LIC’s ‘Bima Kavach’
Lic plan: The country’s most trusted insurance company, Life Insurance Corporation of India (LIC) has launched its new plan ‘Bima Kavach’. This plan has brought a sigh of relief for those employed and common people, who want to create a solid security cover for their family by staying away from the ups and downs of the market (Non-Linked). This is a plan that not only secures your today, but also provides guaranteed security for your family’s future for up to 100 years.
Your insurance will ‘grow’ with your needs
Usually we take a policy and after 10-15 years that amount starts decreasing due to inflation. But in ‘insurance cover’ LIC Has found a very practical solution to this problem. In this scheme, customers have been given freedom to choose. You can choose ‘Level Sum Assured’ as per your convenience, or you can choose ‘Increasing Sum Assured’ option.
The option of increasing the sum insured is a very wise step in today’s times. As your age increases and responsibilities come, your cover also increases proportionately. This simply means that if any unexpected crisis befalls the family in the future, the financial help they will receive will be sufficient according to the inflation and needs of that time. You can also buy it online sitting at home, which is a big convenience in the digital world.
Protection up to 100 years
Most term plans last only till the age of 60 or 70 years, but LIC has won here. This plan gives you ‘Life-long Risk Cover’ till the age of 100 years. This means that whether you stay or not, the wall of protection of your family will never weaken.
The company has also shown great flexibility regarding premium. Everyone’s income flow is different, keeping this in mind you can pay the premium in one lump sum (Single Premium) or you can pay it regularly. If you do not want to pay installments for a long period, you also have the option to go free by paying the premium for a limited period of 5, 10 or 15 years. This facility is best for those who want to be free from all their liabilities before retirement.
Security will increase during marriage and birth of children
Life is not a straight line; There are many stages in this. When you get married or the laughter of a small guest echoes in the house, then obviously the responsibilities increase. LIC has included this humanitarian aspect in its plan. There is a special feature of ‘Life Stage Event’ in ‘Bima Kavach’.
Under this, you can increase your insurance cover at these important junctures of life. However, this facility is only for those who are below 40 years of age and have chosen the ‘Same Sum Assured’ option with regular premium.
Who can take this armor?
There are some basic conditions to avail the benefits of this scheme. The age of the applicant should be between 18 to 65 years and it is mandatory for him to be healthy, for which he will have to go through the process of medical checkup. One good thing is that if you are a non-smoker, the company rewards you by giving you a discount in the premium, that is, more benefits for less money.
Also read- Post Office’s MIS or LIC’s Jeevan Shanti Scheme, which one is better for you?