LIC Launches New Plans: If you’re considering investing, this news could be very important for you. LIC, the country’s largest insurance company, has launched two new schemes. These two new schemes include LIC Protection Plus and LIC Beam Kavach. These schemes are designed to provide policyholders with both savings and financial security. These schemes offer excellent returns, while the latter offers life protection. Let’s explore these schemes in detail.
LIC Protection Plus
LIC Protection Plus is a linked life insurance plan that combines the benefits of both life cover and savings. This plan is designed for those who aim to build a corpus while also achieving insurance protection. This plan is available for individuals between the ages of 18 and 65, with policy terms of 10, 15, 20, or 25 years. Premium payment tenures are available for 5, 7, 10, and 15 years. This plan offers a minimum sum assured of 5 to 7 times the annual premium.
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The policyholder can increase the fund value by adding a top-up premium as desired. Partial withdrawals are also available after five years of policy inception. The fund value is received upon maturity, and in the event of the policyholder’s death, the nominee receives the sum assured along with the fund value.
LIC Bima Kavach
LIC Bima Kavach is a pure term insurance plan that falls under the non-linked and non-participating category. This scheme is suitable for customers who prioritise life protection only and do not wish to add to their investment portfolio.
This plan is open to individuals between 18 and 65 years of age, with a maximum maturity age of 100 years. Customers can choose between a level sum assured or an increasing sum assured. Premium payment options include lump sum, limited term, and regular premiums. The most significant feature of this plan is its minimum sum assured, which is set at ₹2 crore, making it extremely useful for customers requiring high protection.
Which plan will offer greater benefits?
If a policyholder wants to pursue both investment and insurance simultaneously, LIC Protection Plus is a better option. For customers whose priority is solely life insurance coverage and who want high protection over a long period, LIC Bima Kavach is the most suitable plan. Both plans have been designed keeping in mind individuals with different needs, allowing each individual to choose according to their financial situation and goals.