Life Insurance Corporation of India (LIC) marked its 70th anniversary on September 1, 2026, by introducing two distinct new insurance offerings: LIC's Bima Platinum (Plan 770) and LIC's Jeevan Raksha (Plan 894). While both provide crucial life insurance, their core objectives and structures cater to different financial planning needs.
LIC's Bima Platinum: Savings and Protection
LIC's Bima Platinum is a non-participating, non-linked individual plan designed to offer a blend of savings and financial security. This limited-premium policy features guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid throughout the premium-paying term.
A notable aspect of Bima Platinum is its booster income benefit, which amounts to 70% of the basic sum assured. This benefit is disbursed if the policyholder survives until the end of the premium-paying term plus an additional five years. Furthermore, the plan provides a regular income benefit equal to 10% of the basic sum assured annually during the payout period, defined as the policy term minus the premium-paying term.
The minimum basic sum assured for Bima Platinum is Rs 3 lakh, with no specified upper limit, subject to LIC's underwriting policies. Policyholders can select premium-paying terms of 7, 10, 12, 15, or 18 years. The entry age ranges from 30 days to a maximum of 55 years, depending on the chosen premium term.
LIC's Jeevan Raksha: Pure Life Protection
In contrast, LIC's Jeevan Raksha is a non-participating, non-linked pure-risk plan. Its primary purpose is to provide direct financial protection to the policyholder's family in the event of the insured's demise during the policy term. Unlike savings-oriented policies, Jeevan Raksha does not include bonuses, discretionary benefits, or any share in the surplus generated by the corporation.
The minimum basic sum assured for Jeevan Raksha is Rs 5 lakh, with a maximum limit of Rs 24 lakh, also subject to LIC's underwriting guidelines. Individuals aged 18 to 45 years are eligible to enroll, with maturity ages ranging from 33 to 60 years. The plan offers flexible premium payment options, including single, regular, or limited premium payments. Additional features include special rates for women and a rebate for higher sum assured amounts.
Choosing the Right Plan for Your Needs
The decision between LIC's Bima Platinum and Jeevan Raksha hinges on an individual's financial objectives. Bima Platinum is ideal for those seeking a comprehensive solution that combines life insurance protection with savings, guaranteed additions, and future income streams. It suits individuals looking for wealth accumulation alongside risk cover.
Conversely, Jeevan Raksha is tailored for those whose primary concern is straightforward life protection. It's designed to ensure a fixed, guaranteed death benefit for the family, offering peace of mind without any savings or investment components. Prospective policyholders should carefully evaluate their coverage requirements, budget, and long-term financial goals before making an informed choice between these two distinct LIC plans.