LIC's new Bima Platinum, Jeevan Raksha plans: What policyholders must know
Life Insurance Corporation of India (LIC) on Tuesday launched two new life insurance plans—LIC’s Bima Platinum and LIC’s Jeevan Raksha—on the occasion of its 70th anniversary, giving customers two distinctly different options: one combining savings with
life cover and the other offering pure protection.
The plans, launched by LIC Chairman and Managing Director R. Doraiswamy on September 1, will be available for purchase from September 7, 2026.
Customers can buy them offline through LIC agents, corporate agents, brokers and insurance marketing firms, or directly online through LIC's website.
While Bima Platinum (Plan 770) is aimed at customers looking for a savings-and-protection product with guaranteed additions and income benefits, Jeevan Raksha (Plan 894) is a pure-risk life insurance plan designed primarily to provide a fixed financial payout to the family if the insured dies during the policy term.
LIC Bima Platinum is a non-participating, non-linked individual plan with a limited premium-paying structure.
One of its key features is a Guaranteed Addition of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term. These additions accrue at the end of every year during the premium-paying period.
The plan also provides two income-related benefits.
A Booster Income Benefit equal to 70% of the Basic Sum Assured is payable if the policyholder survives until the end of the fifth year after the premium-paying term.
In addition, policyholders can receive a Regular Income Benefit equivalent to 10% of the Basic Sum Assured at the end of each year during the payout period. The payout period is the difference between the overall policy term and the premium-paying term.
How much cover can you get?
The minimum Basic Sum Assured under Bima Platinum is Rs 3 lakh.
There is no stated upper limit, although the maximum sum assured will depend on LIC's Board Approved Underwriting Policy. The Basic Sum Assured has to be selected in multiples of Rs 10,000.
Policyholders can choose a premium-paying term of:
7 years
10 years
12 years
15 years
18 years
The minimum entry age is 30 days completed, while the maximum entry age is 55 years, depending on the premium-paying term selected.
The maximum maturity age is 75 years, subject to the plan's applicable conditions.
LIC also offers a rebate to existing LIC policyholders as well as nominees or beneficiaries of deceased LIC policyholders.
Rider options are available for customers looking to enhance their insurance coverage.
What makes Bima Platinum different?
The important point for customers is that Bima Platinum is not simply a traditional life insurance policy with a maturity benefit.
The plan combines:
Life cover + guaranteed additions + a future booster income + regular income during the payout period.
Because it is a non-participating plan, the guaranteed additions and stated benefits are not dependent on LIC declaring bonuses or sharing its surplus.
However, customers should look at the actual premium payable, policy term, guaranteed benefits and effective returns before deciding whether the product fits their financial goals. The headline benefit percentages should not be treated as an investment return or annual yield.
LIC Jeevan Raksha: A pure protection plan
LIC's second launch, Jeevan Raksha (Plan 894), takes a very different approach.
It is a non-participating, non-linked pure-risk plan. In simple terms, the product is designed primarily to provide financial protection to the insured's family rather than generate savings or investment returns.
If the policyholder dies during the policy term, the plan provides a guaranteed and fixed death benefit, subject to the terms and conditions of the policy.
Unlike participating policies, Jeevan Raksha does not provide discretionary benefits such as bonuses or a share in surplus.
Cover starts at Rs 5 lakh
The minimum Basic Sum Assured is Rs 5 lakh, while the maximum is Rs 24 lakh, subject to LIC's underwriting policy.
The sum assured can be selected in multiples of:
Rs 50,000 between Rs 5 lakh and Rs 7 lakh
Rs 1 lakh above Rs 7 lakh
The entry age ranges from 18 to 45 years, while the maturity age ranges from 33 to 60 years, depending on the policy terms.
One notable feature is that special rates are available for women.
LIC is also offering a high-sum-assured rebate and rider options that can be used to enhance coverage.
Single, regular or limited premium—customers get a choice
Jeevan Raksha offers flexibility in how customers pay for the policy.
They can choose between:
Single Premium: Pay the premium upfront.
Regular Premium: Pay premiums regularly over the selected premium-paying period.
Limited Premium: Pay premiums for a specified limited period while retaining coverage for the policy term.
This flexibility could make the plan relevant to customers with different income and cash-flow patterns.
If your priority is life protection: Jeevan Raksha is the more straightforward product. It is a pure-risk plan and its stated objective is financial protection for the family in the event of the policyholder's death.
If you want protection along with guaranteed additions and future income benefits: Bima Platinum is the more relevant product to examine.
But the choice should ultimately depend on the amount of insurance you need, your income, premium affordability, financial goals and the policy's effective return, rather than simply the guaranteed benefit figures.
When can you buy these plans?
LIC says both Bima Platinum and Jeevan Raksha will be available from September 7, 2026.
They can be purchased through LIC's offline distribution channels—including licensed agents, corporate agents, brokers and insurance marketing firms—or online directly through LIC's website.