Product Summary : LIC's Bima Diamond Plan (841) is a non-linked, with-profits, limited premium payment money back type plan which offers a combination of protection and saving.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 16 Year, 20 Year , 24 Year
P.P.T.
For Term 16 Year Ppt 10 year
For Term 20 Year Ppt 12 Year
For Term 24 Year ppt 15 year
Minimum Entry Age : 14 Year Completed
Maximum Entry Age :
For Term 16Year - 50 Year (Nearest Birthday)
For Term 20 Year - 45 Year (Nearest Birthday)
For Term 24 Year - 41 Year (Nearest Birthday)
Maximum Maturity Age :
For Term 16Year - 66 Year
For Term 20 & 24 Year - 65 Year
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : 5,00,000
Extended Cover after Completion of Policy term. Extended Cover Period equal to half of the policy term.
Policy Benefits : On Death : On death during first five policy years: Sum-Assured on death
On death after five policy years: Sum-Assured on death + Loyalty addition if any.
where Sum-Assured on death is Basic Sum-Assured,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.
On Survival : For Term 16: 15% of Basic SA is payable after 4th, 8th and 12th year of policy.
Maturity Time 55% of Basic Sum Assured + Loyalty addition if any.
For Term 20: 15% of Basic SA is payable after 4th, 8th , 12th and 16th year of policy.
Maturity Time 40% of Basic Sum Assured + Loyalty addition if any.
For Term 24: 12% of Basic SA is payable after 4th, 8th , 12th , 16th and 20th year of policy.
Maturity Time 40% of Basic Sum Assured + Loyalty addition if any.
Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.
Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
Proposal Form : 300/340/360 shall be used under this plan.
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