LIC Bima Diamond Plan 841 Calculator
Note: This plan remained available for purchase until 31 August 2017.
The Life Insurance Corporation of India (LIC) has introduced several insurance products that combine savings and protection benefits. Among them, LIC Bima Diamond Plan 841 gained popularity for offering periodic money-back payouts, maturity benefits, and extended life insurance protection under a single policy.
Understanding LIC Bima Diamond Plan 841
LIC Bima Diamond Plan 841 was a non-linked, participating money-back life insurance policy that provided both financial protection and long-term savings. The plan was structured with a shorter premium payment term than the overall policy duration, allowing policyholders to enjoy benefits even after premium payments were completed.
Overview of LIC Bima Diamond Plan 841
The plan was designed to offer:
- Limited premium payment options.
- Periodic money-back benefits during the policy term.
- Maturity benefits along with applicable bonuses.
- Extended life insurance coverage beyond the policy maturity date.
- Participation in LIC’s profits through Loyalty Additions or bonuses.
Although the policy is no longer available for new purchases, it remains important for existing policyholders and those researching discontinued LIC plans.
Major Features of LIC Bima Diamond Plan 841
Limited Premium Payment Option
Policyholders could choose to pay premiums for a shorter duration of 10, 12, or 15 years, depending on the selected policy term.
Flexible Policy Terms
The plan offered three policy term choices:
- 16 Years
- 20 Years
- 24 Years
Periodic Money-Back Benefits
A fixed percentage of the Sum Assured was paid at regular intervals throughout the policy term, providing liquidity and financial support.
Extended Life Cover
One of the distinctive features of the plan was its extended risk cover, which continued even after policy maturity for a period equal to half of the selected policy term.
Participating Insurance Plan
As a with-profit policy, LIC Bima Diamond Plan 841 was eligible for bonuses and Loyalty Additions declared by LIC from time to time.
Key Specifications of LIC Bima Diamond Plan 841
| Feature | Details |
|---|---|
| Minimum Entry Age | 14 Years Completed |
| Maximum Entry Age | Depends on Policy Term (Up to 50 Years) |
| Policy Term Options | 16, 20, or 24 Years |
| Premium Payment Term | 10, 12, or 15 Years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | ₹5,00,000 |
| Premium Payment Frequency | Yearly, Half-Yearly, Quarterly, and Monthly (ECS) |
| Money-Back Interval | Every 4 Years |
| Extended Risk Cover | Half of the Selected Policy Term After Maturity |
| Loan Facility | Available After Payment of Premiums for 3 Years |
| Tax Benefits | Eligible Under Sections 80C and 10(10D) Subject to Applicable Tax Rules |
Benefits of LIC Bima Diamond Plan 841
Survival Benefits
Policyholders who survived the specified policy milestones received periodic money-back payments equal to 12% of the Basic Sum Assured after every four years.
The number of payouts depended on the selected policy term:
For a 16-Year Policy Term
Three survival benefit payouts were payable during the policy period.
For a 20-Year Policy Term
Four survival benefit payouts were provided at specified intervals.
For a 24-Year Policy Term
Five survival benefit payouts were payable throughout the policy duration.
Maturity Benefits
Upon successful completion of the policy term, the policyholder received the balance portion of the Sum Assured along with any Loyalty Addition or bonus declared by LIC.
Depending on the selected policy term, the maturity benefit generally consisted of approximately 40% to 55% of the Basic Sum Assured plus eligible bonus additions.
Death Benefits
In the unfortunate event of the policyholder’s death during the policy term, the nominee became entitled to receive the applicable Death Sum Assured along with vested bonuses, if any.
A notable feature of the plan was the extended risk cover, which continued beyond the maturity date and provided additional protection for a specified period after policy completion.
Extended Risk Cover Benefit
One of the standout features of LIC Bima Diamond Plan 841 is its Extended Risk Cover facility. Under this benefit, life insurance protection continues for a period equal to half of the original policy term even after the policy reaches maturity. No additional premium is required during this extended coverage period, providing continued financial security for the insured and their family.
How to Use the LIC Bima Diamond Plan 841 Calculator
The LIC Bima Diamond Plan 841 Calculator is an online planning tool designed to estimate premiums, survival benefits, maturity proceeds, and death benefits based on your selected policy details.
Step 1: Enter Basic Details
Provide the following information:
- Age of the life assured
- Selected policy term
- Basic Sum Assured
- Preferred premium payment mode
Step 2: Calculate Premium
The calculator automatically estimates the premium payable based on the entered details and applicable tax rates.
