Life Insurance Corporation of India (LIC) has introduced two new insurance products LIC’s Bima Platinum (Plan 770) and LIC’s Jeevan Raksha (Plan 894) to mark the corporation’s 70th anniversary.
The products were launched by LIC Chairman and Managing Director R. Doraiswamy and will be available for purchase from 7 September 2026 through both offline and online channels.
LIC’s Bima Platinum- Plan 770
Bima Platinum is a non-participating, non-linked individual life insurance plan that combines savings and life protection. It is structured as a limited-premium payment plan.
Key Features
- Policyholders receive Guaranteed Additions of ₹70 for every ₹1,000 of annual premium paid during the premium-paying period.
- These Guaranteed Additions are credited at the end of every year during the premium-paying term.
- If the policyholder survives until five years after completion of the premium-paying term, a Booster Income Benefit equal to 70% of the Basic Sum Assured is payable.
- During the subsequent payout period, the policy provides a Regular Income Benefit of 10% of the Basic Sum Assured at the end of every year.
- The payout period is calculated as the policy term minus the premium-paying term.
Sum Assured and Policy Options
| Feature | Details |
| Minimum Basic Sum Assured | ₹3 lakh |
| Maximum Basic Sum Assured | No specified upper limit, subject to LIC’s Board Approved Underwriting Policy |
| Sum Assured multiples | ₹10,000 |
| Premium-paying terms | 7, 10, 12, 15 or 18 years |
| Minimum age at entry | 30 completed days |
| Maximum age at entry | 55 years, depending on premium-paying term |
| Minimum age at maturity | 28 years |
| Maximum age at maturity | 75 years |
LIC has also stated that rebates will be available for existing policyholders as well as nominees and beneficiaries of deceased policyholders. Policyholders can further increase their insurance protection by choosing available rider benefits.
LIC’s Jeevan Raksha- Plan 894
Jeevan Raksha is a non-participating, non-linked pure risk insurance plan. Unlike a savings-oriented product, its primary purpose is to provide financial protection to the insured’s family in the event of death during the policy term.
The death benefit is guaranteed and fixed and does not depend on the insurer’s actual financial or operating experience.
The plan does not offer discretionary benefits such as bonuses or a share in surplus.
Eligibility and Sum Assured
| Feature | Details |
| Minimum age at entry | 18 years |
| Maximum age at entry | 45 years |
| Minimum age at maturity | 33 years |
| Maximum age at maturity | 60 years |
| Minimum Basic Sum Assured | ₹5 lakh |
| Maximum Basic Sum Assured | ₹24 lakh, subject to LIC’s Board Approved Underwriting Policy |
| ₹5–7 lakh coverage | In multiples of ₹50,000 |
| Above ₹7 lakh coverage | In multiples of ₹1 lakh |
Premium Payment Flexibility
Jeevan Raksha allows policyholders to choose among three premium-payment structures:
- Single premium
- Regular premium
- Limited premium
The plan also provides special premium rates for women and offers a high Sum Assured rebate. Additional rider options are available for those who want to enhance their insurance coverage.