LIC's Bima Diamond plan offers a combination of protection and savings. In case of unfortunate death of the policyholder, this plan provides financial support for the family not only during the policy term but also beyond the policy term during the Extended Cover Period (equal to half of the policy term and beginning from the date of maturity). Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility
It is a close ended plan which shall be available for sale upto 31st August, 2017, coinciding with the Diamond Jubilee Year of the Corporation.
i. In case of death of the life assured before the date of maturity:.
During first five years: "Sum Assured on Death" shall be payable.
After completion of five policy years but before the date of maturity: "Sum Assured on Death" and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Death" is defined as the highest of •
10 times of annualised premium; or •
Sum Assured on Maturity as defined in 1. c) below; or •
Absolute amount assured to be paid on death, i.e. Basic Sum Assured.The death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
ii. In case of death during the Extended Cover Period: An amount equal to 50% of Basic Sum Assured shall be payable.
On the life assured surviving to the end of each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 16 years:
15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.
For policy term 20 years:
15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.
For policy term 24 years:
12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th and 20th policy year.
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, "Sum Assured on Maturity" along with Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Maturity" is as under:
55% of Basic Sum Assured for policy term 16 years
40% of Basic Sum Assured for policy terms 20 and 24 years
Provided all the due premiums have been paid till date of death or maturity, whichever is earlier, depending upon the Corporation's experience, the policy shall participate in profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable, on death after completion of 5th policy year but within the policy term or on maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term provided all the premiums for the entire premium paying term have been paid.
The policyholder has an option of availing following Rider benefit(s): a) LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01). b) LIC's New Term Assurance Rider (UIN: 512B210V01) Rider sum assured cannot exceed the Basic Sum Assured. For more details on the above riders, refer to the rider brochure or contact LIC's nearest Branch Office.