LIC’s new Bima Kavach plan is a pure term-insurance policy that gives very high life cover at a low premium, making it attractive for young earners and families.
1. What Is LIC Bima Kavach?
- It is a term plan (Plan 887) that only gives risk cover—there is no maturity or investment return, only a death benefit to your family if something happens to you.
- The minimum sum assured is ₹2 crore, and there is no fixed upper limit (subject to LIC’s medical and income checks).
2. Low Premium, High Cover
- Media examples show that for a young, healthy non‑smoker, the annual premium for ₹2 crore cover can start from under ₹1,000 per month (around ₹887 in some illustrations, depending on age, term, and options chosen).
- Because it is pure protection, the premium is much lower than traditional LIC endowment or money‑back policies for the same cover.
3. Who Can Buy It?
- Entry age: 18 to 65 years.
- Cover can continue up to age 100, with policy terms ranging roughly from 10 to 82 years depending on premium‑paying term.
- Special premium discounts are available for women and non‑smokers, making it cheaper for them.
4. Key Features in Simple Words
- Two cover options:
- Life‑stage option: you can increase cover when you get married or have children, without buying a new policy.
- Flexible premium payment: single pay, regular pay, or limited pay (5/10/15 years).
5. How to Buy – Online or Offline
- You can purchase Bima Kavach offline through any LIC branch or agent, or online via LIC’s website and ANANDA portal.
- For online purchase you generally need PAN, Aadhaar, income proof and medical tests as per LIC’s underwriting rules.
6. Who Is This Plan Good For?
- Young salaried people with parents, spouse or kids depending on their income.
- Families wanting at least ₹2 crore safety net at the lowest possible cost.
- Anyone who wants pure protection and is okay that there is no maturity money if they survive the policy term.
