LIC’s Bima Diamond plan offers dual benefits of protection and savings. In case of the unfortunate death of the policyholder, this policy will provide 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).
a) Survival Benefit – If the policyholder survives till the end of the policy tenure, then, the policyholder will receive a fixed percentage of Basic Sum Assured provided all the due premiums have been paid. The fixed percentage for various policy terms is as follows:
b) Maturity Benefit –
If the policyholder survives till the end of the policy tenure then the policyholder will get “Sum Assured on Maturity” + Loyalty Addition, if any, provided all the due premiums have been paid.
Where “Sum Assured on Maturity” is as under:
c) Rider Benefit –
Rider Benefit is an additional benefit a policyholder takes by paying an extra premium. Rider Benefit options are –
d) Death Benefit –
a) Death Benefit payable in case of death of the policyholder before the maturity of the policy provided the policy is in force shall be as under:
Where “Sum Assured on Death” is defined as the highest of 10 times of annualized premium or Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid excluding extra amount if charged under the policy due to underwriting decision and Rider(s) premium, if any, as on date of death.
b) In case of death during the Extended Cover Period provided the policy is in force: An amount equal to 50% of Basic Sum Assured shall be payable.
Can the lapsed policy be revived?
Lapse Policy may be revived within a period of 2 consecutive years from the date of the first unpaid premium, provided all the arrears have been paid with interest.
What I surrender the policy?
Yes, the policy can be surrendered by the policyholder only after 3 years of the active policy provided all premiums have been paid. No surrender value will be available on Rider(s) if any.
Can I get a loan against this policy?
A loan can be availed against this policy only if 3 full years’ premiums have been paid
The maximum loan as a percentage of surrender value shall be as under:
So, by now every one of you has come to know each and every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.
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