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LIC’s Bima Kavach is a non-linked, non-participating individual life insurance plan designed primarily for high-value life protection. It offers a minimum Basic Sum Assured of ₹2 crore, with higher cover subject to LIC’s underwriting rules and acceptance. Policyholders can select a Level Sum Assured, where the basic death cover remains level, or an Increasing Sum Assured option, where the death cover increases according to the policy schedule. Premium payment options include Regular Premium, Limited Premium and Single Premium, with permitted policy terms depending on the payment option selected. The plan is intended to provide a death benefit during the policy term and does not provide a maturity benefit if the insured survives until maturity. LIC’s Accident Benefit Rider (UIN 512B203V03) is an optional additional benefit under eligible Regular and Limited Premium policies; it is not available under Single Premium policies. Rider eligibility, premium-paying-term requirements and age limits apply.
High-value pure term cover with level or increasing Sum Assured and an optional Accident Benefit Rider on eligible premium-payment options.
Bima Kavach may be relevant to people who need a substantial level of life cover and want a choice between level and increasing death benefits. Its ₹2 crore minimum cover means it is not aimed at buyers looking for small entry-level policies. The Increasing Sum Assured option can raise the scheduled death cover over time, while the Level option maintains the selected Basic Sum Assured. The optional Accident Benefit Rider provides an additional lump-sum benefit for an eligible accidental death claim, but only if the rider has been selected and is in force. The rider has specific eligibility conditions: it is unavailable on Single Premium policies, and the outstanding premium-paying term must meet the required minimum. This is pure-risk insurance, so survival to maturity does not produce a maturity payout. The final premium depends on factors such as age, cover, policy term, benefit option, payment mode and underwriting; obtain a personalised quotation from LIC rather than relying on an unverified starting premium.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
95.8% CSR, calculated as a 3-year average
LIC settles 95.8% of all claims it receives, demonstrating strong credibility.
Contact Details
022-6827 6827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
The minimum Basic Sum Assured is ₹2 crore. Higher cover may be considered subject to LIC’s underwriting and acceptance.
The actual amount offered depends on eligibility and underwriting.
Under the Level Sum Assured option, the absolute amount assured on death remains at the selected Basic Sum Assured, subject to the policy terms.
The amount payable is determined by the applicable death-benefit formula.
Under the Increasing Sum Assured option, the absolute amount assured on death increases according to the policy schedule.
The increases and any applicable limits depend on the selected option and policy year.
Premiums are payable throughout the selected premium-paying term under the Regular Premium option.
The permitted policy term is subject to the plan’s minimum-term and maximum-age rules.
The plan offers Limited Premium payment options, with the available premium-paying term depending on the option selected.
The policy term must meet the applicable minimum for that premium-paying option.
UIN 512B203V03. When the rider is selected and is in force, an eligible accidental death occurring within 180 days of the accident can trigger an additional lump-sum payment equal to the Accident Benefit Sum Assured.
Available only under eligible Regular and Limited Premium policies, not Single Premium policies. It can be opted for at inception or later under an in-force policy during the premium-paying term, provided at least 5 years of premium-paying term remain and the applicable entry-age limit is met. Rider cover ends at the end of the base policy premium-paying term or before the policy anniversary on which the life assured’s age nearest birthday is 70, whichever is earlier. The maximum age at rider entry is 65 years nearest birthday. Additional premium applies.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
LIC Bima Kavach is a non-linked, non-participating individual life insurance plan designed to provide high-value life protection during the policy term.
The minimum Basic Sum Assured is ₹2 crore. Higher cover is subject to LIC’s underwriting and acceptance.
Under Level Sum Assured, the absolute amount assured on death remains level. Under Increasing Sum Assured, it rises according to the policy schedule.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The plan offers Regular Premium, Limited Premium and Single Premium options, subject to the permitted policy terms.
No. No maturity benefit is payable if the life assured survives to the maturity date.
Yes. LIC’s Accident Benefit Rider (UIN 512B203V03) is available under eligible Regular and Limited Premium policies, subject to the rider terms. It is not available under Single Premium policies.
If the rider is selected and in force, an eligible accidental death resulting within 180 days of the accident can trigger a lump-sum payment equal to the Accident Benefit Sum Assured.
No. The rider is not available under the Single Premium option.
It may be opted for later under an in-force policy during the premium-paying term, provided the required outstanding premium-paying term and age conditions are met.
The maximum age at rider entry is 65 years nearest birthday, subject to the other rider eligibility conditions.
The cover ends at the end of the base policy premium-paying term or before the policy anniversary on which the life assured’s age nearest birthday is 70, whichever is earlier.
Where permitted by the policy, the death benefit can be received over 5, 10 or 15 years instead of entirely as a lump sum.
No. Bima Kavach is life insurance and does not replace health insurance for hospitalisation or medical-treatment expenses.
The premium depends on age, Basic Sum Assured, policy option, policy term, premium-payment option and underwriting. Obtain a personalised quotation from LIC for the applicable premium.