The Life Insurance Corporation of india (LIC) has introduced two new insurance plans aimed at providing financial security and savings for families: Protection Plus and Bima Kavach. These plans are designed to cater to different needs, whether you are looking for a combination of insurance and savings or a pure life cover.
1. Protection Plus
· Type of Plan: Combination of protection and savings
· Features:
o Offers a life cover to safeguard your family financially in case of an unfortunate event.
o Includes a savings component, allowing you to accumulate wealth over the policy term.
o Maturity benefits ensure that even if nothing happens during the policy term, the invested amount grows with bonuses.
· Benefits:
o Dual advantage of protection + savings
o Suitable for long-term financial planning, including children’s education or family needs
2. Bima Kavach
· Type of Plan: Pure life insurance / term plan
· Features:
o Provides high life cover at affordable premiums.
o Designed to secure the financial future of your family in the event of the policyholder’s death.
o Flexibility in choosing policy term and sum assured as per family needs.
· Benefits:
o Affordable term insurance with strong coverage
o Simple, straightforward protection without additional investment components
Why These Plans Are Important
· Financial Security for Families: Ensures family members are protected even in unforeseen circumstances.
· Savings and Investment: Protection Plus allows policyholders to grow wealth over time.
· Affordable Premiums: Both plans are designed to provide maximum coverage at reasonable costs.
· Flexibility: Policyholders can choose coverage amounts and terms according to their budget and needs.
Who Should Consider These Plans
· Young families planning for children’s education or future financial security.
· Individuals seeking affordable term insurance without investment components (Bima Kavach).
· Policyholders looking for combined savings and protection (Protection Plus).
Bottom Line
LIC’s new Protection Plus and Bima Kavach plans provide tailored solutions for securing your family’s financial future. Whether you want a pure life cover or a mix of insurance and savings, these plans offer flexible and affordable options to meet your needs.
Choosing the right plan depends on whether you prioritize pure protection or a combination of savings and protection.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
click and follow Indiaherald WhatsApp channel