LIC launches Protection Plus and Bima Kavach life insurance plans

Protection Plus (Plan 886)

Protection Plus is a non-participating, linked individual savings plan that combines market-linked investment features with life insurance. The plan allows policyholders to select the investment fund, adjust the sum assured during the policy term, and make top-up premium contributions in addition to the base premium.

Partial withdrawals are permitted after five years of policy commencement.

Key parameters include:

• Entry age: 18 to 65 years
• Premium payment options: Regular and limited pay; PPTs of 5, 7, 10 and 15 years
• Policy terms: 10, 15, 20 and 25 years
• Minimum basic sum assured: 7 times annual premium for entrants below 50; 5 times for entrants 50 and above
• Maximum maturity age: Up to 90 years, depending on policy term
• Premium range: No upper limit, subject to underwriting guidelines

On maturity, the unit fund value—including both base and top-up fund values—is paid to the policyholder. Mortality charges deducted over the policy term are refunded along with the maturity amount.

Bima Kavach (Plan 887)

Bima Kavach is a non-linked, non-participating pure risk plan designed to offer fixed and guaranteed death benefits irrespective of experience. It provides two benefit structures—Level Sum Assured and Increasing Sum Assured—and offers flexibility through single, limited, and regular premium payment options. Benefits may also be received in instalments instead of a lump sum.

The plan allows life-stage benefit enhancements under the Level Sum Assured option with regular premiums, enabling policyholders to increase coverage after events such as marriage or the birth of a child.

Key parameters include:

• Entry age: 18 to 65 years (cases above 60 subject to underwriting and reinsurance)
• Maturity age: 28 to 100 years
• Minimum sum assured: ₹2 crore; no maximum limit subject to underwriting
• Policy term:
• Single premium – minimum 10 years
• Limited premium (5, 10, 15 years) – minimum terms of 10, 15, 20 years respectively
• Regular premium – minimum 10 years
• Maximum policy term: 82 years, subject to a maximum maturity age of 100

The product offers special premium rates for women and non-smokers, and a high sum assured benefit for individuals opting for larger covers.