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 + savingso 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 coverageo 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.
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