In December 2025, the Life Insurance Corporation of India (LIC) ,India’s largest insurance company, launched two new insurance products for the domestic market, ‘Protection Plus (Plan 886)’ and ‘Bima Kavach (Plan 887)’, aimed at enhancing financial security and offering flexible savings or pure‑risk cover options to individuals.
Exam Hints:
- What? Launch of 2 Insurance Products
- Who? Life Insurance Corporation of India (LIC)
- Name of Products :Protection Plus (Plan 886) & Bima Kavach (Plan 887)
- Protection Plus:
- Linked savings + life cover,
- Entry age 18–65 years,
- Partial withdrawals after 5 years,
- PPT 5–15 years,
- Max maturity age up to 90 years.
- Bima Kavach:
- Pure risk plan
- Entry age 18–65 years (60+ case by case),
- Maturity age 28–100 years,
- Minimum sum assured Rs.2 crore
- Special premiums for women & non-smokers.
About Protection Plus:
Type & Coverage: Non-Participating, Linked, Life, Individual Savings Plan that combines life insurance protection with savings opportunities.
Entry Age: The minimum age to enroll is 18 years, and the maximum age at entry is 65 years.
Investment & Flexibility: Policyholders can choose the investment fund type, adjust the sum assured, and make top-up premium payments.
Premium Flexibility & Withdrawals: Policyholders can make partial withdrawals after five years, with flexible base premiums payable either regularly or for a limited period.
- Premium Paying Terms (PPT) of 5, 7, 10, or 15 years are available for policy terms of 10, 15, 20, and 25 years.
Premium Limits: The minimum premium varies based on the PPT and mode of payment, while there is no maximum premium limit.
Maturity Age: The maximum age at maturity depends on the policy term, reaching up to 90 years for a policy with a 25-year term.
Benefit: Provides financial flexibility for long-term savings and insurance coverage.
About Bima Kavach:
Type & Coverage: Non-Participating, Non-Linked, Life, Individual Pure Risk Plan providing financial protection to the family in case of the insured’s unfortunate death during the policy term.
Entry Age: Minimum age at entry is 18 years and maximum age is 65 years (last birthday).
- Applicants aged 60 years and above will be considered case by case, subject to underwriting and reinsurance approval.
Maturity Age: Minimum age at maturity is 28 years, and maximum age at maturity is 100 years (last birthday).
Death Benefits: Offers Level Sum Assured or Increasing Sum Assured, with the option to receive benefits in installments.
Premium Payment : Policyholders can choose from a single premium, limited premium payment (5, 10, or 15 years), or regular premium options.
Sum Assured: The minimum basic sum assured is Rs.2 crore, with no upper limit, depending on underwriting norms.
Policy Term: The maximum policy term is 82 years, subject to a maximum age at maturity (cover ceasing age) of 100 years.
Special Premiums: Women and non-smokers are offered special premium rates, making the plan more affordable for these categories.
Enhancement: Life cover can be enhanced at predefined life-stage events, such as marriage or childbirth, under Level Sum Assured with regular premium.
About Life Insurance Corporation of India (LIC):
Chief Executive Officer (CEO) & Managing Director (MD)– R. Doraiswamy
Headquarters– Mumbai, Maharashtra
Established– 1956
