Life Insurance Corporation of India (LIC) launched two new plans today (Tuesday, September 1, 2026) — LIC’s Bima Platinum (Plan 770) and LIC’s Jeevan Raksha (Plan 894) — on the occasion of its 70th anniversary. The salient features of the two plans are as follows.LIC’s Bima PlatinumLIC’s Bima Platinum is a non-par, non-linked individual plan that offers a combination of savings and financial protection. This limited premium plan provides guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term.Salient features of LIC’s Bima PlatinumAn attractive feature of this plan is the booster income benefit, which is equal to 70% of the basic sum assured. This benefit is payable if the life assured survives until the end of the (PPT + 5th) year.The plan also provides a regular income benefit equal to 10% of the basic sum assured at the end of each year during the payout period, which is the policy term minus the premium-paying term.The minimum basic sum assured is Rs 3,00,000. There is no upper limit; however, the maximum basic sum assured will be subject to the acceptance decision under the LIC’s Board Approved Underwriting Policy. The basic sum assured in the plan will be available in multiples of Rs 10,000.The premium-paying term options are 7, 10, 12, 15 and 18 years.The minimum age at entry is 30 completed days. The maximum age at entry is 55 years and varies depending on the premium-paying term selected by the policyholder.The minimum and maximum age at maturity is 28 years (completed) and 75 years (near birthday), respectively.Rebates are available for existing LIC policyholders and nominees/beneficiaries of deceased policyholders. Policyholders can also enhance their coverage by opting for the different rider benefits available under the plan.LIC’s Jeevan Raksha (Plan 894)LIC’s Jeevan Raksha is a non-par, non-linked pure risk plan that provides financial protection to the insured’s family in the event of the unfortunate death of the life assured during the policy term. Death benefits payable under the plan are guaranteed and fixed, irrespective of the actual experience.The policy is not entitled to any discretionary benefits, such as bonuses or any share in the surplus.Salient features of LIC’s Jeevan Raksha planThe minimum and maximum age at entry are 18 years and 45 years (last birthday), respectively. The minimum and maximum age at maturity are 33 years and 60 years (near birthday), respectively.The minimum basic sum assured is Rs 5 lakh, while the maximum is Rs 24 lakh. The maximum basic sum assured is subject to the acceptance decision under LIC’s Board Approved Underwriting Policy.The basic sum assured is available in multiples of Rs 50,000 from Rs 5 lakh to Rs 7 lakh and in multiples of Rs 1 lakh above Rs 7 lakh.The plan provides flexibility to choose from single premium, regular premium and limited premium payment options.Special rates are available for women under this plan.The plan also offers an attractive high sum assured rebate.Rider options are available to enhance the coverage under the plan.
