Life Insurance Corporation of India (LIC) Launches Protection Plus and Bima Kavach Plans

Key facts

• Life Insurance Corporation of India (LIC) launched two new insurance plans: Protection Plus (Plan 886) and Bima Kavach (Plan 887).
• LIC's Protection Plus (Plan 886) is a non-participating, linked life insurance plan with a minimum entry age of 18 years and a maximum entry age of 65 years.
• The minimum basic sum assured for Protection Plus is 7 times or 5 times the annualized premium for entry ages less than 50 years and 50 years and above, respectively.
• Protection Plus offers premium paying terms of 5, 7, 10, and 15 years for policy terms of 10, 15, 20, and 25 years, allowing partial withdrawals after 5 years.
• LIC's Bima Kavach (Plan 887) is a non-participating, non-linked, individual life insurance plan offering pure risk protection.
• The minimum entry age for Bima Kavach is 18 years (last birthday), and the maximum entry age is 65 years (last birthday).
• The minimum basic sum assured for Bima Kavach is ₹2,00,00,000 (₹2 crore).
• Bima Kavach offers single, limited (5, 10, and 15 years), and regular premium payment options, with two death benefit options: level sum assured and increasing sum assured.
• The maximum policy term for Bima Kavach is 82 years, subject to a maximum age at maturity of 100 years.