HYDERABAD: Life Insurance Corporation of India (LIC) has launched two new plans — Protection Plus (Plan 886) and Bima Kavach (Plan 887) — aimed at offering flexible life cover and long-term financial protection. LIC Managing Director and CEO R Doraiswamy unveiled the products on December 3.
Protection Plus is a non-par, linked savings plan that combines life cover with investment options. Policyholders can choose investment funds, adjust the sum assured, make top-up payments and withdraw partially after five years. Entry age ranges from 18 to 65, with policy terms up to 25 years.
Bima Kavach is a pure risk, non-linked plan offering fixed death benefits with options for level or increasing sum assured. Premiums can be paid as single, limited or regular, with cover available up to 100 years. The plan allows life-stage cover enhancement, instalment payouts and special premium rates for women and non-smokers.