Life Insurance Corporation of India has introduced a new plan called LICs Bima Diamond on the occasion of LICs Diamond Jubilee. It is a non-linked, limited premium payment money back plan offering a combination of protection and savings. This is a profits policy, meaning the policy will be eligible for bonuses whenever declared. The plan will be available until August 31, 2017.
This policy can be purchased by anyone from the age of 14 for a term of 16, 20 or 24 years subject to maximum maturity age of 65 or 66 years. It can be purchased for a minimum basic sum of Rs 1 lakh and can go up to Rs 5 lakh.
The premium payment is limited to 10 years in a policy of 16 years term and 12 and 15 years for policies of terms 20 and 24 years respectively. The premium can be paid in yearly, half-yearly, quarterly or monthly modes. A customer will receive survival, maturity and death benefits.
