The Life Insurance Corporation of India (LIC) has launched its new plan, “Bima Kavach,” to provide a strong future for middle- and working-class families. This is a non-linked and non-participating plan, which means your money will be completely protected from stock market risks. The most significant feature of this plan is that it offers substantial life cover at a very low premium. Whether you apply online from home or seek the help of an LIC agent, this plan will prove to be a shield for your family’s financial security.
Features of LIC Bima Kavach
While designing this plan, LIC has taken special care of the changing needs of customers. You have two flexible options for choosing the “sum assured” (insurance amount). The first option is “Constant Sum Assured,” in which the sum assured remains constant throughout the policy term. The second and more popular option is ‘Increasing Sum Assured’, in which your insurance cover increases as time passes and your responsibilities grow. This option is ideal for those who want to provide greater security to their family, keeping future inflation in mind.
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Life Cover Up to 100 Years
If you are looking for long-term risk cover, this plan is the best option for you. It provides life cover up to the age of 100. LIC has also provided considerable flexibility in premium payment. You can choose ‘Single Premium’ as per your convenience, where you can pay the entire amount once and get lifelong protection. There is also a ‘Limited Premium’ option, where you can pay premiums for only 5, 10, or 15 years and get cover up to 100 years. For those who prefer regular investments, there is also a ‘Regular Premium’ option.
Life Stage Events
Important milestones in life, such as marriage or the birth of a child, bring with them new responsibilities. LIC Bima Kavach offers a special “Life Stage Event” option to increase your insurance cover during these special occasions. However, this “Life Stage Event” feature is only available to customers who are 40 years of age or younger at the time of application. Furthermore, this feature is only applicable to regular premium plans with “Equal Sum Assured.” This option ensures that as your family grows, your life’s protection continues to grow at the same pace.
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Who can avail this plan
Several basic criteria must be met to avail this plan. Any Indian citizen between the ages of 18 and 65 can apply for this “Life Stage Event” cover. To qualify for insurance, a person must be physically fit, which may require a medical checkup in some cases. Another significant advantage is that if you are a non-smoker, LIC offers you more benefits at a lower premium than others. This plan is specifically designed for Indian residents seeking a secure future.
Application Process
You can easily purchase this LIC plan through the official website (www.licindia.in) or mobile app. LIC has also launched a WhatsApp feature. However, exercise extreme caution when applying; LIC has clarified that IRDAI or LIC never makes direct phone calls to sell policies or offer bonuses. If you receive such a suspicious call, it could be a fraud. Immediately report such cases to the police and protect your savings from cybercriminals.