Life Insurance Corporation LIC premium insurance bima diamond plan money back
An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai Sep. 18, 2014.Reuters file

State-run Life Insurance Corporation (LIC) has announced a new money-back plan "Bima Diamond" to mark diamond jubilee celebrations. The plan will be available for buying till Aug. 31, 2017. Policy holders will start receiving money every fourth year under the plan. The minimum sum assured is Rs 1 lakh, while the maximum is Rs 5 lakh.

"Bima Diamond" comes with policy terms of 16, 20 and 24 years and premium paying terms of 10, 12 and 15 years, according to the company.

"The with-profit, limited premium payment" money-back plan offers benefits such as 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.

Besides, 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.

Under the plan, auto cover is available after payment of three years of premiums. Optional accidental death and disability benefit and term assurance rider are also available while loyalty addition is payable on certain conditions, the PTI reported citing a statement by LIC.