Looking for a policy that not only ensures your financial security but also offers a great opportunity for long-term savings? LIC (Life Insurance Corporation of India), India’s most trusted insurance company, has launched two exciting new plans for you – ‘LIC Protection Plus’ and ‘LIC Bima Kavach’. Both plans offer policyholders unprecedented benefits such as comprehensive coverage, superior returns on investment, and a high sum assured of up to ₹2 crore. According to LIC, these two plans are designed for those seeking a secure future and lasting financial strength.
LIC Protection Plus
LIC Protection Plus is an ideal policy for those who want to combine investment with insurance protection. It is a unit-linked investment (ULIP) plan that links your money to the market, giving you the potential for better returns than older policies. The special feature of this plan is that it is available to anyone between the ages of 18 and 65. You can choose a policy term of 10, 15, 20, or 25 years, while the premium payment term is available for 5, 7, 10, or 15 years.
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The sum assured is 5 to 7 times the annual premium, and you are free to increase the fund value by paying a top-up premium. The policyholder has complete freedom to choose the fund and is also eligible for partial withdrawals after 5 years. The entire fund value is available at maturity, while in the unfortunate event of death, the fund value is paid to the nominee along with the sum assured.
LIC Bima Kavach
LIC Bima Kavach is a pure term insurance plan. It does not include any savings component, but provides maximum protection based solely on risk coverage. It is a non-linked and non-participating policy, which means it offers high coverage at a low premium. This plan is also available for individuals aged 18 to 65, but coverage can be availed up to a maximum age of 100 years.
The minimum sum assured in this plan is ₹2 crore, providing significant financial support to the family. Policyholders have the option to choose from a level sum assured or an increasing sum assured. Premium payment options include single, limited, or regular, and the policy term can be 10, 15, 20, or more.
Who are they best for
LIC says these two plans are specifically designed for those who want to strengthen their financial goals, build long-term savings for the future, provide adequate financial security to their family, and seek market-linked returns. They want robust coverage of up to ₹2 crore at a low premium.