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
| Plan | Age Limit | Term | Premium Type | Minimum Sum Assured | Extra Features |
|---|---|---|---|---|---|
| Protection Plus | 18–65 | 10, 15, 20, 25 years | 5, 7, 10, 15 years | 5–7 times annual premium | Top-up premium, fund choice, partial withdrawal |
| Bima Kavach | 18–65 | Up to 100 years | Single, limited, regular | Rs 2 crore | Level and increasing sum assured |
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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