LIC introduces Protection Plus & Bima Kavach

Mumbai, Dec 04

LIC of India has introduced two new plans - Protection Plus (Plan 886) & Bima Kavach (Plan 887).

R. Doraiswamy, CEO & MD, Life Insurance Corporation of India launched the two new plans.

Protection Plus is a Non Par, Linked, Life, Individual, Savings Plan which offers life insurance cover cum savings throughout the term of the policy.

Apart from providing life insurance cover, it offers flexibility to choose the type of investment fund, increase/decrease the Sum Assured and pay “top-up” premiums. Partial withdrawal is allowed after 5 years from the date of commencement.

Under this plan the proposer can choose the amount of premium he/she desires to pay based on which, the Basic Sum Assured will be decided. The Base premium can be paid as Regular Pay or Limited Pay.

Bima Kavach is a Non Par, Non Linked, Life, Individual, Pure Risk Plan which provides financial protection to the family of the insured in case of his/her unfortunate death during the policy term. Under this plan, the death benefits are fixed and guaranteed, regardless of the actual experience.

Bima Kavach offers flexibility to choose from two Death Benefit options – Level Sum Assured and Increasing Sum Assured. It also offers flexible premium payment options – Single, Limited and Regular. The Life Assured can select a policy term which can extend up to 100 years, ensuring long-term protection. There is also an option to receive

the benefits in installments, providing added financial convenience. Another key highlight of this plan is the option available to the Life Assured to enhance the life cover at predefined life-stage events (e.g. marriage or birth of a child) which is available under the Level Sum Assured option with regular premium payment.

Special premium rates are offered for women and non-smokers under Bima Kavach, making the coverage more

affordable for these categories of lives. Additionally, the plan provides a High Sum Assured Benefit, offering extra value to individuals opting for a larger life cover.