LIC introduces two new schemes offering enhanced security and savings

The Life Insurance Corporation of India (LIC) has launched two new public schemes—Protection Plus and Bima Kavach. These plans offer life-insurance coverage along with guaranteed savings. Protection Plus focuses on long-term wealth creation, whereas Bima Kavach provides comprehensive risk protection.

According to LIC, both products are designed to be simple, beneficial, and reliable long-term solutions intended to safeguard policyholders and their families during difficult situations.

Table: Key Features of the Two Plans

Protection Plus Summary

This scheme merges insurance with market-linked investment, offering higher return potential than traditional LIC policies. A partial withdrawal option becomes available after five years. Upon maturity, policyholders receive the entire unit-fund value. In case of death, nominees receive both the sum assured and the fund value.

Bima Kavach Summary

This is a pure-risk, non-participating policy without any savings component. It provides a fixed death benefit and supports single, limited, and regular premium payment modes. The minimum sum assured is Rs 2 crore.

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