Source: TNIE
Context:
The Life Insurance Corporation of India (LIC) has launched two new life insurance plans aimed at providing savings and risk coverage to individuals and their families.
Key Features:
- LIC Protection Plus (Plan 886)
- A linked savings plan that combines life cover with investment options.
- Policyholders can pick from investment funds, adjust the sum assured, make top-up payments, and avail partial withdrawals after five years.
- Entry age: 18 to 65 years; policy term up to 25 years.
- Type: Non-par, linked, life, individual savings plan
- Bima Kavach
- A pure risk, non-linked plan offering fixed death benefits.
- Offers either a level or increasing sum assured, depending on preference.
- Premium payment options: single, limited, or regular — with coverage potentially lasting up to 100 years.
- Type: Non-par, non-linked, life, individual, pure risk plan
- Special Features: Offers lower premium rates for women and non-smokers.
