visit the PolicyX.com website.
- Navigate to the 'Investment' tab.
- A new page will open.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.
How to Buy LIC Bima Diamond Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Navigate to 'Wealth Creation'.
- Select 'LIC Bima Diamond'.
- Click 'Buy Online' to be redirected to a new page.
- Enter your name and contact information. A representative will reach out to discuss quotes.
- After discussion, you can make the premium payment and receive the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits will be paid to their family members. Instead, 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC Bima Diamond Plan
Here is the list of documents required to buy the LIC Bima Diamond Plan:
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Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
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Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
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Address Proof: Utility bill, Passport, Voter ID, Ration card (any one).
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Medical Records: If requested by the insurer.
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Income Proof: Bank statement, last three months' salary slips (for salaried individuals) (any one).
Plan At a Glance
| What's Good |
What's Missing |
| Death Benefits |
Premium Offset |
| Survival Benefits |
High Sum Assured Rebate |
| Loyalty Additions |
Auto Cover Continuance |
| Loan Facility |
Top-up Premium |
In a Nutshell
If you are looking for a limited premium paying money-back plan where the policyholder pays fewer premiums for a more extensive policy coverage period, then the LIC Bima Diamond Plan could be suitable for you.
For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and help you find the best possible solution.
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