lic policy

life insurance of india

LIC Bima Diamond Plan-841

LIC Bima Diamond Plan Features

The lic of india has lunched The Bima Diamond plan is the New Money Back  .policy form non linked, traditional money back lic policy.Along with this you would get the bonus and loyalty additions. However, you must check out the return on this policy. The Endowment plans are notorious for their low returns.  These are the features of LIC Bima Diamond Policy. Money Back Plan with tenure of 16, 20 & 24 years Extended coverage after policy matures

Premium paying terms much less than policy coverage duration

Choice to opt for accidental benefit and to include term riders

Regular payouts are made every 4 years depending on the policy term

Final Addition Bonus to be paid at the end of the policy term

Avail the benefits of section 80c of the income tax act as paid premiums are exempt

And Enjoy tax-exempt maturity amount.

This plan is launched on the occasion of the Lic diamond jubilee celebration. Lic of INDIA completed 60 years in 2016. This plan is available u to31 August 2017.

Option of selecting 2 Riders along with the plan

General Conditions of the policy




Minimum Age entry 14 Years (complited)
Maximum Age entry
Term 16 Years 50 Years
Term 20 Years 45 Years
Maximum Maturity Age
Term 16 Years 66 Years
Term 20 Years 65 Years
Term 24 Years 41 Years
Policy Term 16Years, 20 Years, 24 Years
Premium paying Term
Term 16 Years 10Years
Term 20 Years 12 Years
Term 24 Years 15 Years
Min.Basic Sum Assured 1,00,000
Max.Basic Sum Assured 5,00,000
Mode Yearly, half year, quartyl  ,monthly, Ecs
Policy Loan Yes
Assignment Yes
Revival Yes
Surrender Yes
Nomination Yes


LIC Bima Diamond Benefits


Lic Bima diamond Survival Benefit- the policyholder being alive and all due premiums being paid, at the end of every four years of the policy period, a fixed percentage of the

In this policy moneyback endowment plan this plan gives a fixed amount after a fixed interval. You will get a fixed % of S.A After 4 Years

In a 16 Years term policy you will get money back 3 times,

In a 20 Years term policy you will get money back 4 times,

In a 24 Years term policy you will get money back 5 times,

Basic Sum Assured would be paid out.

Plan Term 4th Year 8th Year 12th Year 16th Year 20th Year
16 Year 15% 15% 15%
20 Year 15% 15% 15% 15%
24 Year 15% 15% 15% 15% 15%

Maturity Benefit of Bima Diamond Plan:

Policy maturity  provided you have paid up all premiums due  Sum Assured less Survival benefits with Loyalty Addition.

Death Benefit:

Policyholder unfortunate dies during the first five years of the policy term

Sum Assured  will be paid ,

After 5 years – Sum Assured + additional amount would be payable as ‘Loyalty Addition if any.

Extended Cover after Maturity:

Polic Term Min. Age Max. Age Max. Maturity Extended Cover Period
16 Years 14 Years 50 Years 66 Years 8 Years
20 Years 14 Years 45 Years 65 Years 10 Years
24 Years 14 Years 41 Years 65 Years 12 Years

In case of death during the Extended Coverage, 50% of the basic sum assured would be paid out.


Loan Available of the policy

Auto Cover:

This policy For 3 to 5 years premium paid – 6 months from FUP


This policy Riders available for more than 5 years paid premium

Accident rider

Term rider

Disability benefit rider

Example of LIC Bima Diamond

Venkat Takes a policy under this plan

Age – 30 years

Basic Sum Assured – Rs. 5,00,000

Policy Term = 16 years

with the following parameters

This policy Premium Calculator

1st Year Premium with Tax 4.5%

Mode Premium Tax Total
Yearly 42761 1924 44685
Half Yearly 22575 972 22575
Quarterly 11404 491 11404
Monthly (ECS) 3802 164 3802


After 1st Year Premium with Tax 2.25%


Mode Premium Tax Total
Yearly 42761 962 43723
Half Yearly 21603 486 22089
Quarterly 10913 246 11159
Monthly (ECS) 3638 82 3720


He received Money Back


4th Year 75000
8th Year 75000
12th Year 75000
Approximate Return at Maturity

Time 16th Year

55% + Loyalty Additon


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