LIC has launched two new plans, Protection Plus and Bima Kavach. Protection Plus combines protection and savings, while Bima Kavach is a pure life cover plan that provides strong financial security for the family.
LIC’s 2 new plans: India’s largest insurance company, LIC, has launched two new insurance plans for its customers, Protection Plus and Bima Kavach. Both plans are designed to be tailored to suit people with different needs. Customers will benefit from both protection and savings.
The aim of these two plans is to provide people with insurance that is easy to understand, full of benefits, and provides long-term assurance.
Protection Plus: The combined benefits of protection and savings
This plan is ideal for those who want to combine life insurance with a small investment. Protection Plus is a linked savings plan that allows your money to grow by connecting to the market. This means both protection and the potential for growth.
A key feature of this plan is that you can increase or decrease your Sum Assured later. This freedom is not typically available in other plans. You also have the option to withdraw funds after five years, providing financial support in times of need.
What makes this plan unique for customers is that you choose the premium based on your budget and needs. LIC determines your cover accordingly. Everything is transparent and simple from the start.
Benefits of LIC Protection Plus
The biggest advantage of this plan is that it can adapt to every stage of your life. For example, if your income increases, you can increase the fund value by paying a top-up premium. If you need a higher Sum Assured later, you can increase it. And the best part—mortality charges incurred during the policy term are refunded upon maturity. This means that the amount you pay for life cover is also returned.
Bima Kavach: A Plan That Provides Family Protection
Now let’s talk about LIC’s second plan, Bima Kavach. It’s a simple yet powerful Pure Risk Plan. This means that if something untoward happens to the policyholder, their family receives immediate financial protection. Whether the market rises or falls, it doesn’t matter.
The biggest advantage of this plan is that you can choose between two types of death benefits. You can choose a fixed sum assured or an increasing sum assured, which increases every year. For those worried about future inflation, the increasing cover is especially useful.
This plan can be taken up to the age of 100. This means that the longer the life, the longer the protection, the longer the life. Whether you choose to receive the death benefit in lump sum or in installments, it’s your choice.
Benefits of LIC Bima Kavach
This plan is especially good for families who want a secure future, no matter the circumstances. A great feature of this plan is that you can increase the sum assured for certain life events, such as marriage or the birth of a child. Life changes, responsibilities grow, and the coverage in this plan can also increase accordingly.
Women and non-smokers receive lower premium rates, making the plan even more affordable. And best of all, there’s no maximum limit on the sum assured. You can choose the amount of coverage you want.
Why are LIC’s two new plans special?
Today, people want insurance that fits their lifestyle. No complexities, no hidden rules, and no hassles. LIC has incorporated flexibility into these plans, recognizing this need. Protection Plus is for those who want to continue investing while enjoying protection, while Bima Kavach is for families who simply want solid protection.
Features like increasing and decreasing the cover, choosing the premium, getting additional amount in maturity benefit and taking death benefit as per your choice in both these plans put them in a different league.
