LIC Scheme: You will get protection for 100 years, insurance cover will automatically increase as soon as the responsibility of children comes!
Recently, LIC launched the "Bima Kavach" plan for the general public, which offers guaranteed protection for up to 100 years. The key feature of this policy is that your insurance cover will automatically increase with increasing responsibilities, such as marriage and the birth of children. People between the ages of 18 and 65 can avail of it, and non-smokers receive a special premium discount.
LIC Scheme: The Life Insurance Corporation of India (LIC) recently launched its new "Bima Kavach" plan, designed to provide financial security to the general public.
This non-linked plan is ideal for those who want to protect their families from stock market risks and build a strong security net. This plan not only secures the present but also provides guaranteed protection for a full 100 years.
Your insurance will grow with your needs.
Coverage will increase with increasing responsibilities. Typically, the sum assured in a policy ten to fifteen years old falls short of today's inflation. To address this, LIC has introduced the innovative "Increasing Sum Assured" option.
As you age and your family responsibilities increase, your insurance cover increases proportionately. This ensures that your family has adequate funds in case of any future unexpected crisis, even in times of inflation.
Guaranteed security for 100 years
Lifetime risk cover up to age 100. While most standard term insurance plans expire at age sixty or seventy, the "Bima Kavach" policy guarantees lifetime risk protection up to age 100.
This is a protective shield that will ensure your family's financial well-being, whether you are alive or gone. For customer convenience in today's fast-paced lives, there's also the option to purchase this policy online from the comfort of your home.
Special Feature of 'Life Stage Event'
Additional protection on marriage and childbearing: Every important stage in life, such as marriage or the birth of a child, naturally increases responsibilities. Recognizing this human aspect, LIC has incorporated a special feature called "Life Stage Events."
Under this feature, you can increase your cover during these important events to meet your future needs. However, this benefit is only available to individuals under the age of forty who have opted for the same sum assured with regular premiums.
Flexibility in premium payment
Premium Payment Flexibility and Discounts for Non-Smokers Each individual's income flow varies, so the company has offered considerable flexibility in premium payment. You can choose from a single premium, regular installments, or a limited term of five, ten, or fifteen years.
Any healthy individual between the ages of eighteen and sixty-five can avail this plan after a medical examination. Furthermore, the company rewards non-smokers with special premium discounts, providing greater benefits at a lower cost.
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