LIC unveils two new plans on 70th anniversary
The Life Insurance Corporation of India (LIC) has introduced two new life insurance plans—LIC's Bima Platinum and LIC's Jeevan Raksha—marking its 70th anniversary. The plans were launched by LIC Chairman and Managing Director R. Doraiswamy on September 1 and will be available for purchase from September 7, 2026, according to the corporation.
Customers can buy the plans 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 seeking 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.
Bima Platinum: savings and income benefits
Bima Platinum is a non-participating, non-linked individual plan with a limited premium-paying structure. It offers a Guaranteed Addition of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term, with additions accruing at the end of every year during that period.
The plan 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. Additionally, 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, which is calculated as the difference between the overall policy term and the premium-paying term.
The minimum Basic Sum Assured under Bima Platinum is Rs 3 lakh, with no stated upper limit; the maximum sum assured will depend on LIC's Board Approved Underwriting Policy. The Basic Sum Assured must be selected in multiples of Rs 10,000 for different tenures.
Jeevan Raksha: pure protection
Jeevan Raksha is a non-participating, non-linked pure-risk plan designed to provide financial protection to the insured's family rather than generate savings or investment returns. During the policy term, if the policyholder dies, 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.
The minimum Basic Sum Assured for Jeevan Raksha is Rs 5 lakh, and the maximum is Rs 24 lakh, subject to LIC's underwriting policy. The plan offers flexibility in premium payment options, including Single, Regular or Limited Premium, and special rates are available for women.
Availability and purchase channels
Both plans can be purchased through LIC's offline distribution channels, including agents, corporate agents, brokers and insurance marketing firms, or directly online via LIC's website. The plans will be available for purchase starting September 7, 2026.