The Life Insurance Corporation of India (LIC) has launched two new schemes, LIC Protection Plus and LIC Bima Kavach, to provide its customers with better financial security and a balanced investment option. Both plans are designed to offer policyholders the benefits of life insurance coverage along with savings and financial stability. One plan provides market-linked savings, while the other is purely based on life protection.
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LIC Protection Plus
This plan is designed for those who want an investment option along with life insurance. It is a linked life insurance plan that allows policyholders to increase their fund value along with life cover.
This plan can be purchased by individuals aged 18 to 65 years. The policy term can be chosen from 10, 15, 20, or 25 years, while premium payments can be made for 5, 7, 10, or 15 years. It provides a sum assured of at least five to seven times the annual premium.
The most notable feature of this plan is that customers can increase their fund value through top-up premiums. The option of partial withdrawal is also available after five years of the policy’s commencement. The fund value is received upon maturity, while in the case of death, the nominee receives the sum assured along with the fund value.
LIC Bima Kavach
The second plan, LIC Bima Kavach, is a non-linked and non-participating term insurance plan. It is designed for those who want to create a strong safety net for their family without the complexities of investment.
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This plan can also be taken by individuals aged 18 to 65 years. The maximum maturity age can be up to 100 years. Policyholders have the option of both level sum assured and increasing sum assured. Premium payment methods include single, limited, and regular payments. The minimum sum assured under this plan has been set at two crore rupees, making it a long-term and robust security option for the family.