LICs New BIMA Diamond Plan - Money Back Plan 841

New Plans Name – BIMA DIAMOND PLAN, Table No 841

BIMA Diamond Plan Features – It’s thrice as nice, With Triple Advantage

• Money Back – Every 4th Year
• Extended Protection – Half of the Policy Term after lapsation of Policy Term
• Auto Cover Option – On a policy of at least 5 full years on which subsequent premium is not dully paid, Auto Cover period of 2 years available.
• Minimum Sum Assured – 1,00,000 (1 lac)
• Maximum Sum Assured – 5,00,000 (5 Lacs)
• Premium Paying Term – 16/10, 20/12, 24/15
• Minimum Age at Entry – 14 Years Completed

Launching the “Bima Diamond plan” on the occasion of the 60th year/Diamond Jubilee celebrations of LIC

LIC launches new plan table no. 841

*BEEMA DAIMOND PLAN FEATURES & Details*
Minimum SA. – 1 Lac
Maximum SA. – 5Lac
Minimum age – 14 yrs Completed
Max age – 50 years

Free extended cover is half of the term

Policy Term
16 yrs PPT is 10 yrs
20 yrs PPT is 12 yrs
24 yrs PPT is 15 yrs

Survival Benefit:
15% at 4th, 8th, 12th year for term 16 years.
15% at 4th, 8th, 12th, 16th year for term 20 years.
12% at 4th, 8th, 12th, 16th, 20th year for term 24 years.

Maturity: Sum Assured less Survival benefits with Loyalty Addition.

Death Benefit:
First 5 years – Sum Assured
After 5 years – Sum Assured + Loyalty addition.

Extended Cover after Maturity:
8 years for 16 years term policy
10 years for 20 years term policy
12 years for 24 years term policy

Loan: Available

Auto Cover: For 3 to 5 years premium paid – 6 months from FUP

*Note* This plan is available up to 31.8.17 only.

For more than 5 years premium paid – 2 years from FUP.
Accident rider, Term rider & Disability benefit rider available.

Bima Diamond Plan 841 Premium Chart

Bima Diamond 841

Read More

New Money Back plan for 20 Years Plan no 820

LIC Launches new Money Back Plan for 20 Years (Table No 820).

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit – 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any

Death Benefit -‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualised Premium.(10 x AP).

[Premiums – excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Policy Year	5th	10th	15th
Survival Benefit Payable	20%	20%	20%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions

• Age at entry – 13 to 50 years
• Age at Maturity – Maximum 70 Years
• Policy Term – 20 years
• Premium Paying Term – 15 Years
• Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
• Basic Sum Assured – 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums

The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:

• For inforce and fully paid-up policies – upto  90%
• For paid-up policies – 80%
• Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest

Surrender Value-

Guaranteed Surrender Value (GSV) –

• Available after payment of 3 full years premiums.
• GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid.
• Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV –  Factor

3            16.21%

10            18.16%

19               30%

Special Surrender Value (SSV) – Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

Compare old Money Back 20 Years Plan 75 to New Money Back 20 Years Plan no 820

Read More

New Money Back Plan for 25 Years Plan no 821

LIC Launches new Money Back Plan for 25 Years (Table No 821).

A  Policy may be revived within a period of 2 years from the date of first unpaid premium.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit – 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualised  Premium.(10 x AP).

[*Premiums – excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Policy Year	5th	10th	15th	20th
Survival Benefit Payable	15%	15%	15%	15%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions

• Age at entry – 13 to 45 years
• Age at Maturity – Maximum 70 Years
• Policy Term – 25 years
• Premium Paying Term – 20 Years
• Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
• Basic Sum Assured – 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:

• For inforce and fully paid-up policies – upto  90%
• For paid-up policies – 80%
• Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.

Surrender Value-

Guaranteed Surrender Value (GSV) – Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV –  Factor

3            15.28%

20            21.99%

24             30%

Special Surrender Value (SSV) – Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

Compare old Money Back Plan 93 to New Money Back Plan 821

Read More

Compare old Money Back 20 Years Plan 75 to New Money Back 20 Years Plan no 820

LIC launches New Money Back plan for 20 Years Table No. 820

As per the rule of IRDA most of the LIC plans are revised.

Below are the list of changes done in new Money Back plan 820 compared to old Money Back plan 75.

	Money Back Plan -20 years (Table No. 75)	New Money Back Plan – 20 years (Table No.820)
Maturity Benefit	40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.	No Change
Death Benefit	Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.	‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
Survival Benefit	20% of the sum assured in every 5th, 10th and 15th year	No Change
Paid-up value	Paid-up value per thousand Sum Assured	Paid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.
Age at entry	13 to 50 years	13 to 50 years
Age at Maturity	Maximum  70 years	Maximum  70 years
Policy Term	20 Years	15 years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	50,000 and above	1,00,000 and above ( In multiples of 5000)
Rebate	3% of tabular Premium for Yearly premium 1.5% of tabular premium for Half-Yearly premium	2% of tabular premium for Yearly premium 1% of tabular premium for Half-Yearly premium
Loan	Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies. Foreclosure action shall be  initiated on default of 2 or more half-yearly  loan interest installments.	Available after payment of 3 full years premiums he maximum amount of loan that can be granted as a percentage of Surrender Value be  as under: For inforce and fully paid-up policies – upto  90% For paid-up policies – 80% Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.
Guaranteed Surrender Value (GSV)	Available after payment of 3 full years premiums Before Payment of Survival Benefit: GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any. After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.	Available after payment of 3 full years premiums. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid. Examples of GSV factors applicable for total  premiums paid Policy Year ~ GSV factor          3   =   30%          5   =   50%        t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Main Changes	A  Policy may be revived within a period of 5 years from the date of first unpaid premium. Taxes, if any , were borne by the Corporation.	A  Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
No Changes in	Back Dating Grace Period Assignment/Nomination	Back Dating Grace Period Assignment/Nomination

Calculate premium for Money Back plans

Read More