Is More+ Diamond a rewarding program

I occasionally shop at More stores and I noticed this in their PDF this time -

Does it work like they say - 5% off on everything except the exclusions mentioned here? 

More+ Diamond Program – This is a subscription based loyalty program. Customers can
subscribe to the More+ Diamond Program by paying Rs.199/- (Rupees One Hundred and Ninety
Nine only). On payment, Customer will become members of More+ Diamond Program and the
membership will be valid for a period of 1 (One) year from the date of payment/membership.
As a member of the More+ Diamond Program, Customers will receive 5% of the bill amount
(excluding alcoholic beverages, cigarettes, baby food items, More Wallet recharges and More+
Diamond enrollment spends) as cashback in the form of More+ points for all transactions for
a duration of 1 (one) year from the date of subscription. Additionally, Member/customer will
be entitled to welcome rewards/ vouchers that are communicated at the time of subscription.
The More+ points from the More+ Diamond Program accumulated in the customers Wallet will not
expire during the membership and More+ points can be used for making purchases against 50%
of the bill value in a single day (excluding for purchase of alcoholic beverages,
cigarettes, baby food items, More Wallet recharges and More+ Diamond enrollment) from
specified more Stores, till the exhaustion of the More+ points.