news details |
|
|
| LIC of India introduces new plans -LIC’s Protection Plus (Plan 886), LIC’s Bima Kavach (Plan 887) | | | 
early times report
New Delhi, Dec 16: Shri R. Doraiswamy, CEO & MD, Life Insurance Corporation of India launched two new plans, LIC’s Protection Plus (UIN: 512L361V01) & LIC’s Bima Kavach (UIN: 512N360V01).
LIC’s Protection Plus (Plan 886)
LIC’s Protection Plus is a Non Par, Linked, Life, Individual, Savings Plan which offers life insurance cover cum savings throughout the term of the policy.
Besides providing life insurance cover, it offers flexibility to choose the type of investment fund, increase/ decrease the Sum Assured and pay “top-up” premiums. Partial withdrawal is allowed after 5 years from the date of commencement.
Under this plan the proposer can choose the amount of premium he/she desires to pay based on which, the Basic Sum Assured will be decided. The Base premium can be paid as Regular Pay or Limited Pay.
A few plan parameters:
• Minimum Age at entry is 18 years while the maximum age at entry is 65 years.
• Option of Premium Paying Term (PPT) of 5, 7, 10 and 15 years is available for Policy Terms of 10, 15, 20
and 25 years. • While minimum premium depends on the PPT and mode of payment, there is no limit for Maximum Premium. However the maximum premium allowed to each individual is subject to underwriting decision as per the Board Approved Underwriting Policy.
• The Minimum Basic Sum Assured allowed is 7 times or 5 times the annualized premium for age at entry less than 50 years, and 50 years and above respectively. The maximum Basic Sum Assured will depend on the age at entry and PPT.
• The Maximum age at maturity depends on the policy term which can go up to 90 years for a policy term of 25 years.
• There is an option for the policyholder to pay an additional amount along with the regular premium by
way of “Top-up” premium (subject to conditions).
• There is also a provision for the policyholder to increase or decrease the sum assured during the policy
term (subject to conditions).
PRESS RELEASE 03.12.2025 – PAN INDIA
• On the survival of the Life Assured on the date of Maturity, an amount equal to Unit Fund Value which isthe sum of the Base Premium Fund Value and Top-up Premium Fund Value (if any) as on date of maturityshall be payable.
• Mortality Charges recovered during the term of the policy shall be refunded along with the maturity benefit.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
