LIC of India is celebrating its Diamond Jubilee with the launch of a new product called Bima Diamond Plan which is a non-linked, money back plan.
LIC also declared a special Diamond Jubilee bonus for all eligible life insurance policies.
LIC's Bima Diamond will provide extended life cover up to the half of the policy term after the completion of the policy term, as per reports.
Features of LIC's Bima Diamond:
Money Back options
LIC's Bima Diamond policy will have money back options every 4th year which is a survival beneift. Money back policy provides life coverage during the term of the policy and the maturity benefits are paid in installments by way of survival benefit in the policy.
There will be extended cover period for half of the policy term even after end of policy term.
LIC Bima Diamond offers a facility of auto cover for 2 years if at least 5 full year premium is already paid by the life assured.
Minimum Sum assured
In this policy, minimum sum assured is Rs 1,000,00. It is the amount which your beneficiary will receive if you die during the policy term.
Maximum Sum Assured
In this policy, maximum sum assured which one can avail is Rs 50,00,00. It is the amount which your beneficiary will receive if you die during the policy term.
Policy Term of 16 years with premium paying term of 10 years.
Policy Term of 20 years with premium paying term of 12 years.
Policy Term of 24 years with premium paying term of 15 years.
Minimum age for this policy to apply is after completion of 14 years.