LIC introduces new Bima Platinum and Jeevan Raksha policies on 70th anniversary: Benefits, returns, tenure and more

On Tuesday, Life Insurance Corporation of India (LIC) unveiled two new products, namely Bima Platinum and Jeevan Raksha policies. These policies were announced by LIC CEO and MD R Doraiswamy on the occasion of the company's 70th anniversary, as per a press note.

While the former combines savings and protection, the latter focuses on pure life-risk coverage. Both are said to be non-participating and non-linked plans, as per the statement. However, their structure and benefits remain different.

LIC Bima Platinum (Plan 770)

Bima Platinum is a limited-premium plan, bringing together savings with financial protection. It is said to offer guaranteed additions of ₹70 for every ₹1,000 of annual premium paid during the premium-paying term. One of its key features is a booster income benefit equivalent to 70% of the basic sum assured, which is said to be payable if the life assured survives until the end of the fifth year after the premium-paying term.

The plan also provides a regular income benefit of 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.

In this product, policyholders can choose premium-paying terms of 7, 10, 12, 15 or 18 years. The minimum basic sum assured is ₹3 lakh, with no upper limit, subject to LIC's policy.

The sum assured is available in multiples of ₹10,000.

The minimum age under this policy is 30 days, while the maximum is 55 years, depending on the premium term. The maximum maturity age is 75 years.

Rebates are available for existing LIC policyholders and nominees or beneficiaries of deceased policyholders. This policy also offers riders for enhanced coverage.

LIC Jeevan Raksha (Plan 894)

Jeevan Raksha is said to be a pure-risk life insurance plan. It is aimed at providing financial protection to the policyholder’s family in case of death of the insured during the policy term. In this policy, the death benefit is guaranteed and fixed. However, it comes with no eligibility for bonuses, discretionary benefits or any share in LIC's surplus.

The plan is available for individuals aged between 18 and 45 years at entry, with maturity permitted up to 60 years.

The basic sum assured under this new plan ranges from ₹5 lakh to ₹24 lakh, subject to the company's policy. Customers may choose to pay the premium once, regularly or for a limited period. The sum assured can be increased in steps of ₹50,000 for amounts between ₹5 lakh and ₹7 lakh. it can also be increased in steps of ₹1 lakh for amounts above ₹7 lakh.

The plan also comes with special offer rates for women. It has a high sum assured rebate and rider options as well.