LIC Plans: The leading insurance company in the country, Life Insurance Corporation of India, unveiled two new insurance plans, Bima Platinum and Jeevan Raksha, on September 1, 2026, to mark its 70th Foundation Day. These plans are non-linked and non-participating, ensuring that benefits are not influenced by stock market changes or company profits. All returns are predetermined.
Both plans will be accessible to customers online and offline, through agents and branches, starting September 7, 2026. Let’s delve into the features, eligibility, and advantages of these plans in simple terms.
LIC Insurance Platinum (Plan 770): A blend of guaranteed additions and regular income
LIC’s Bima Platinum is a limited-premium savings and protection plan suitable for individuals seeking life coverage with fixed and assured returns. Here are the key features of Bima Platinum:
– Guaranteed Addition: A guaranteed addition of Rs 70 will be added yearly to your policy for every Rs 1,000 annual premium paid during the premium paying term.
– Booster Income Benefit: 70% of the Basic Sum Assured will be paid as a lump sum booster income at the end of the 5th year from the premium paying term’s conclusion.
– Regular Income Benefit: Following the Booster Income, 10% of the Basic Sum Assured will be paid annually as regular income during the payout period.
– Premium Payment Options (PPT): Premiums can be paid for 7, 10, 12, 15, or 18 years according to preference.
– Sum Assured and Age: The basic sum assured starts at ₹3 lakh, with an entry age from 30 days to a maximum of 55 years.
LIC Jeevan Raksha (Plan 894): Affordable pure-risk life cover
LIC’s Jeevan Raksha Plan is a pure-risk plan crafted for individuals seeking fixed death benefits to safeguard their family’s financial future at a minimal premium. Key features of the Jeevan Raksha Plan include:
– Fixed Death Benefit: A guaranteed death benefit is paid to the nominee upon the policyholder’s death during the policy term, excluding bonuses or maturity benefits.
– Flexible Premium Payment Options: Choose from Single Premium, Regular Premium, or Limited Premium for a specified number of years.
– Sum Assured Limit: The basic sum assured ranges from Rs 5 lakh to Rs 24 lakh.
– Eligibility Age: Individuals aged 18 to 45 can enroll, with a maximum maturity age of 60 years.
– Special Discount for Women: Women benefit from special discounted premium rates and rebates for higher sum assured in this plan.
Expert advice for investors and buyers:
– Bima Platinum is ideal for those seeking guaranteed returns and fixed annual income while avoiding stock market risks.
– Jeevan Raksha Plan is suitable for individuals looking to establish a secure fund for their family without a focus on maturity benefits.
– Note that both plans offer fixed benefits from day one. Before purchasing a policy, compare it with your tax slab, premium costs, and returns from other mutual funds or small savings schemes.