LIC Launches Protection Plus And Bima Kavach To Offer Flexible Life Cover

Life Insurance Corporation of India (LIC) has introduced two new insurance products — Protection Plus (Plan 886) and Bima Kavach (Plan 887) — aimed at providing comprehensive life cover and long-term financial security. The launch was announced by LIC Managing Director and CEO R Doraiswamy on 3 December.

Protection Plus Offers Savings And Flexibility

Protection Plus is a non-participating, linked savings plan designed to combine life cover with investment opportunities. Policyholders can select from multiple investment funds, adjust their sum assured, make top-up contributions, and partially withdraw after five years. The plan accommodates entry ages from 18 to 65 and offers policy terms of up to 25 years, giving customers flexibility to tailor their coverage according to their financial goals.

Bima Kavach Focuses On Pure Risk Coverage

Bima Kavach is a non-linked, pure risk plan that provides fixed death benefits. Policyholders can choose between level or increasing sum assured options. The plan allows premiums to be paid as single, limited, or regular contributions, with coverage available up to 100 years of age. Additional features include the ability to enhance cover at different life stages, instalment payouts, and preferential premium rates for women and non-smokers.

Enhanced Benefits For Policyholders

Both plans aim to cater to varying customer needs, offering a mix of investment flexibility and risk protection. Protection Plus supports long-term wealth creation alongside life cover, while Bima Kavach ensures financial security for families through consistent risk coverage. LIC’s new offerings also emphasise convenience and accessibility, allowing policyholders to manage contributions and benefits according to changing life circumstances.

Strategic Move By LIC

The launch of Protection Plus and Bima Kavach reflects LIC’s strategy to diversify its product portfolio and strengthen its market presence. By combining modern features with flexible options, LIC aims to appeal to both traditional and younger customers seeking customised life insurance solutions.

Customer Accessibility And Options

Both plans provide multiple premium payment options and adjustable coverage features. These include partial withdrawals, top-ups, instalment disbursements, and coverage enhancements, making them suitable for individuals planning long-term financial security. The plans are also designed to accommodate diverse lifestyles, preferences, and risk appetites.