BIMA DIAMOND PLAN (Plan no. 841)

This is a Money back policy with Limited premium payment, Non-linked, Conventional, with-profits plan. Money Back is paid every 4th year.
Eligibility Conditions & Restrictions
Minimum age : 14 years (Completed)
Maximum age : 50 years for 16 years policy term 45 years for 20 years policy term 41 years for 24 years policy term
Maximum maturity age : 66 years for 16 years policy term 65 years for 20 years policy term 65 years for 24 years policy term
Policy Term : 16 years / 20 years / 24 years
Premium paying term : 10 years for 16 years policy term 12 years for 20 years policy term 15 years for 24 years policy term
Minimum Sum Assured : Rs. 1,00,000
Maximum Sum Assured : No limit
Premium payment : Yearly / Half yearly / Quarterly / Monthly (Thru Bank)
Loan : Eligible after 3rd year
Surrender : Eligible after 3rd year
Money Back is paid : (a) For Policy term 16 years : 15 % of Sum Assured at end of 4th, 8th & 12th policy year (b) For Policy term 20 years : 15 % of Sum Assured at end of 4th , 8th, 12th & 16th policy year (c) For Policy term 24 years : 12 % of Sum Assured at end of 4th, 8th, 12th, 16th & 20th policy year
On Maturity : 55% of Sum Assured for policy term 16 years + Loyalty addition 40% of Sum Assured for policy term 20 years + Loyalty addition 40% of Sum Assured for policy term 24 years + Loyalty addition
After Maturity : Extended Risk cover for 50% of the Sum Assured & Half of the Policy term
On Death : Sum Assured (1st five years) Sum Assured + Loyalty addition (After 5 years) (Already paid Money back will not be deducted)
Income Tax Benefits : (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is non-taxable u/s 10(10d)