Step 3: Review Money-Back Benefits
It displays the periodic survival benefits payable during the policy term according to the selected plan option.
Step 4: Check Maturity and Death Benefits
The tool provides an estimate of the maturity proceeds and the death benefit available under the policy.
Step 5: Analyze Additional Features
Some advanced calculators may also display:
- Loan eligibility
- Surrender value estimates
- Premium payment schedules
- Policy benefit illustrations
Using the calculator before purchasing the policy helps investors understand expected returns and financial commitments more clearly.
LIC Bima Diamond Plan 841 Calculation Example
Consider a hypothetical example where a 25-year-old individual selects a 24-year policy term with a Basic Sum Assured of ₹5,00,000 and a premium payment term of 15 years.
Estimated Policy Illustration
Approximate Annual Premium: ₹30,022
Total Premiums Paid: Around ₹4,42,442
Survival Benefits: ₹60,000 (12% of the Sum Assured) payable every four years during the policy term
Total Number of Money-Back Payments: Five
Maturity Benefit: Approximately ₹2,00,000 (40% of the Sum Assured) along with applicable Loyalty Additions
Death Benefit: Sum Assured on Death plus any vested bonuses and eligible additions
This illustration demonstrates how the plan combines regular payouts, maturity benefits, and insurance protection within a single policy structure.
Reasons to Consider LIC Bima Diamond Plan 841
Periodic Income During the Policy Term
Money-back benefits received every four years provide regular cash flow and improve liquidity.
Long-Term Financial Protection
The combination of policy coverage and extended risk protection helps secure the financial future of the insured’s family.
Tax-Saving Opportunities
Premium payments may qualify for deductions under applicable tax laws, while eligible maturity and death benefits generally enjoy tax advantages.
Multiple Premium Payment Modes
Policyholders can choose from annual, half-yearly, quarterly, or monthly premium payment options according to their convenience.
Loan Facility
A policy loan can be availed after meeting the minimum eligibility requirements, helping during financial emergencies.
Trust and Reliability of LIC
LIC’s long-standing reputation and strong claim settlement record make it a preferred choice among insurance buyers.
Important Considerations Before Investing
- LIC Bima Diamond Plan 841 is a discontinued policy and is generally unavailable for new purchases.
- As a non-linked insurance plan, policy benefits are not influenced by stock market movements.
- Benefits, premium rates, and policy conditions are governed by LIC’s official rules and terms.
- Always verify calculations using reliable insurance planning tools or official LIC resources.
- Keep nominee details updated and ensure timely premium payments to maintain uninterrupted policy benefits.
Where to Access the LIC Bima Diamond Plan 841 Calculator
The LIC Bima Diamond Plan 841 Calculator can be found on various insurance and financial planning platforms.
When selecting a calculator, ensure that it:
- Uses current tax calculations.
- Supports all premium payment modes.
- Displays accurate survival, maturity, and death benefit estimates.
- Provides a complete premium and tax breakup.
- Works smoothly on both desktop and mobile devices.
Popular Sources for LIC Bima Diamond Plan Calculators
- LIC-related insurance portals
- Insurance comparison websites
- Financial planning and advisory platforms
- Policy analysis websites specializing in LIC products
Frequently Asked Questions About LIC Bima Diamond Plan 841
What is LIC Bima Diamond Plan 841?
LIC Bima Diamond Plan 841 is a participating money-back life insurance policy that offers periodic payouts during the policy term along with life insurance protection and maturity benefits.
Who could purchase this policy?
Individuals aged between 14 and 50 years, depending on the selected policy term, were eligible to purchase the plan.
What policy term options were available?
The policy offered three term options: 16 years, 20 years, and 24 years, with corresponding premium payment terms that were shorter than the overall policy duration.
How are money-back benefits paid?
Policyholders receive survival benefits equal to 12% of the Basic Sum Assured every four years during the policy term.
What happens in case of the policyholder’s death?
The nominee receives the applicable Death Sum Assured along with any vested bonuses and eligible additions as per policy conditions.
Conclusion
LIC Bima Diamond Plan 841 was designed to provide a balanced combination of insurance protection, periodic income, and long-term savings. Features such as limited premium payment periods, money-back benefits every four years, maturity payouts, and extended risk coverage made it an attractive option for individuals seeking both financial security and liquidity.
Using the LIC Bima Diamond Plan 841 Calculator allows policyholders and prospective buyers to estimate premiums, maturity values, survival benefits, and overall returns, making financial planning simpler and more transparent.
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