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India's largest insurance company LIC has recently introduced two new schemes. These include LIC Protection Plus (Plan 886) and LIC Bima Kavach (Plan 887). Both the plans have been made keeping in mind different needs. One plan is for those who want the facility of savings and investment along with insurance, while the other plan provides completely pure life cover.

LIC's Protection Plus – Life cover along with savings

LIC Protection Plus is a non-participating, linked life insurance plan, in which you get the opportunity to invest along with getting life cover. The specialty of this plan is that the person taking the policy can choose the investment fund of his choice, can increase or decrease the basic sum assured as per his need and if he wants, he can also deposit additional top-up premium. Not only this, partial withdrawal facility is also available after 5 years of inception of the policy, which makes it easy to withdraw money when needed.

Policy Term for LIC Protection Plus

The minimum age for entry into this plan has been kept at 18 years and maximum age at 65 years. The policy term can be chosen from 10, 15, 20 and 25 years and accordingly the premium payment period i.e. PPT can also vary. There is no maximum limit on the premium, but it depends on the underwriting policy of LIC.

The sum assured also depends on age, starting from 7 times the annual premium for those below 50 years of age and 5 times for those 50 years and above. The amount received on maturity is equal to the value of your unit fund, which includes both base and top-up funds.

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LIC's Bima Kavach – provides guaranteed protection to the family

LIC's Bima Kavach (Plan 887) is a non-linked and non-participating plan, that is, the risk cover in it is completely fixed and guaranteed. This scheme is designed for those who just want to protect their family without the hassle of much investment. In this plan, the policyholder can decide as per his choice whether he wants the same sum assured for the entire term or an increasing sum assured with time.

Policy Term of LIC Bima Kavach

The minimum entry age in Bima Kavach is 18 years and maximum age is 65 years. The maturity age of the policy can go up to 100 years, making it even more special for those looking for long term protection. The minimum sum assured in this plan is ₹2 crore, which places it in the high-coverage category. The premium payment options are also quite flexible in which single premium, limited payment (5, 10 or 15 years) and regular pay can be chosen. The policy term also depends on the method of premium payment and can range from 10 years to 82 years.