LIC, India’s largest insurance company, has introduced two new plans designed to provide both life insurance and financial security.
The plans—Protection Plus and Bima Kavach—aim to offer simple, long-term policies that support policyholders and their families during difficult times.
LIC Protection Plus: Insurance with Investment Benefits
The Protection Plus plan is ideal for people who want life insurance along with the potential to grow their savings.
It combines death coverage with investment opportunities linked to unit funds, which are connected to the stock market.
This can potentially provide higher returns compared to traditional LIC policies.
Key features include:
Eligibility: Individuals aged 18 to 65
Policy Term: 10, 15, 20, or 25 years
Premium Payment Period: 5, 7, 10, or 15 years
Partial Withdrawals: Allowed after 5 years
Top-Up Premiums: Option to increase fund value
Death Benefit: Nominee receives sum assured + fund value
Maturity Benefit: Unit fund value at the end of the term
This plan suits those looking for both financial protection and long-term investment growth.
LIC Bima Kavach: High Coverage Pure Risk Plan
The Bima Kavach plan is a term insurance policy offering pure risk coverage without any investment component.
It ensures that the nominee receives a fixed death benefit in case of the policyholder’s demise.
Key highlights:
Eligibility: Individuals aged 18 to 65
Minimum Sum Assured: ₹2 crore
Premium Options: Single, limited, or regular payment
Sum Assured Options: Level sum assured (fixed) or increasing sum assured
This plan is suitable for anyone seeking high coverage to secure their family financially without worrying about investment returns.
With these two plans, LIC offers options for both wealth creation with life coverage (Protection Plus) and straightforward, high-risk protection (Bima Kavach) to cater to different financial needs and life stages.
