New Delhi: Life Insurance Corporation of India (LIC) on Wednesday launched two new insurance products—LIC’s Protection Plus and LIC’s Bima Kavach—aimed at offering flexible savings-linked coverage and long-term risk protection.
The plans were unveiled by R Doraiswamy, CEO & MD, LIC.
LIC’s Protection Plus is a non-participating, linked individual life insurance-cum-savings plan that combines life cover with investment flexibility.
Policyholders can choose investment funds, vary the sum assured, make top-up premium payments and opt for partial withdrawals after five years. Entry age ranges from 18 to 65 years, with policy terms of 10 to 25 years and premium-paying terms of 5, 7, 10 or 15 years. On maturity, the unit fund value is paid along with a refund of mortality charges.
LIC’s Bima Kavach is a non-linked, non-participating pure risk plan offering guaranteed death benefits. It provides options for level or increasing sum assured, flexible premium payment modes, and policy terms extending up to age 100. The plan also allows enhancement of cover at key life-stage events such as marriage or childbirth.
Special premium rates are available for women and non-smokers, along with benefits for high sum assured policies.
Further details are available on LIC’s website.