LIC has released two new plans: Protection Plus and Bima Kavach. Protection Plus combines protection with savings, whereas Bima Kavach is a pure life insurance plan that provides significant financial security for the family.
LIC has two new plans
LIC, India’s largest insurance firm, has announced two new insurance products for its customers: Protection Plus and Bima Kavach. Both strategies are intended to be adjusted to people with varying needs. Customers will receive both protection and savings.
The goal of these two plans is to give consumers with insurance that is simple to comprehend, has many of advantages, and provides long-term security.
Protection Plus: The combined benefits of security and savings.
This plan is excellent for those looking to combine life insurance and a little investment. Protection Plus is a linked savings plan that invests your money in the market. This includes both protection and opportunity for expansion.
This plan’s major feature is the ability to increase or lower your Sum Assured later. Other plans often do not provide this level of freedom. You also have the opportunity to withdraw cash after five years, offering financial assistance in times of need.
This plan is unique for customers because you can select the premium based on your budget and needs. LIC determines your coverage appropriately. Everything is clear and uncomplicated from the beginning.
Benefits of LIC Protection Plus
The main benefit of this plan is that it can be tailored to each period of your life. For example, if your income rises, you can boost the fund’s value by paying a top-up premium. If you require a bigger Sum Assured later, you may increase it. The best part? Mortality expenses incurred during the insurance period are refunded at maturity. This means that the money you paid for life insurance is also repaid.
Bima Kavach: A Plan for Family Protection.
Let’s discuss about LIC’s second plan, Bima Kavach. It’s a simple but effective Pure Risk Plan. This means that if something bad happens to the policyholder, their family will receive quick cash support. It makes no difference whether the market goes up or down.
The most significant advantage of this plan is that you can select between two types of death benefits. You can pick between a fixed sum assured and a rising sum assured, which increases each year. For those concerned about future inflation, the increased coverage is especially beneficial.
This strategy can be taken till the age of 100. This means that the longer you live, the longer you’ll be protected. You can receive the death benefit in one lump sum or in installments.
Benefits of LIC Bima Kavach
This strategy is especially beneficial for families who seek a secure future regardless of the circumstances. One of the best features of this plan is the ability to boost the sum promised for specific life events, such as marriage or childbirth. Life changes, obligations rise, and the coverage under this plan can be adjusted accordingly.
Women and nonsmokers have lower premiums, making the plan even more reasonable. And, best of all, there is no maximum sum assured. You can choose the level of coverage you require.
Why are LIC’s two new programs so special?
People today demand insurance that is tailored to their specific lifestyle. There are no complexity, secret rules, or difficulties. LIC has recognized the importance of flexibility in these schemes. Protection Plus is for those who want to continue investing while also receiving protection, whilst Bima Kavach is for families that simply want reliable protection.
Features such as expanding and decreasing the cover, selecting the premium, receiving an additional amount in maturity benefit, and taking the death benefit of your choice distinguish both of these policies.
