Lic Scheme: Life Insurance Corporation of India i.e. LIC has recently launched its new ‘Bima Kavach’ plan keeping in mind the financial security of the common people. This is a non-linked plan, which is perfect for those who want to create a strong safety net for their family by avoiding the risks of the stock market. This plan not only protects the present but also gives guaranteed protection for the entire hundred years.
Your insurance will grow with your needs
Coverage will increase with increasing responsibilities. Generally, the amount of a ten-fifteen year old policy becomes less as per today’s inflation. Finding a solution to this, LIC has introduced an excellent option of ‘increasing sum insured’. As your age and family responsibilities increase, your insurance cover also increases proportionately. This ensures that in case of any unexpected crisis in future, the family gets adequate amount of money even in times of inflation.
Guaranteed security will be available for 100 years
Lifetime risk cover till the age of 100 While most ordinary term insurance plans end at the age of sixty or seventy, the ‘Bima Kavach’ policy guarantees lifetime risk protection till the age of a hundred. This is such a protective shield that will not allow the financial wall of the family to weaken whether you are there or not. For the convenience of customers in today’s busy life, there is also an option to buy this policy online sitting at home.
Special feature of ‘Life Stage Event’
Additional security on marriage and child birth: At every important stage of life, like marriage or birth of a child, responsibilities naturally increase. Understanding this human aspect, LIC has included a special feature of ‘Life Stage Event’. Under this, you can increase your cover on these important occasions as per your future needs. However, this benefit will be available only to those below forty years of age who have opted for the same sum assured with regular premium.
Flexibility in premium payment also
Convenience in premium payment and exemption for non-smokers. Every person’s income flow is different, hence the company has kept a lot of flexibility in premium payment. You can choose from single premium, regular installments or a limited tenure of five, ten and fifteen years. Any healthy person between the age of eighteen to sixty-five years can take this scheme after medical examination. Apart from this, the company also honors those who do not smoke by giving them special discounts in premium, which provides more benefits at less cost.