LIC Bima Diamond Policy,Plan No 841 benefis, features : Life Insurance Corporation of India (LIC) has announced a closed ended plan – Bima Diamond, on the occasion of its diamond jubilee year. LIC is celebrating its diamond Jubilee year this year from 01/09/2016. Bima Diamond Plan was launched by Hon’ble Finance Minister Shri Arun Jaitley on 01/09/2016 in Mumbai.
About Bima Diamond Plan (Plan no. 841) :
LIC’s Bima Diamond Plan is non linked, with profit, limited premium payment money back plan.
Term : This insurance plan comes with policy terms of 16,20 or 24 years which premium paying terms are 10,12 and 15 years respectively.
The plan, coinciding with the diamond jubilee year of the corporation, is available for sale from 19th September 2016 until August 31, 2017.
What are the benefits of Bima Diamond Plan :
The plan offers risk cover of a full sum assured during the policy and half the sum assured beyond the policy during the extended cover period or equal to half of the policy term.
A fixed percentage of sum assured is payable on survival at the end of specified durations during the policy term and the balance sum assured payable on maturity.
Eligibility Conditions for LIC Bima Diamond Poilcy:
Auto Cover period available in Bima Diamond Policy :
Auto Cover Period is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period. Auto Cover period in paid up policy is the period from the due date of First Unpaid Premium (FUP).
In Bima Diamond Plan, the duration of Auto Cover Period will be as follows :
If at least three full years’ but less than five full years’ premium have been paid and any subsequent premium is not duly paud. Auto Cover Period of six months from the due date of the first unpaid premium will be available.
If at least five full years’ premium have been paid and any subsequent premium is not duly paid, Auto Cover Period of 2 years from the due date of first unpaid premium will be available.
Important features of the Bima Diamond policy :
- After the payment of premium for at least full 3 years, Loan facility is available in this policy.
- Policy can be revived within 2 years of the FUP.
- Grace Period also available; one calendar month, not less than 30 days in yearly, half yearly and quarterly mode and 15 days in monthly mode.
- The policy will acquire paid up value if the premium has been paid for 3 full years.
- Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
- Free look period of 15 days from the date of receipt of the policy bond.
- Backdating is allowed within the same financial year.
- Nomination and Assignment are allowed in the policy.