Excelsior Correspondent
JAMMU, Sept 19: On the occasion of LIC’s Diamond Jubilee, a special plan ‘LIC’s Bima Diamond’ has been launched by the LIC of India.
LIC’s Bima Diamond is a closed ended plan available for sale up to 31st August, 2017 coinciding with the Diamond Jubilee year of the corporation.
It is a with-profits, limited premium payment money-back plan with policy terms of 16, 20 or 24 years, while the premium paying terms are 10, 12 and 15, respectively.
The plan offers risk cover of full sum assured during the policy term and half the sum assured beyond the policy term during the extended cover period (equal to half of the policy term).
A fixed percentage of sum assured is payable on survival at the end of specified durations during the policy term and balance sum assured payable on maturity.
Highlight of the plan is that auto cover is available after payment of 3 years premiums. Optional accidental death and disability benefit rider and term assurance rider are also available. Loyalty, addition is payable on certain conditions.
Liquidity under the plan is available through loans. LIC’s Bima Diamond is an attractive plan bearing multiple features which is suitable for securing financial planning for individuals and family.
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