LIC Bima Kavach Plan 887

LIC Bima Kavach Plan 887 Overview

LIC Bima Kavach Plan 887 is a pure protection term insurance plan with return of premium. It provides financial protection to the family during the policy term and returns the total premiums paid if the life assured survives till maturity.

Eligibility & Rules

• Minimum Sum Assured: ₹10,00,000
• Maximum Sum Assured: No Limit
• Policy Term: 10 to 30 Years
• Premium Paying Term (PPT): Same as Policy Term or Single Premium
• Entry Age: 18 to 65 Years

Key Plan Benefits

• Death Benefit: Sum Assured on Death is payable to the nominee.
• Maturity Benefit: Total premiums paid (excluding GST and extra premiums) are refunded on survival to maturity.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.