LIC Bima Diamond premium payment mode/s includes Limited Pay. LIC Bima Diamond Benefits can be availed only after payment of all the premiums is done. Regular payment includes payment of premium at specific intervals. Limited payment includes payment of premium for a specific amount of time say 3 to 5 years whereas Single payment refers to payment of a lump sum amount of money in one go.
LIC Bima Diamond premium amount indicates the minimum premium or maximum premium one can pay towards their insurance plan. Premium is the amount of money you have to pay to the life insurance company against your life cover. Some companies impose a limit on minimum and maximum premiums one can pay towards a single policy drawn. Sometimes this limit is fixed irrespective of the amount of sum assured whereas for some plans these values vary according to the type of plan, minimum sum assured, age of the life insured, etc. Details of premium limits for LIC Bima Diamond are as follows:
Premium payment options for LIC Bima Diamond are the ways in which premium can be paid by the life insured to Life Insurance Corporation of India. For this plan, options to pay the premium include Limited Pay. Some LIC Bima Diamond Provisions include riders in which premium payment can be waived off. Within regular pay mode, there five options through which premium can be paid. These options are: Annual payment, Semi-annual payment, quarterly payment, monthly payment and payroll savings program. Not all will be applicable for all the insurance plans.
Top up is a facility which is generally provided in Unit Linked Life Insurance Policies. LIC Bima Diamond premium top-up is an additional amount of money that can be paid along with the premium to get returns. Top up premium is not allowed for this plan. Top up premium value for this plan is Not Applicable. Top up premium can be used to acquire additional gains in a life insurance policy. It can be paid any time during the policy term at irregular intervals excluding the basic regular premium payment.
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