LIC unveils new money-back plan to mark diamond jubilee

Mumbai: Insurance behemoth Life Insurance Corporation of India (LIC) on Saturday came out with a closed-ended plan -- Bima Diamond -- on the occasion of its diamond jubilee year.

The plan, coinciding with the diamond jubilee year of the corporation, is available for sale until August 31, 2017, it said in statement.

It is a with-profit, 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 years, respectively, it added.

The plan offers risk cover of a full sum assured during the policy and half the sum assured beyond the policy during the extended cover period or 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 the balance sum assured payable on maturity.

As per the release, auto cover is available after payment of 3 years of premiums. Optional accidental death and disability benefit and term assurance rider are also available while loyalty addition is payable on certain conditions.

Liquidity under the plan is available through loans.