This article presents the design of a novel astroid shaped dielectric resonator antenna (DRA) constructed from PTFE Teflon material with a dielectric constant of ε r = 2.1 and a loss tangent tan δ = 0.0002 on an FR4 grounded substrate for LTE and ISM band applications. Inverted Omega ℧-shaped feed along with asymmetric E-shaped dual metallic strips in the partial ground is used to obtain dual-band characteristics. A light weight, cost-effective plastic material is used to design the antenna. An isolation of 26.5 dB and 24.6 dB is achieved in the two frequency bands 1.8 GHz and 2.4 GHz respectively by modifying the ground plane. Metallic strips and stubs in the ground are used to enhance the isolation in the proposed MIMO system. The obtained impedance bandwidths in both the bands are 14.5% and 13%. The performance of the MIMO system is characterized by the envelope correlation coefficient and diversity gain. Good agreement is found between simulated and measured results.