LIC Bima Kavach: High-Value Term Insurance Plan Explained

Discover LIC’s Bima Kavach – a pure risk term insurance plan offering coverage up to ₹2 crore, flexible premium options, life stage enhancements, and instalment payouts. Learn key features, eligibility, benefits, and why it’s ideal for long-term financial protection.

Here’s a clear summary of the LIC Bima Kavach plan.

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LIC Bima Kavach: High-Value Term Insurance Plan Explained

🌟 Key Features

  • Pure risk life insurance plan (non-linked, non-participating).
  • Provides financial protection to family in case of death during policy term.
  • Choice of two death benefit options:
    • Level Sum Assured (fixed cover).
    • Increasing Sum Assured (cover grows annually up to double).
  • Premium payment flexibility: Single, Regular, or Limited (5, 10, 15 years).
  • Coverage available up to 100 years of age.
  • Options:
    • Enhance cover at life stage events (marriage, childbirth).
    • Death benefit payable in instalments (5/10/15 years).
  • Special rebates: high sum assured discounts, online purchase rebate, smoker/non-smoker rates.
  • No maturity benefit (pure risk cover only).

👤 Eligibility

  • Entry age: 18–65 years (case-by-case above 60).
  • Maturity age: 28–100 years.
  • Minimum sum assured: ₹2 crore; no maximum limit (subject to underwriting).
  • Policy term: 10–82 years, depending on premium type.

💰 Benefits

  • Death Benefit:
    • Regular/Limited premium: higher of 7× annual premium, 105% of premiums paid, or sum assured.
    • Single premium: higher of 125% of single premium or sum assured.
  • Maturity Benefit: None.
  • Rider Option: Accident Benefit Rider available.
  • Life Stage Option: Increase cover at marriage or birth of children.
  • Installment Option: Death benefit can be received in instalments.

📊 Premiums (Illustrative for ₹2 crore cover, non-smoker male, 20-year term)

  • Age 20: Regular premium ~₹12,600; Single premium ~₹1.34 lakh.
  • Age 30: Regular premium ~₹19,000; Single premium ~₹2.04 lakh.
  • Age 40: Regular premium ~₹43,600; Single premium ~₹4.75 lakh.
  • (Higher for Increasing Sum Assured option).

⚖️ Other Conditions

  • Grace period: 30 days for regular/limited premiums.
  • Revival possible within 5 years (interest ~9.5% p.a.).
  • No paid-up value; limited surrender value in some cases.
  • No loan facility.
  • Free look period: 30 days.
  • Suicide exclusion: limited payout if death occurs within 12 months.
  • Tax benefits as per prevailing laws.

👉 In short: LIC Bima Kavach is a high-value, pure protection plan with flexible premium options, large minimum cover (₹2 crore), and unique features like life stage enhancement and instalment payouts. It’s designed for individuals seeking substantial risk cover without savings or investment components.

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