LIC Bima Diamond Plan 841 Calculator
Non-Linked Money Back Life Insurance Plan with Extended Cover
• This calculator is based on official LIC calculations
• Loyalty Additions are subject to LIC's declaration and may vary
• GST and other charges are not included in premium calculations
• Sum Assured range: ₹1,00,000 to ₹5,00,000 (in multiples of ₹10,000)
• This plan was available for sale until 31st August 2017
Life Insurance Corporation (LIC) has long been a trusted name in India for life insurance and investment plans. One such plan that many people have found useful is the LIC Bima Diamond Plan 841. This plan is a unique money-back policy that offers both protection and periodic returns to the policyholder.
What is LIC Bima Diamond Plan 841?
LIC Bima Diamond Plan 841 is a non-linked, with-profit, money-back life insurance plan. It combines life cover with regular returns and a lump sum maturity benefit. The policy term and premium payment term are different, meaning you pay premiums for fewer years than the total duration of the policy.
Key highlights include:
- Limited premium payment term: Pay premiums for 10, 12, or 15 years depending on your policy term.
- Policy term options: 16, 20, or 24 years.
- Money back benefits: A percentage of the sum assured is returned at regular intervals during the policy term.
- Extended risk cover: Even after your policy matures, life cover continues for half the policy term.
- With-profit plan: The policy participates in profits (bonuses declared by LIC).
- Available for a limited time and usually no longer sold after 2017 (but valuable for existing policyholders).
It’s designed as a combination of protection and savings, making it suitable for those looking for periodic payouts without sacrificing life cover.
Key Features of LIC Bima Diamond Plan 841
Here are some important features of the plan:
| Feature | Details |
|---|---|
| Minimum Age at Entry | 14 years completed |
| Maximum Age at Entry | Varies with policy term (up to 50 years) |
| Policy Term | 16, 20, or 24 years |
| Premium Payment Term | 10, 12, or 15 years respectively |
| Minimum Sum Assured | Rs. 1,00,000 |
| Maximum Sum Assured | Rs. 5,00,000 |
| Premium Paying Mode | Yearly, Half-yearly, Quarterly, Monthly (ECS) |
| Money Back Frequency | Every 4 years during the policy term |
| Extended Risk Cover Period | Half of the policy term after maturity |
| Loan Facility | Available after premiums are paid for 3 years |
| Tax Benefits | Under Section 80C and maturity tax-free under Section 10(10D) |
Benefits of LIC Bima Diamond Plan 841
Survival Benefits (Money Back)
On surviving specified policy years (after every 4th year), policyholders receive 12% of the sum assured as periodic payouts called money-backs. The number of payouts depends on the policy term chosen.
- For 16-year policy term: Survival benefit paid 3 times.
- For 20-year policy term: Survival benefit paid 4 times.
- For 24-year policy term: Survival benefit paid 5 times.
Maturity Benefit
At the end of the policy term, the policyholder receives the remaining sum assured amount (40% or 55% based on term) along with any loyalty additions or bonuses declared by LIC.
Death Benefit
If the policyholder dies during the policy term, the nominee receives the sum assured on death plus any accrued bonuses. The plan also offers an extended risk cover after maturity, ensuring continued protection.
Extended Cover Period
A unique feature is the extended cover period, which provides life insurance cover for a period equal to half of the original policy term beyond maturity, without requiring premium payments.
How to Use LIC Bima Diamond Plan 841 Calculator?
A LIC Bima Diamond Plan 841 calculator is a useful online tool to estimate premiums, survival benefits, maturity value, and death benefits based on your inputs. Here’s how it simplifies your planning:
- Enter your age, policy term, sum assured, and premium payment mode.
- The calculator computes your annual premium including any applicable taxes.
- It shows periodic money back amounts at regular intervals.
- It gives an estimate of the maturity benefit and death benefit payable.
- Some calculators even provide details about loan eligibility and surrender value.
Using the calculator helps you make an informed decision by understanding expected costs and returns clearly before purchasing the policy.
Example of LIC Bima Diamond Plan 841 Calculation
Suppose Mr. Aravind, aged 25, opts for a 24-year policy term with a sum assured of Rs. 5,00,000 and a premium paying term of 15 years. Using a typical calculator:
- Yearly premium is approximately Rs. 30,022.
- Paid premiums total around Rs. 4,42,442.
- Survival benefits of Rs. 60,000 (12% of sum assured) will be paid every 4 years (5 times total).
- At maturity (24th year), he receives Rs. 2,00,000 (40% of sum assured) plus any loyalty additions.
- Death benefit includes sum assured plus accrued bonuses.
This example shows how the plan balances premiums with multiple payouts and a lump sum maturity amount.
Why Choose LIC Bima Diamond Plan 841?
- Regular income during policy term: Money back benefits every 4 years help with liquidity.
- Long-term protection with extended cover: Life cover beyond maturity provides peace of mind.
- Tax advantages: Premiums are tax-deductible; maturity and death claims are tax-free.
- Flexible premium payment modes: Pay yearly, half-yearly, quarterly, or monthly.
- Loan facility: Get a loan against your policy after 3 years for emergencies.
- Trusted LIC reliability: LIC’s strong claim settlement history assures reliability.
Important Things to Remember
- This is a closed plan, mostly not available for fresh sale after 2017.
- It is a non-linked plan, meaning returns are not affected by market fluctuations.
- Terms and conditions, benefits, and premium rates may vary and are subject to LIC’s official terms.
- Always use the official or trusted LIC calculator tools to get accurate premium and benefit details.
- Review nominees, keep premium payments regular to maintain auto cover and benefits.
How to Access the LIC Bima Diamond Plan 841 Calculator?
You can find LIC Bima Diamond Plan calculators on various insurance-related websites and LIC’s official portals. Be sure to use calculators that:
- Include updated tax rates and premium payment modes.
- Show precise survival, maturity, and death benefit amounts.
- Provide clear breakup of premiums, including GST or service tax.
- Are user-friendly and mobile responsive for ease of access.
Some reliable sources where one can find LIC Bima Diamond Plan 841 calculators include:
- LIC Official Website
- Insurance aggregator portals
- Financial advisory websites specializing in LIC plans
FAQs on LIC Bima Diamond Plan 841
What is LIC Bima Diamond Plan 841?
LIC Bima Diamond Plan 841 is a money-back life insurance plan that offers periodic payouts during the policy term along with life coverage and maturity benefits.
Who is eligible to buy this plan?
Applicants must be between the age of 14 and 50 years (depending on chosen policy term) to buy LIC Bima Diamond Plan 841.
What is the policy term and premium payment term?
The policy term can be 16, 20, or 24 years while the premium payment term is shorter at 10, 12, or 15 years respectively.
How are the money back benefits paid?
Money back benefits equal to 12% of the sum assured are paid every 4 years during the policy term.
What happens if the policyholder dies during the term?
In case of death, the nominee receives the sum assured on death plus any accrued bonuses or loyalty additions.
Summary
The LIC Bima Diamond Plan 841 is an excellent money-back life insurance plan combining protection, savings, and liquidity. Its unique features like limited premium payment term, money back every 4 years, maturity benefits, and extended risk cover make it a well-rounded investment for long-term financial security.
Using an LIC Bima Diamond Plan calculator before purchasing helps you understand premiums, benefits, and payouts clearly, ensuring better financial planning.