The Life Insurance Corporation of India (LIC) has launched Protection Plus (Plan 886) and Bima Kavach (Plan 887). They are totally different beasts. Here’s the reporter’s field notes on what they are and who they’re for.

Also Read |EPFO Alert: You Could Get ₹28,000. Check Your PF Balance Now

1. Protection Plus (Plan 886): The Investor’s Choice

This is a Unit-Linked, Non-Participating Life Insurance Plan (ULIP). Let’s be real, this is insurance with a strong side of market investment.

• The Vibe: Life cover plus investment. You choose the fund; the return is tied to the market. High risk, high potential reward.

• The Flex: You decide the premium amount. You can pay regularly or for a limited period. Here’s the kicker: you can also pay top-up premiums to boost your investment and make partial withdrawals after five years for that emergency cash.

• The Coverage:

  • Entry Age: 18 to 65 years.

  • Sum Assured: Linked to premium and age (7x annual premium for under 50; 5x for 50+).

  • Maturity: You get the total unit fund value (base + top-up funds). This is a survival benefit—you get back the investment portion.

Also Read |EPFO Alert: You Could Get ₹28,000. Check Your PF Balance Now

2. Bima Kavach (Plan 887): Pure Protection

This is a Non-Linked, Non-Participating, Pure Protection Plan (Term Plan). This is insurance in its rawest form: guaranteed payout if you die, no market risk, and no investment return if you survive.

• The Vibe: Financial support for your family. The benefits are fixed and guaranteed; they don’t depend on market performance, or nothing.

• The Muscle: The minimum cover is a whopping ₹2 Crore. There is no upper limit on the maximum sum assured, allowing individuals to secure massive coverage.

• The Flex: You choose the death benefit:

  • Level Sum Assured: Stays constant throughout the policy.

  • Increasing Sum Assured: Grows gradually over the years to keep up with inflation.

• The Coverage:

  • Entry Age: 18 to 65 years.

  • Maturity Age: Protection can run until a maximum age of 100 years, giving truly long-term security.

  • Survival Benefit: None. This is pure term insurance.

The Key Difference (For Financial Planning)

Ultimately, Protection Plus is for those who want to save long-term and are fine with market fluctuations. Bima Kavach is for those who want the maximum, guaranteed safety net for their family, simple as that.

Also Read |EPFO Alert: You Could Get ₹28,000. Check Your PF Balance Now

Disclaimer: This information is based on LIC’s public plan documents. Always read the full sales brochure and consult a financial advisor before purchasing any insurance plan.

MAKE rightsofemployees


MY TRUSTED SOURCE

The post LIC Launches Protection Plus & Bima Kavach: New Plans first appeared on Rightsofemployees.com.

According to the information received from LIC, you can start your old policy till October 24 . For this, you will have to pay late fine and premium, only then your policy will be able to start

Policy can be revived 

LIC has started this discount offer for such policy holders who were unable to deposit the premium due to some reason. Because of which his insurance policy was closed. LIC said by tweeting that policyholders can get their discontinued policies revived.

According to LIC , a discount offer is being offered to policyholders under this plan. If your policy premium is Rs 1 lakh or less, then you will be given 25% rebate in late fee. The maximum discount will be Rs 2,500. If the premium is between Rs 1 to 3 lakh, then the amount of discount has been fixed at Rs 3,000. If the premium of the policy is more than Rs 3 lakh, then there will be a discount of up to Rs 3,500 on it.

ULIP plans cannot be revived Policyholders can get all their policies revived except ULIPs and high risk policies. According to LIC, apart from the ULIP plan, all types of policies have been given a chance to revive, but some conditions have been kept in this too. As the same policy will be able to be started again. Whose premium must have been deposited at least 5 years back.

The post LIC Policy holders Big Alert! Do this work by October 24, otherwise you will not get money first appeared on Rightsofemployees.com.