LIC Plan: The Life Insurance Corporation (LIC) is set to introduce two new insurance plans starting December 3, 2025. These plans are named the Bima Kavach Plan and the LIC Protection Plus Plan. Customers can begin purchasing both products today. The Bima Kavach Plan functions similarly to a term insurance plan, offering financial protection to the family in case of unforeseen events in the future, such as death.
What is LIC’s Bima Kavach Plan?
This is a straightforward insurance plan from LIC, which is non-linked and non-participating. The primary goal of the plan is to ensure financial security for the insured’s family in the event of unexpected occurrences. Customers will benefit from higher coverage at lower premiums.
What is the eligibility?
Any Indian citizen can take advantage of this scheme. To qualify for the insurance cover, an individual must be in good health, which necessitates a medical examination. Non-smokers will enjoy additional benefits at a reduced premium. Individuals aged between 18 and 65 years are eligible to apply for the scheme.
Benefits of the Insurance Cover Plan
This LIC plan resembles term insurance, providing financial protection to the nominee upon the insured’s death. With this plan, customers can secure more coverage by paying a lower premium. Premium payments can be made monthly, quarterly, semi-annually, or annually. There is no maturity benefit associated with this plan. If riders are included, customers can receive higher payouts for illnesses such as heart attacks, cancer, etc.
Today, LIC has launched a protection plan alongside the LIC Bima Kavach. This is a savings plan that combines life coverage with savings benefits. It is specifically designed to address the financial needs of individuals and families. Previously, LIC also introduced Bima Lakshmi and LIC Jan Suraksha.
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