Bima Diamond - Life Insurance Policy
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
a) Death Benefit (applicable for policies where all the due
premiums have been paid): :
i. In case of death of the life assured before the date of
During first five years: “Sum Assured on Death” shall
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.
b) Survival Benefit:
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
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.
c) Maturity Benefit:
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.
Assured on Maturity” is
55% of Basic Sum Assured for policy term 16 years
40% of Basic Sum Assured for policy terms 20 and 24 years
d) Loyalty Addition:
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.
2. Optional Benefit:
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.