LIC launches two new plans, offering savings on insurance, specifically designed to protect the entire family.

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 customizable for individuals 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: 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 funds to grow by connecting to the market, providing both protection and growth.

A key feature of this plan is that you can increase or decrease your Sum Assured at a later date. This flexibility is not typically available in other plans. It also offers the option to withdraw funds after five years, providing financial support when needed.

This plan is unique to the customer because you choose the premium based on your budget and needs. LIC determines your cover accordingly. Everything is transparent and simple from the start.

Advantages of LIC Protection Plus

The biggest advantage of this plan is that it can adapt to every phase 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 at maturity. This means that the amount you pay for life cover is also returned at the end.

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 unfortunate happens to the policyholder, their family receives immediate financial security. 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. The increasing cover is especially useful for those who are worried about future inflation.

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 want to receive the death benefit in a lump sum or in installments is your choice.

Benefits of LIC Insurance Cover

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 most importantly, there is 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, understanding this very need. Protection Plus is for those who want to invest while remaining protected, while Bima Kavach is for families who simply want guaranteed protection.

Features like increasing and decreasing cover, choosing premiums, receiving additional maturity benefits, and customizing death benefits in both plans put them in a different league.

FAQs

1. Which two new plans has LIC launched?
Protection Plus and Bima Kavach are both designed for different needs.

2. Who is Protection Plus suitable for?
For those who want both savings and protection.

3. Can the cover be increased in Bima Kavach?
Yes, the Sum Assured can be increased for specific life events.

4. Are the premiums flexible in both plans?
Yes, both the premium and payment terms can be changed.

5. Which plan is best for family protection?
Bima Kavach is a pure protection plan and offers better protection for the family.